Ajmera Law Groups Uncovers the Fast-track Option of Cyprus's Permanent Residency

AHMEDABAD, India - Aug. 29, 2022 - PRLog -- Cyprus is a beautiful island country lying in the eastern Mediterranean Sea. It is known for its serene beaches and is one of the most famous stopovers for cruise ships. So, if you are willing to acquire a permanent residency in Cyprus, then this is the right blog for you.

In a bid to attract international investments in the country, the government of Cyprus provides a fast-track option for obtaining permanent residency by investing in Cyprus.

The application process is a straightforward process and can be completed in as little as three months. Let's take a closer look at it.

You may be wondering what Cyprus investment residency program is all about. Well, there are a few different investment options available, but the most popular one is investing in residential property or commercial real estate in Cyprus of a minimum value of €300,000 (excluding VAT) of which €200,000 must be paid prior to the application. Subsequently, you have to open and maintain a fixed deposit in a Cyprus bank of a minimum €30,000 for three consecutive years. Real estate must be owned until the permanent residency gets expired.

Alternatively, you can buy shares of a minimum €300,000 of Cypriot companies making a profit on the island and employ at least five employees. One more option is to invest at least €300,000 in securities of Cyprus Collective Investment Funds.

For all the above types of investment options, except for the residential property, all or part of the funds can be derived from sources inside or outside of Cyprus.

Keep in mind that this is not a citizenship program, the Cyprus citizenship by investment program has been closed since November 2020. For the permanent residence program, the investor must have a valid passport from a country outside of the European Union, have personal as well as business goodwill, have no criminal record, no restrictions or sanctions on entry to EU countries or UK, and should be able to provide proof of sufficient funds to cover your living expense in Cyprus.

Conclusion
As an investor, you may be interested in Cyprus' fast-track option for permanent residency. This is a hassle-free way. This program is designed to make the process of obtaining residency easier and faster for those who invest in Cyprus.

For More Information - https://ajmeralaw.com/country/cyprus-citizenship-by-inves...