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 introduced in 2021 the amended Cyprus Permanent Residence Program 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).
(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 €30,000 deriving from abroad. This income must increase by €5,000 for the spouse and every additional child and €8,000 for each dependent parent. The income may include, for example, salaries from employment, rents, pensions, and dividends from shares.
Benefits of Permanent Residence in Cyprus are:
The procedure is considered fast-tracked as it can be concluded within two months.
According to this permit of permanent residence it is not mandatory to reside in Cyprus, but a visit once every two years is required.
Under specific criteria the family members of the 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.
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