The legal system in Cyprus concentrates extensively in offering legal services in the areas of corporate law, real estate law, company registrations, tax law, trusts and business law and now an increasing demand for immigration law. Due to Cyprus offering a very attractive international tax system there many investments made in the island and it is becoming an increasingly attractive destination for permanent residency for non EU foreign nationals.
We at West Coast have sought out some of the leading independent Law Offices in the Paphos area so as to provide all our clients with up to date, professional and swift service in their legal requirements. Services on offer include:
- Acquisition of Permanent Residency & Immigration Law
- Real Estate Law and Conveyance Services
- International Tax Planning
- Companies & Trusts
Investors from China, South Africa, Russia, Ukraine and the UK have shown broad interest in Cyprus.
Now, with the latest developments in Cyprus with the discovery of hydrocarbons in the Cyprus EEZ serve precisely the objective of energy security of the European Union. Cyprus lawyers will need to focus in offering legal services and advice in energy issues.
There are great prospects for Cyprus as the discovery of hydrocarbons will require new and advanced Jobs, new energy policy to guide development.
The search for oil and gas in the Republic of Cyprus is surely in an evolving stage and the prospects for contribution from abroad are at present very high. The steady business and political situation combined with tax proficiencies in Cyprus such as no taxation on revenues from offshore hydrocarbon exploitation can transform Cyprus to a jurisdiction attracting international interest in the energy industry.
September 2012 - Become a Cyprus Permanent Resident faster, easier
Limassol, September 2012 - The Cyprus government has introduced a new and accelerated procedure for granting Immigration Permits to applicants who are third country nationals and intent to invest in the Republic of Cyprus.
The new and improved process aims at attracting new investment into the Republic.
The new procedure establishes a new legal framework by which the process of obtaining immigration permits, ie a Permanent Residence Permit, is simplified and accelerated. The new rules codify the conditions laid down by law.
The new immigration permit procedures open the doors of the European Union to third country nationals. Besides ensuring free movement within Cyprus, PRP also provides foreign investors with the opportunity to expand their business activities in the European market through the utilization of the Cyprus highly favorable tax regime.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, PRPs may be granted to third country nationals who fulfill the following criteria:
a) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
b) The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
c) The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.
It is noted that the amounts mentioned in paragraphs (b.) and (c.) should be proven to have been transferred to Cyprus from abroad.
d) The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
e) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
f) The applicants should visit Cyprus at least once every two years
Applicants must also submit:
a) Copy of valid passport.
b) Copy of valid temporary residence permit (if the applicant resides in Cyprus).
c) Curriculum Vitae (including academic qualifications).
d) Proof of Health Insurance
The relevant authorities aim at granting the permit in a period not exceeding two months from the date of submission.
The PRP is granted by the Minister of Interior provided that the applicant does not have the intention of taking up employment or practice any profession or occupation in Cyprus. The advantage of this PRP for third country nationals is that it is permanent and once obtained it also applies for the applicant’s spouse and dependent children.
Through our legal consultants we are able to offer a tailor made service for our clients, whether they are seeking permanent residency, or simply looking for that perfect holiday home or property purchase in Cyprus.
Do not hesitate to contact us on firstname.lastname@example.org