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CYPRUS

Cyprus Permanent Residence Permit

CYPRUS PERMANENT RESIDENCE PERMIT

In 2021 the Cyprus Government introduced the Permanent Residence Program to attract and increase foreign investment in the country.  Cyprus offers a way to secure permanent residence for an investor and his dependants via the “Cyprus Permanent Residence Permit“.

Fast track procedure for acquiring the Cyprus permanent residence permit takes only 2 months!

The fast-track Permanent Residence Programme enables the granting of a permanent residence permit to foreigners who intend to invest in Cyprus, provided certain requirements are met.

Two Main Requirements

(A) Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).

(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.

(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.

(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.

The applicant must prove that he has at his disposal a secured minimum annual income amounting to €30.000 (employment in Cyprus is not allowed).

The minimum annual income is increased by €5.000 per year for every dependent person (€8,000 for each dependent parent). The annual income should be earned from sources abroad and can include overseas employment income, rent, pensions, dividends etc.

Additional Requirements

  • The applicant must have clean criminal record.
  • The applicant must present a statement confirming that he has no intention to work in Cyprus. However, the applicant can be a shareholder in a Cypriot Company which can do business in Cyprus or abroad and receive dividend income from this company.
  • The applicant is required to visit Cyprus at least once every two years.

If the criteria and conditions as listed above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the immigration permit will be granted within a 2 month period.

Benefits

  • Family members of the investor can also obtain permanent residence through the main applicants investment.
  • The procedure can be initiated and monitored while the applicant is abroad. A visit will be required though at the conclusion of the procedure for biometric capturing.
  • If the investor and/or family members complete five years of legal residence in Cyprus, they then have the right to file an application to obtain Cyprus Citizenship.
  • Visa free travel to Europe.
  • Fast & simple procedure with no exams or other language tests required.

Start your Cyprus Residency Permit Application today!

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