Obtaining a Cyprus permanent residence permit for foreign investors. Service offer

• it allows visiting and staying in Cyprus without restrictions;
• no requirement to live in Cyprus, it is enough to visit the country once every 2 years;
• permanent residence permit is issued for life (a permanent residence permit card is replaceable every 10 years);
• it allows obtaining citizenship by naturalization after 7 years of continuously residing in Cyprus (2555 days within 10 calendar years);
• fast and transparent procedure: the application assessment time is 2 months;
• an application to the Migration Department of Cyprus can be submitted by power of attorney, the applicant will need to visit Cyprus within 1 year after the application approval in order to submit biometrics for the issue of a residence permit card;
• it allows granting permanent residence permits to family members – spouse, minor children, children aged 18 to 25 (under certain conditions);
• the scheme does not involve any non-refundable payments or financial donations.

It is necessary to consider the following:

• this category of a permanent residence permit does not give the right to work in Cyprus, but allows to own and receive dividends from Cyprus companies;
• as Cyprus is not yet a Schengen country, a Cyprus permanent residence permit does not give the right of visa-free entry to the Schengen countries, but facilitates obtaining a visa;
• the qualifying investment must be owned by the investor uninterruptedly; in the case of a sale, the investor must immediately invest in a new instrument that fully complies with the criteria of this scheme. Otherwise, the permanent residence permit will be cancelled.

Invest at least EUR 300,000 (not including VAT, where applicable) in one of the following investment categories:

• (A) Residential property. Purchase a house or apartment in the new homes market. One is allowed to buy up to two properties with a total value of at least EUR 300,000 (not including VAT). It is necessary to produce a title deed or a contract of sale and proof of payment of at least EUR 300,000 (not including VAT), regardless of the property’s completion date.
• (B) Other types of real estate: shops, offices, hotels, etc. One is allowed to buy a combination of these properties in both new and resale markets.
• (C) Share capital of a company registered and operating in Cyprus, subject to proof of its physical presence and employment of at least 5 people in Cyprus.
• (D) Units of Cyprus collective investment organizations (AIF, AIFLNP, RAIF) investing in Cyprus assets.

The applicant must prove that he/she has a secure annual income of at least EUR 50,000.

If family members are included in the application, this income must be increased by EUR 15,000 for the spouse and by EUR 10,000 for each minor child.

In the case of investment in residential property (A), the income must originate from foreign sources and be supported by a tax return from the country of tax residence.

In calculating the total annual income, the spouse’s income may also be included.

In the case of investment in other categories of investment instruments, the income may come from sources in Cyprus.

• The applicant and his/her spouse must provide a clean criminal record certificate from their country of origin and their country of residence (if different).
• The applicant and his/her family members must submit a health insurance policy for medical care covering inpatient and outpatient care.
• The applicant and his/her spouse must confirm by signing the relevant declaration that they do not intend to get any form of employment in Cyprus. They are allowed to take up employment as directors in a Cyprus company in which the applicant has invested under this scheme.
• In the case of investment other than in a Cyprus company’s share capital, it is permitted to hold shares in Cyprus companies and receive dividend income. The applicant and his/her spouse may also hold the position of an unpaid director in such companies.
• In the case of investment in categories (B),(C) and (D), the applicant must provide evidence of accommodation in Cyprus (e.g. a title deed, contract of sale or rental agreement).

In the cases where the applicant has invested in residential property (А), but the number of bedrooms in the property is insufficient for the family members included in the application, the applicant must provide proof of another residence in Cyprus for these family members (e.g. produce a title deed, contract of sale or rental agreement).

Attention! Cyprus is introducing the monitoring mechanism for the adherence to the criteria of the scheme. The applicant will have to submit the following documents to the Migration Department:

• evidence of maintaining the investment – annually;
• health insurance policy both for the main applicant and the family members included in the application – annually;
• clean criminal record certificate both for the main applicant and the adult family members included in the application – every three years.

A permanent residence permit can also be issued to the investor’s family members:

• spouse,
• minor children,
• children aged 18 to 25, provided that they are unmarried, are students of foreign universities and financially dependent on the applicant.

• EUR 500 – application fee;
• EUR 70 – alien registration fee.

*The fees are valid as at August 2023.

**Not including VAT.