Cyprus Permanent Residency

Benefits Of The Cyprus Permanent Residence Program

Criteria regarding the expedited process of granting a Residence Permit to applicants who are third-country nationals and invest in Cyprus. Fourth Criteria Review, May 2, 2023.

 INVESTMENT CRITERIA

1. The applicant must make an investment of at least €300,000 in one of the following investment categories:

(A) Investment in a house/villa/townhouse/apartment:

Purchase of a house, villa,townhouse or apartment from a land development company, which should be a first-time sale with a minimum value of €300,000 (plus VAT).

(B) Investment in other types of real estate (excluding houses/apartments):

Purchase of other forms of properties such as offices, shops, hotels, or similar developments, or a combination thereof, with a total value of €300,000. These properties can also include resale properties.

1.1 In addition to the investment based on Paragraph 1. above, the applicant must be able to demonstrate that they have a personal secured annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each dependent minor child of the applicant and/or their spouse. This income can be derived from employment salaries, pensions, stock dividends, interest on deposits, rents, or any other sources originating from abroad, which can only be proven through their tax declaration in the country where they are considered tax residents, in cases where the applicant chooses to invest as described in Paragraph 1.(A). In the calculation of the total income, the income of the applicant's spouse may also be taken into account.

In cases where the applicant chooses to invest as described in Paragraphs 1.(B), the total income or a portion of it can also be derived from sources within the Republic, provided that it is subject to taxation in the Republic.

Criteria for accelerated procedure

2.1 The applicant and their spouse must submit a certificate of a clean criminal record from their country of origin and, if different, from the country of residence, and in general, they should not pose any threat to public order or public security.

2.2 The applicant and their dependent family members must provide a Health Insurance Certificate covering inpatient and outpatient medical care.

2.3 The applicant and their spouse must confirm that they do not intend to engage in any employment in the Republic, except for their employment as Directors in a Company in which they have chosen to invest under this policy.

2.4 In cases where the investment does not involve equity capital of a Company, the applicant and/or their spouse can be shareholders in Companies registered in Cyprus, and the income from dividends in such companies will not be considered an impediment for the purposes of obtaining the Residence Permit. They can also hold the position of Director in such companies.

2.5 In cases where the applicant chooses to invest as described in Paragraph 1.(B), they must provide details regarding their residence and the residence of their family members in the Republic (e.g., property title deed, sales contract document, lease agreement document).

In cases where the applicant chooses to invest as described in Paragraph 1.(A), but the number of bedrooms in the investment property cannot meet the needs of dependent family members, they should indicate another property or properties that will serve as the residence for these individuals (e.g., property title deed, sales contract document, lease agreement document).