Cyprus – A Promising Destination for Investors Seeking Residency

Cyprus is a country full of potential, attracting many investors looking to settle. However, many investors are still unaware of the safest and fastest way to obtain a Cyprus Permanent Residency (PR) permit.

To obtain a Cyprus PR card, investors must meet the requirements and follow the investment options regulated by the government. Overall, these options are relatively straightforward and not as complex as those in larger countries around the world.

The Cyprus investment residency program, which grants the Cyprus Green Card, is an ideal option for wealthy Vietnamese investors seeking a modern yet peaceful lifestyle, along with a top-tier educational environment for their children. In addition to the application review process and legal procedures that must comply with European law and the Cyprus Constitution, this residency program is relatively accessible for investors who wish to obtain the right to reside in Europe.

For Investors

To obtain a Cyprus Permanent Residency (PR) card, investors must meet the following requirements:

• The investor must be over 18 years old.
• Must be in good health with no criminal record.
• Must have health insurance.
• Must not be employed by any company in Cyprus.
• Must demonstrate an annual income of at least €30,000 (approximately 780 million VND) from sources outside Cyprus.

Investment Options

To qualify for a Cyprus Permanent Residency (PR) card, investors must invest in ONE of the following options:

• Invest at least €300,000 in a single residential property to be used as a permanent residence; or
• Invest in two residential properties with a total value exceeding €300,000; or
• Invest in one residential property, plus a commercial shop of no more than 100 square meters, with a total value exceeding €300,000; or
• Invest in one residential property, plus an office space of no more than 250 square meters, with a total value exceeding €300,000.

Process of Obtaining a Cyprus Permanent Residency (PR) Card Through Investment

Below is the step-by-step process that investors need to follow to obtain a Cyprus PR card through real estate investment:

1. Sign the Memorandum of Understanding (MOU)
2. Due diligence and property survey
3. Submit the application to the Cyprus Department of Immigration for review
4. Receive approval and travel to Cyprus for biometric data collection
5. Receive the PR card, which will be sent to Vietnam
   

How to Obtain a Cyprus Green Card?

To permanently secure a Cyprus Green Card for up to three generations of your family, foreign investors are required to make the following investments:

Step 1: Purchase Cyprus Real Estate

• The investor must buy a property in Cyprus (house, villa, or apartment) with a minimum value of €300,000 (excluding VAT).
• The property can be rented out or used as a residence for the investor’s family when visiting Europe.

Step 2: Deposit Funds in a Cyprus Financial Institution

• The investor must deposit at least €30,000 in capital, escrow, or savings into a financial institution or bank in Cyprus.
• This deposit must be maintained for a minimum period of three years.

Step 3: Provide Proof of Income & Background Clearance

• The investor must demonstrate an annual income of at least €30,000.
• Must have a valid Schengen visa.
• Must have a clean criminal record from their home country.

Additional Benefits

• Investors do not need to pass language or educational qualifications.
• No residency requirement in Cyprus.

Benefits of Holding a Cyprus Permanent Residency (PR) Card

By obtaining a Cyprus PR card, investors can enjoy the following benefits:

• Pathway to Citizenship: Opportunity to apply for Cypriot citizenship in the future.
• Safe and High-Quality Living Environment: Cyprus has a low crime rate and offers a high standard of living.
• Business Freedom: Investors can freely conduct business like local citizens, with full ownership and control of their enterprises.
• European-Standard Education:
  • Free tuition at public schools.
  • Private international school fees are 3 to 6 times lower than in the UK.
• Stable Real Estate Market: High foreign direct investment (FDI) ensures a stable property market.
• Tax Advantages:
  • No inheritance tax.
  • No property tax.
• Family Residency: The investor’s family members are also eligible for PR, allowing them to live and study in Cyprus.

In addition to the benefits of holding a Cyprus Green Card (PR), investors who obtain Cypriot citizenship will enjoy even greater advantages, including:

• Freedom of Movement: Visa-free travel across 27 European Union (EU) countries.
• Visa-Free Access: Enjoy visa-free entry to over 176 countries and territories worldwide.
• Full Political, Military, and Social Welfare Rights: Access to all benefits granted to EU citizens.
• Legal Protection by EU Law: The European Union ensures legal protection and enforcement of citizens' rights.
• Unrestricted Work & Residency in the EU: The right to live, work, and settle in any EU member state without restrictions.