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RESIDENCE PERMIT THROUGH INVESTMENT, 02/05/23

For many years Cyprus has been a favourite place for permanent residency and holidays among foreigners from all over the world. Due to its pleasant Mediterranean climate, warm sea, clean beaches, as well as a safe and comfortable lifestyle, Cyprus is often chosen as a country of permanent residence for young couples, families with children and retired people. Cyprus is a member of the EU and has a high standard of living, excellent medical and educational systems, great investment opportunities and favourable conditions for business.

BENEFITS:

  • Valid for lifetime

  • Applicable for the whole family: the main applicant and his/her spouse, and their children under 18 years old and financially dependent children up to (and including) the age of 24

  • Lifts travelling restriction and elaborates visa requirements (i.e. Visitor’s Visa) across the EU facilitating access to the Schengen zone

  • Application can be processed in the applicant’s absence and submitted on his/her behalf

  • Allows ownership of your company in Cyprus, however, excludes the right to maintain the employment in Cyprus

  • PR holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities

  • There is no any restriction to the period of stay in Cyprus after obtaining the permit; nevertheless, the PR holder is required to visit the country at least once every 2 (two) years.

INVESTMENT CRITERIA

  1. The applicant is required to invest at least € 300,000 (plus VAT if applicable) in one of the following categories:

  • (A) Investment in a house/apartment. Purchase of one or two new residential properties from a developer. By submission of the application the payment of €300,000 is required to be settled and the sale agreement needs to be registered in the Land Registry Department.

  • (B) Investment in other types of real estate such as offices, shops, hotels or similar developments or a combination of these. These properties can be new or resale.

  • (C) Investment in share capital of a Cyprus Company with activities and staff in Cyprus. Such company must employ at least five (5) people.

  • (D) Investment in shares of Cyprus Investment Collective Funds (type AIF, AIFLNP, RAIF)

! Any alienation of the PR holder from the investment he / she has made without its immediate replacement with another of the same or greater value, provided that this investment also meets the present requirements, will entail the cancellation of the Permit.
  1. The applicant must be able to prove an insured annual income of at least € 50,000, plus € 10,000 for each child and € 15,000 for spouse.
! If the applicant chooses to invest in category (A), the whole amount of income must come from abroad and be proven by tax return certificate from the country of his/her tax residency; the income of the applicant's spouse can also be taken into account.
! If the applicant chooses to invest in categories (B), (C) or (D), the whole amount of income or part of it can also be from activities within the Republic.

QUALITY CRITERIA

  1. The applicant and his/her spouse must submit a certificate of clear criminal record from their country of residence or from the Republic in case they reside in Cyprus.

  2. The applicant and his/her spouse must certify that they do not intend to work in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest (category (C).

  3. In cases of investment in categories (A), (B) or (D) the applicant and/or his/her spouse may be shareholders in Companies registered in Cyprus. They may also hold the position of Director unpaid in such companies.

  4. In cases where the applicant chooses to invest in categories (B), (C) or (D), he/she must provide information about his/her place of residence in the Republic (title deed for a residential real estate, sale agreement, rental agreement).

HOLDING THE RESIDENCE PERMIT

On an annual basis, it is required to submit to the Migration Department the evidence that the applicant:

  1. holds the investment (residential property or shares of companies or funds acquired for obtaining an immigration permit);

  2. receives an income of at least 50,000 euros plus 15,000 euros for his/her spouse and 10,000 euros for each child;

  3. extends the validity of health insurance for the whole family (if they are not beneficiaries of GESY);

  4. provides criminal record certificates for him/her and adult family members from their country of origin, as well as from the country of residence.

! In case the holder of the Immigration Permit fails to prove the above on an annual basis, the status of Residence Permit will be cancelled for him/herself and his/her family members based on the provisions of Regulation 6 of the Aliens and Immigration Regulations of Cyprus.

DEPENDENT APPLICANTS

The Immigration Permit includes the applicant's dependents: the spouse and their minor children under the age of 18.

Unmarried children aged 18 - 24 (including), who are higher education students abroad on the date of submission of the application, and who are financially dependent on the applicant, are required to submit a separate application for an Immigration Permit. Such permit will continue to be valid after they reach the age of 25, or they marry, or cease to be students and/or financially dependent.