Cyprus has recently adopted a new expedited procedure for the granting of lifetime Permanent Residency permits to applicants from non-EU countries. Provided that certain conditions are met, the process should take no longer than 2 months. This simple process can begin right after the acquisition of a real estate for the amount of not less than €300 000 (plus VAT). This is known as the Fast Track Program – Regulation 6(2) of the Aliens and Immigration Regulations.
BENEFITS OF THE CYPRUS RESIDENCY PROGRAM
- Fast Track applications processed in only 2 months
- High standard of universities and international schooling
- Excellent modern medical facilities
- Permanent residency permit holders are exempt from any taxes payable in Cyprus on income from overseas
- English language widely spoken
- Very high levels of safety and political stability
- Safe environment with very low crime
- Multicultural society.
- Cyprus is expected to join the Schengen area in the near future, allowing all PR permit holders VISA free travel to all countries in the Schengen area and EU.