Cyprus is one of the most beautiful Mediterranean spots, with gorgeous sea and rich natural surroundings! It is a safe place to live and have a family, with a vibrant economy and a large ex-pat community.
A favourable tax system and the high demand for land make the residency by investment programme ideal. Here, we tell you about the criteria, benefits and application process!
- To achieve Cyprus residency by investment you will need a EUR 300,000 investment and EUR 50,000 annual income from abroad.
- The permanent residency applies to spouses and dependent children.
- Cyprus has a favourable tax system, no inheritance tax or dividends tax.
- Life in Cyprus is easy-going, with excellent healthcare and education systems. You will need to verify some of the criteria from time to time.
Criteria and requirements
The first thing you will need to do is invest EUR 300,000 in property. This must be a new residential or commercial property that may be a resale. There are other ways to invest the 300,000 amount, for example, in a company registered in Cyprus employing at least five people or units in the Cyprus Investment Funds Association collective investments.
There is an additional requirement concerning your income. You need to show a secure annual income of EUR 50,000 from abroad. Add EUR 15,000 if you bring your spouse and another EUR 10,000 for each dependent child. The permanent residence covers spouses and children, not your parents or in-laws. We will outline details about children below.
Finally, there is a personal requirement. You must have a clear criminal record from your country of origin and residence.
Cyprus Permanent Residency Program allows individuals and their families to obtain permanent residency in Cyprus by making certain qualifying investments in the country.
Here are the general steps to obtain Cyprus residency by investment, based on the program available in 2021:
- Eligibility Criteria: Ensure that you meet the eligibility criteria for the program. These criteria typically include having a clean criminal record, no previous visa rejections from the EU, and sufficient funds for the required investment.
- Select an Investment Option: Cyprus offers several investment options, including real estate investment, purchase of government bonds, or investment in Cypriot companies. Choose the investment option that suits your preferences and financial capacity.
- Investment Amount: The minimum investment amount varies depending on the chosen investment option. Ensure that you meet the minimum required investment.
- Application Submission: Submit your residency application to the Cyprus government with all required documentation and proof of investment.
- Background Checks: Undergo background checks and provide necessary documentation to demonstrate your clean criminal record and financial stability.
- Medical Examination: You may be required to undergo a medical examination to prove that you do not have any contagious diseases.
- Interview: If required, attend an interview at the Cyprus Embassy or Consulate in your home country.
- Application Review: The Cyprus government will review your application and verify your investment.
- Residency Permit Issuance: Once your application is approved, you will receive a Cyprus residency permit. This permit will allow you to live in Cyprus, but will not allow you to travel within the Schengen Area, unless you are from countries that are part of Schengen but not part of the EU, that is Iceland, Norway, Switzerland and Liechtenstein.
- Renewal: the permanent residence by investment permit is valid for an indefinite period, unless you fail to verify the criteria (see below). The card will need to be renewed after 10 years.
- Path to Citizenship: After holding permanent residency for several years, you may be eligible to apply for Cypriot citizenship if desired.
Please be aware that immigration policies and programs can change, and the specific requirements and procedures may have evolved. Therefore, it is essential to consult with immigration authorities or qualified professionals in Cyprus for the most up-to-date information and guidance on obtaining residency by investment in Cyprus.
Children and the Permanent Residency Programme
The programme is generous with children’s requirements, allowing for maximum family life enjoyment. Your permanent residence permit will cover underage dependent children.
Children between 18-25 are covered, if they are students and unmarried and you continue to meet the income criteria. Once they graduate, they can apply for a permanent residence permit, too, provided you still meet the income criteria. Non-financially dependent, adult children may join you, but in this case, the investment amount gets multiplied by the number of children.
Need to verify
In updating the programme, the government is doing its best to ensure the quality of the policy as a whole. So, you will need to verify some of the criteria occasionally. You do the verification at the Civil Registry and Migration Department.
Every year, you must show that you maintain the investment and, if you did not register with the general health system (GESY), a health insurance certificate for yourself and your family. Every three years, you must show a clean criminal record for yourself and adult members of your family. You will lose the permit if you get permanent residence elsewhere or leave Cyprus for over two years.
How long does Cyprus residency permit last?
So, how long is the residence permit valid, and how long does it take to issue? The residence permit lasts indefinitely. You will only lose it if you don’t verify the criteria, leave Cyprus for over two years, or get permanent residence elsewhere. Also, while in Cyprus, you must abide by the laws and rules of the Republic.