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“.
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.
(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.
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.
