Cyprus is a small Mediterranean country with a population of just under 1 million people. The country has emerged as one of the fastest growing country in the European Union.
The country’s business-friendly framework such as low tax rates has attracted hundreds of companies and individuals from around the globe.
Following the cancellation of the Cyprus Citizenship Program, the Cyprus government has the amended Cyprus Permanent Residence Program in May 2023 to attract and increase foreign investment in the country.
A non-European investor and his family members can enjoy Permanent Residence in Cyprus by:
1. Investing at least €300,000 in one of the following categories:
(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) 07/05/2013. Purchase and sale documents related to residential resales and filed with the Land Registry before 07/05/2013 (the date of filing of the purchase and sale documents will be confirmed by the Department of Land Registry and Land Surveying) will be accepted for the purposes of implementing this policy.
(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.
2. The applicant must provide supporting evidence of a secured annual income of at least €50,000 deriving from abroad. This income must increase by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse. If the applicant chooses to invest in a house/apartment this income shall come from wages for work, pensions, stock dividends, interest on deposits, rents, coming from abroad, which will only be proven through his tax return from the country in which he declares a tax resident. If however the applicant chooses to invest in in real estate (excluding houses/apartments) or in a Cyprus Company’s share capital or in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF) then its total income or part of it may also arise from sources originating from activities within the Republic, provided that it is taxable in the Republic.
Based to the previous scheme of permanent residence via investment, the investor could under specific requirements secure an Immigration Permit for his non-dependent adult children, parents and in-laws with just one investment in Cyprus worth €300,000. Now with the revised criteria, no permanent residence permit is granted to any other adult persons if a further investment of €300.000 has not been made.
According to the new regulations the applicant is required to submit to the Immigration Department, on an annual basis from the date of obtaining the Immigration Permit, evidence that he maintains the investment, that he maintains the required income determined for himself and his family and that he and his family members hold a health insurance certificate.
Benefits of Permanent Residence in Cyprus are:
The procedure is considered fast-tracked as it can be concluded within two months.
Under specific criteria the unmarried children aged between 18 and 25 years of an investor can also obtain permanent residence through his investment.
The procedure can be initiated and monitored while the applicant is abroad. A visit will be required though at the conclusion of the procedure for biometric capturing.
If the investor and/or family members complete seven years of legal residence in Cyprus, they then have the right to file an application to obtain Cyprus Citizenship.
Complete the below form if you are interested in the Cyprus Immigration Permit for Investors Scheme. Get a Free Consultation from one of our experts.
Evagoras Anastasiou and Associates LLC focuses on each client individually, providing the best legal service for immigration and relocation in Cyprus. Therefore, they will take time to study your case individually, advise you on all legal matters and offer you relevant advice that will help you secure the best possible outcome.
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