Currently, Cyprus has evolved into a popular jurisdiction for NON EU Citizens as Buying a Home in Cyprus or Investing in Cyprus in now the Key to EU Citizenship or Residency.
Cyprus Government has recently simplified the procedures for issuing Permanent Residence Permits to NON EU Citizens who wish to invest in Cyprus and for Naturalization( Economic Citizenship) of Non EU Citizens Investors.
(i) Fast Tract Permanent Residence Permit.
This fast tract option enables an applicant to apply for a Permanent residence permit in Cyprus, provided he or she will:
(a) Acquires a house in Cyprus of Minimum Value of €300.000 plus V.A.T;
(b) Maintains a fixed deposit of at least €30.000 at a Cypriot bank for three continuous years;
(c) Have a secured annual income origination from abroad of at least €10.000 per applicant. For each dependant person the amount is increased by €5.000. Each case is examined of course on its own merits depending on the personal circumstances of the applicant.
Once a application is submitted, a decision is reached within 2 months.The application may be deposited even before the applicant arrives to Cyprus provided that all relevant documentations are available and provided to us.
(ii) Fast Track Citizenship
The Government has concluded the new "Scheme for Naturalization of Non-Cypriot Investors by Exception" and, thus, established new financial criteria based on which non–Cypriot entrepreneurs/ investors may acquire the Cypriot citizenship.
The fat track Economic Citizenship is granted to Non EU Citizens who either have :
A Mixed Investments and a Donation to a state of a minimum value of €2.000.000 for the purchase of shares and/or bonds and an amount of minimum €0.5million as a donation to the Research and Technology Fund
A Direct Investments of a minimum value of € 5.000.000 (e.g. immovable property, plants, etc),
A Bank Deposits of a minimum amount of € 5.000.000 in the form of a three year fixed deposits
Business Activities in Cyprus . The applicant must have established company(ies) in Cyprus, the administration & management of which is in Cyprus and that over the ast 3 years prior to the application, has paid and contributed in the Cyprus economy the minimum amount of €500.000 per year in income tax, VAT for services acquired (e.g. VAT on lawyers or accountant's fees, etc)
A combination of Mixed Investments and Donation to a state Fund, Direct Investments and Deposits Business activities and Bank Deposits of a minimum value of € 5.000.000,
Persons whose deposits with Bank of Cyprus or Popular Bank have been impaired due to the measures implemented on both Banks after 15th of March 2012 amounting
Our office deals with all matters relating to Immigration and Citizenship Services outlined above.
After many years of consultation, the law on the Regulation of Fiduciaries, Administration Businesses and Company Directors (the “Fiduciary Law”), has been finally enacted by the Cyprus Parliament on 12.12.2012.
G. Georgalla Law Firm announces the change of its corporate logo and the total redesign of its webpage.
The new corporate logo provides a more distinctive corporate identity for the existing Law Firm. Our new logo emphasizes the simplicity of solutions we provide towards business issues and the professionalism our organization is governed by. The logo has been incorporated and printed to all corporate documents, including promotional materials, presentation formats and corporate stationery.
Our web site has been totally redesigned. The new web site provides simple navigation and continuous update in respect to new law and legislation. New tabs, passages and images have been incorporated in an attempt to promote and highlight the contemporary and professional image of the organization.