On March 24, 2021, the new rules for participation in the Cyprus Permanent Residence by Investment Program came into force. The updated terms of the program, published on the website of the Ministry of the Interior of the Republic of Cyprus, exclude the requirement to open a savings bank account of € 30,000 with a local bank for 3 years. Also, the Cypriot authorities have introduced additional investment channels that can be used instead of buying real estate.
Permanent residence status in Cyprus allows you to visit various countries of the European Union without a visa and live there. Status holders are not required to reside permanently in the country but must visit the island every 2 years.
Advantages of the Cyprus Permanent Residence Program by Investment
- With permanent residence in Cyprus, you get the freedom to enter the EU with closed borders.
- Unlike other investment programs in the EU countries, Cyprus immediately issues an unlimited, not a temporary residence permit.
- The term for consideration of documents is only 2 months.
- It is possible to apply for a resident card in Cyprus by a lawyer, without the presence of the applicant.
- There is no need to permanently reside in Cyprus – it is enough to visit Cyprus once within 1 year from the date of approval of the application, and then once every 2 years.
- The investor can bring the whole family. A residence permit is granted to a spouse, children, and parents without age restrictions.
- No language proficiency requirements
- When living in Cyprus, it is possible to obtain citizenship after 7 years
Investment requirements
Investment options for obtaining permanent residency status (permanent residence) in Cyprus, taking into account the additions to the program in 2021:
1. Purchase of residential real estate for 300,000 euros (excluding VAT)
One or more properties can be purchased:
– one apartment or house;
– 2 apartments or 2 houses/an apartment and a house;
– one apartment/house and one shop/warehouse (with a maximum area of up to 100 sq. M);
– one apartment/house and one office (with a maximum area of 250 sq. M).
- The property must be new and obtained from a developer. It is possible to buy 2 real estate objects from different developers.
- The purchase of a secondary property is not allowed before participating in the accelerated permanent residence program.
- It is possible to buy real estate through a company, provided that the company is registered in the name of the applicant and/or the applicant and the spouse, and that he/they are the only shareholders with full ownership rights.
- At the time of applying for permanent residence in Cyprus, an amount of 200,000 euros must be paid (excluding VAT).
- The property can be rented out.
2. Investments in commercial real estate (offices, shops, hotels) for a total amount of at least 300,000 euros (excluding VAT)
- A combination of several objects is allowed
- Commercial real estate can be bought both on the primary and on the secondary market.
3. Investments in Cypriot companies for 300,000 euros
- The company must be registered and operate in Cyprus and also have a physical office in Cyprus.
- The company must have at least five employees.
- The investor and his / her spouse can be shareholders of companies registered in Cyprus and receive dividends. They are also entitled to work as Directors (without salary) in such companies.
4. Investment in Cypriot investment funds for 300,000 euros
- Allowed types of investment funds AIF, AIFLNP, RAIF
Other requirements for obtaining permanent residence by investment
- if the investor will invest in commercial real estate, Cypriot companies, or funds, then he must provide the availability of housing in Cyprus (owned or leased).
- the applicant must have at his/her disposal a proven annual income of at least EUR 30,000. This amount is increased by EUR 5,000 for each dependent person and by EUR 8,000 for the parents.
- applicants cannot be employed in Cyprus, but it is possible to have a business in Cyprus and earn income.
- permanent residence can be issued to adult children who are not financially dependent, provided that the investment amount is higher: if there is only one adult child, the investment must be doubled (600,000 euros), if there are two children, 900,000 euros. An adult child must provide proof that he/she has an annual income of EUR 30,000.
Residence with us!
Apply for a Cyprus Permanent Residence by Investment Program with our professional assistance. Baltic Legal‘s lawyers have many years of experience and focused on Immigration Services.
