Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labour force and a reliable transport and telecommunications system.
Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses confidence to invest, grow and prosper. Cyprus was ranked number 53 out of 190 countries on the World Bank's Ease of Doing Business Index 2018. A number of new measures have been put into place designed to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector, which aim, among other things, at helping stimulate economic growth.
Cyprus is an attractive place to reside, with a warm and stable climate, and located in a convenient geographical position in the eastern Mediterranean.
In line with the Cyprus Government’s intent to increase foreign investment, and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior in order to issue Residence Permits to applicants from non-European countries, provided that the following requirements are met:
A fee of EUR 500 is payable with the submission of the application and EUR 50 extra for the biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior for a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.
When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.
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