There is some confusion on the new measures that the Government has decided for foreign people to get a residence permit and even a Cypriot (E.U.) nationality through the use of real estate.
Residents of third countries (i.e. countries which are non-E.U. members, such as Russians, Ukrainians, Iranians etc) who have shown interest in acquiring property in Cyprus have now an added bonus. To know more about the Cyprus immigration service, you can navigate to https://www.demetriadeslaw.com/cyprus-investment-programme-and-immigration-services/.
A similar article was published a couple of months ago, but having discussed this with the Ministry of Interior, we believe that now we have the corrected information.
That can be comparable to your permanent residency permit, could be searched by people from third countries, that buy a house in Cyprus of a value for around $300.000. Such persons are struggling with a frustrating procedure, which relates to nationals of third states and that require consular visas, and renewal of license for the stay, license for re-entry and applicants have been looked at favorably whenever they buy a home.
This sounding applicants would not need the privilege to seek out a Cypriot passport but might seek out a Cypriot passport/nationality following seven decades of life via a program. A lasting residency license will be awarded to eligible people who may prove they would like to emigrate in Cyprus.
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Because of this even though the application form could be filed after the purchase price of their residence, the government need to be"convinced" that the applicant/or his household in Cyprus for a minimum of a few weeks (state 185 days/year), however, this could well not apply rigorously (therefore we know, further investigation/clarification want ).
The applicant might travel abroad and so forth due to his or her small business, however, it's an issue of fact. He might perhaps not like obtain a home and after that live abroad, over 185 days in total annually. In case the candidate attracts his loved ones and under-age (less than 21 yrs of age ) kids in Cyprus who live here this is just a fantastic proof (kiddies visiting local-foreign schools and so forth ).
These financial measures have the target to attract wealthy individuals and business and it is a measure to help the Cyprus economy during this difficult period of recession.
As such it is not necessarily adopted that they will last forever. This sort of measures (passports for cash) have been adopted by numerous countries, the more well known is that of Canada, who provided Canadian passports for $500.000 deposit/ business setups by applicants.