Obtaining a Permanent Residency in Europe’s Best Programme

The Cyprus Permanent Residency (PR) program offers non-EU individuals a permanent visa for entering, staying and living for lifetime in Cyprus within 3 to 6 months, with a minimum real estate investment of €300,000 + VAT. The process is fast and easy and it covers all dependant children up to 25 years old.

 

Cyprus now offers the fastest, most affordable and the most appealing, Permanent Residency Programme in the EU.

The Cyprus residency by investment program allows the successful applicant and his family members to enjoy Cyprus Permanent Residency within one ( 1 ) year from approval. Subsequently, the investor can apply for Cypriot citizenship after five ( 5 ) years of Cyprus Permanent Residency.

This Cyprus investment visa allows non-EU citizens and dependents to reside as Permanent Residents in the Republic of Cyprus, without any restrictions. The visa is permanent and does not require renewal.

An applicant is required to invest €300,000 in a new residential properties, real estate, share capital of a Cypriot company, or alternative investment funds.

This scheme comes under Regulations 5 and 6(2) of the Aliens and Immigration Regulations.

Below, we will consider the factors to becoming a Cypriot resident.

The benefits of the Cyprus Permanent  Residency Programme:

• Obtain direct access to Permanent Residency in Cyprus.
• One of the best climates worldwide.
• Top 5 safest country in the world.
• Live, study and conduct business in Cyprus.
• Bring dependents like spouse and children under the age of 25 years old.
• Enjoy the benefits of living in a well established country within the European Union ( EU ).
• Have the rights to free access to the EU market.
• Access to first class healthcare services under the General healthcare System.
• Apply without any language or education requirements.
• Multiple-entry Schengen travel visas will be applied for.

ATTRACTIVE TAX REGIME

• One of the lowest corporate tax rates in the EU at 12.5%.
• An attractive Double Tax Treaty Network covering more than 60 countries Access to all EU Tax Directives.
• Dividend income exemption based on relaxed conditions.
• An attractive personal tax regime for international professionals and non-domiciled individuals.
• No succession or inheritance taxes.
• No immovable property taxes.
• One of the most favourable tax systems in the world.

ACCESS TO MARKETS

• Full access to European Markets.
• Access to 40+ EU trade agreements.
• A member of the Eurozone since 2008 Geostrategic position.
• Proximity and easy access to major markets.

However, the investor has no right to work in Cyprus with the following exceptions:

• As a director in a company in which he has invested in share capital.
• Be an unpaid director in a company in which he has invested other than in its share capital ( for example, debentures or preferred shares ).

Requirements for Cyprus Permanent Residency by investment:

Who can apply ?

An investor can apply for the Cyprus residency through an investment vis any investing at least €300,000 into the Cypriot economy and fulfilling the following eligibility requirements:

• Be over the age of 18.
• Have a clean criminal record certificate.
• Prove that the money belongs to him and the source of the money is from abroad.

What are the investment requirements ?

To qualify for a Cyprus Permanent Residency by investment visa, an applicant must invest at least €300,000 + VAT In one of the following options:

A. Purchase of a new residential property(s).

Buy up to two ( 2 ) brand-new houses or apartments from any developer with a combined sale price of at least €300,000 + VAT.

B. Investment in real estate ( besides houses/apartments ).

Buy any other kinds of real estate such as shops, offices, hotels, or other developments. The combined value of the purchases must be at least €300,000 + VAT. The investor can buy resale properties under this category.

C. Share capital investment in a Cypriot company. 

Investment of at least €300,000 in the share capital of an active and trading Cyprus registered company. The company must have a physical presence in Cyprus and employ at least five ( 5 ) people.

D. Investment in Cyprus Investment Organisation Collective Investment. 

Purchase units worth at least €300,000 in alternative investment funds (AIFs ). There are two ( 2 ) subtypes of AIFs: AIFLNP and RAIF. AIFLNP is an AIF for a limited number of people, whereas RAIF is a registered fund with an unlimited number of people.

Income Criteria :

• The applicant must also show that he has an annual income of at least €50,000.
• The income criteria increases by €15,000 for the spouse and €10,000 for every minor child of the applicant and/or his/her spouse.

Income Source :

Under Option A above, the source of the income should be from abroad and may include the following:

• Salaries, wages, or pensions.
• Share dividends, fixed deposit interest, or rental income.
• Spouse’s income.

Under Option B, C, or D, the applicant’s total or part of the income requirement may come from sources within Cyprus.

Dependent Persons

The visa covers the applicant and dependent persons, including his spouse and any child under 18.

Unmarried children between the ages of 18 and 25, only when they are proven higher education students, abroad on the date of submission of the application and who are financially dependent on the applicant.

The applicant must show an additional annual income of €10,000 for each dependant child.

Cypriot citizenship

An investment visa holder can apply for citizenship after five ( 5 ) years of permanent residency within seven ( 7 ) years. He is also required to show proof of residency for 1,825 days. However, short absences ( holidays and family emergencies ) may count for allowable absences.

Schengen Zone or Europe Visa-Free Travel

Although Cyprus is a full member of the EU, it is currently not a member of the Schengen Zone. Nonetheless, Cyprus applied for Schengen membership in Semptember 2019 and is expected to be accepted soon.

Additional Information

What is the application process ?

Together with all the required documents, the applications must be submitted to the Civil Registry and Migration Department ( CRMD ). You can do this in person or through an authorised representative.

CRMD will expedite the application process and submit it to the Ministry of Interior.

How much is the visa fee ?

The Cyprus investment visa application is €500.

When will it be approved ?

The Cyprus authorities usually take 2 to 6 months to process an application.

Is there any residency requirement for visa holders ?

The investor must visit Cyprus at least once in 2 years. However, there is no minimum stay period for Cyprus permanent residency.

How long is the visa valid for ?

The Cyprus investment visa is issued once and does not need to be renewed. Nonetheless, holders of the visa need to meet the residency requirements and maintain their investment in Cyprus.

Can the visa holders work in Cyprus ?

The investor and his spouse cannot work in Cyprus except as directors in the company they have invested in.

Required Documents :

The required documents for a Cyprus Permanent Residency Programme by investment visa are as follows:

• Passport copies of the applicant.
• CV of the applicant.
• Marriage certificate*.
• Child’s birth certificate*.
• Criminal record certificate from the country of residence*.
• To prove sufficient annual income from abroad.
• Demonstrate the amount required for the investment has been transferred from abroad.
• If the child is between 18 and 25, proof of tertiary education is required.
• Investment-related documents such as title deeds, sale, purchase agreements, share purchase agreements, or memorandum of the investment fund.
• All documents with an asterisk need to be translated into English and have the Apostille requirements. Alternatively, the documents can be certified by the Ministry of Foreign Affairs of the issuing country and the Cypriot Embassy of that country.

Cyprus Permanent Residency Programme

This visa is a legal status that allows non-EU citizens and qualifying dependents to become Cypriot permanent residents. As such, they can enter and stay in Cyprus without any limitations.

Applicants must meet the Cyprus Permanent Residency by investment requirements and income criteria to qualify for permanent residency. The permanent residency does not expire. Therefore, it does need not be renewed.

Cyprus Golden Visa Program Summary

The Cyprus residency by investment visa is Cyprus’s version of the golden visa. Therefore, it offers permanent residency to individuals and qualifying dependents who make substantial investments in the Cypriot economy.

Please note that the Cyprus residency superseded the previous Cyprus golden visa by investment visa in 2021. Our law firm offers the full range of services for applications under the new Cyprus residency by investment program.