The Republic of Cyprus is a Eurasian island country in the Eastern Mediterranean, south of Turkey and west of Syria and Lebanon. It is the third largest island in the Mediterranean Sea and one of its most popular tourist destinations. An advanced, high-income economy with a very high Human Development Index, the Republic of Cyprus was a founding member of the Non-Aligned Movement until it joined the European Union on 1 May 2004.
Due to double-taxation avoidance agreement between Cyprus and Russia and due to low taxes Cyprus is very popular among Russian clients as a jurisdiction for low-tax companies incorporation. Relocation to Cyprus is also very popular among Russians.
People who invest 170,000 EUR into Cyprus Company may get temporary residence permit which can become permanent residence after 5 years of residence. You can apply for citizenship by naturalization after 7 years of residence in Cyprus (5 years as temporary resident + 2 years as permanent resident). If you are citizen of EU-country different (simplified) conditions for temporary residence apply.
You must stay 6 months + 1 day to maintain your residency. In case you stay less your residency may be withdrawn. You cannot invest in real estate (if you are not seeking Category F permit which does not imply right to work and to be gainfully employed in Cyprus). Normally, you are expected to incorporate a new company in Cyprus and invest 170,000 EUR in it in order to get Residence Permit with the right to work as a key manager.
Persons who possess and have fully and freely at their disposal a secured annual income high enough to give them a decent living in Cyprus, or buy a property, without having to engage in any business, trade or profession. The annual income required should be at least CY£5,600 for a single applicant and moreover at least CY£2,700 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.
For the granting of an immigration permit, application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted.
Applications for Category F which are the most usual should be accompanied by the original documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above or through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Board which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.
The fees for the granting of immigration permit amount to CY£70 and are paid against a receipt following the approval of the application and before the issue of the immigration permit.
Setup of a company in Cyprus as such does not give the opportunity to get temporary residence permit. Non-EU nationals are expected to invest at least 170,000 EUR in the company (which may be your own newly registered company) in order to be eligible to apply for temporary residence permit. It will be valid for one year and renewed semi-automatically providing your company is doing business and you work in the company on a managerial position. Permanent residency is possible after 5 years of residence in Cyprus. Our legal fee will be as follows: 3,000 EUR for company incorporation, 5,000 EUR for your residence permit, and 2,000 EUR per each family member. It will make a total of 14,000 EUR.