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Host: Mr. Lazaros Omirou, Paphos City Council Member and Chairman of the Paphos Foreign Relations Committee, could you please introduce the advantages of the Cyprus immigration policy?
Omirou: As early as 2012, the Cyprus government revised its immigration laws. Following these revisions, it became much easier for foreign nationals to obtain local PR, or permanent residency, through investment. I believe that Cyprus is highly competitive in terms of immigration policy, especially regarding the acquisition of permanent residency or local citizenship.
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First, regarding permanent residency: compared to other EU countries, Cyprus does not require individuals to renew their permanent residency every six or seven years. Once obtained, there is no need for renewal, which is a major advantage. Furthermore, since Cyprus has joined the EU, obtaining permanent residency in Cyprus is equivalent to gaining residency rights across the entire European Union. Additionally, although Cyprus has not yet joined the Schengen Area, the local government is taking active steps, and it is expected that Cyprus will be able to join by 2016.
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Of course, the Cyprus passport policy is very important and highly advantageous, making it well worth considering. Once you possess Cyprus citizenship, the benefits are clear. First, obtaining Cyprus citizenship is equivalent to joining the EU and becoming an EU citizen. Furthermore, after revising the current naturalization policy, the government now offers multiple options for investors to choose from, catering to different needs. For example, investors can choose to deposit 5 million euros in a bank for three years, or they can choose to invest 2.5 million euros in local real estate. Alternatively, they can choose to purchase 2.5 million euros in local government bonds. This range of choices allows investors to conveniently plan according to their own needs. Once investors obtain Cyprus citizenship, they can receive their local resident status in less than three months.
Host: Dr. Winner Xing, as Worldway is the leading investment immigration group that pioneered Cyprus immigration in China, what advice do you have for investors who want to immigrate to Cyprus?
Dr. Winner Xing: Worldway was the first company to launch European immigration services. As one of the top ten credit-worthy enterprises in the industry, the first thing you must do is choose an agency with legal immigration qualifications to handle your investment. This is because investing in real estate in Cyprus is not a standard real estate investment; it is "immigration real estate." So-called immigration real estate refers to properties linked to immigration regulations, where the investment is used to achieve immigration goals. In China, immigration agencies are strictly regulated by law and must possess legal qualifications issued by the Ministry of Public Security to operate. If you choose an unlicensed agency to save on a few small agency fees, your investment will not be legally protected. This is especially dangerous if you deal with unlicensed agencies operating under the guise of developer offices, as the risk and potential for fraud are much higher. Once your investment runs into trouble, it is very difficult to seek legal protection in China. This is my first piece of advice for investors.
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My second piece of advice is that investing in Cyprus is an overseas investment, and the laws of Cyprus differ from those of China. Therefore, our second recommendation is to choose a reliable, neutral, and reputable lawyer. Worldway selects only the most reputable local lawyers for our investors, because a lawyer can help you verify if there are any issues with the property title, whether the property is mortgaged by a bank, if there are any other payment obligations, whether the construction complies with urban planning, and whether the real estate investment meets immigration regulations. All these issues require a neutral and reputable lawyer to resolve, and legal fees should not be skimped on in this regard. Third, Worldway advises that you must choose a top-tier, successful, and capable local developer; this ensures price transparency and guarantees the quality of the property. Finally, we advise that you must choose an immigration agency with comprehensive after-sales services to handle your business. Your needs do not end with the immigration application or the purchase of the property; in fact, there is even more service required after you have successfully immigrated and purchased your home, such as document renewals, or addressing issues like your children's schooling and healthcare when you move to the country.
As early as 2012, Worldway established our customer service center in the beautiful city of Paphos, Cyprus. We provide our clients with more than just immigration application services or inspection and translation services during property purchases. We provide extensive landing and settlement services after the purchase and successful immigration. If you do not wish to live in the property after buying it, we even provide management services. This is the only way to provide our investors with the greatest protection and guarantee of their interests. Thank you.
Host: Thank you.
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