Investment options from EUR 200,000 for European Residency
Cyprus is offering foreign investors investment programs that can lead to permanent residency in order to stimulate the country’s economy through job creation and capital.
The Cypriot immigration policy and legal framework now enable non-EU applicants to obtain Cypriot residency /Cypriot citizenship on an expedited basis, with approvals granted as fast as three months, and there is no presence or residence required before/after approval.
Cyprus Permanent Residency
A permanent residence permit can be obtained through purchasing a property in Cyprus (fast track or normal option outlined below :).
Cyprus permanent residency scheme has attracted over one billion Euro investments in Cyprus during the last 15 months, Minister of Interior has revealed.
Demand for the residency scheme remains strong, as third-country nationals seek to use Cyprus as a gateway for their business in Europe.
A) Permanent residency on a “fast-track” basis (known as a Regulation 6 (2) application)
In line with the Cyprus government’s objective to attract international investments, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to Non-EU citizens who wish to invest in Cyprus.
The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track’) are as follows:
- Acquire new residential premises in Cyprus of a minimum value of EUR 300K (excluding VAT).
- Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
- Moreover, the applicant is required to meet the following additional conditions:
- Maintain secured annual income originating from abroad of at least EUR 30K. For each dependent person added to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by EUR 5K. The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit application.
- An initial payment of at least EUR 200K (excluding VAT) for the residential property to be purchased is required to have been paid by the date of filing of the application.
- A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30K is maintained, indicating the amount is pledged with the bank for a minimum of 3 years.
- The proof is also required that funds were legally transferred to Cyprus from abroad.
- A clean criminal record certificate issued by the applicant’s country of origin.
- A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus.
- The applicant must visit Cyprus at least once every two years.
No sanction order to have been issued against him/her or any dependent.
Once the completed application has been submitted to the authorities, a decision is reached within 2 months.
Please note that holders of a permanent residency permit are not permitted to work in Cyprus. Therefore, the resident’s income can not emanate from employment, business or trading in Cyprus, but may emanate from dividends received from a Cyprus company, from entities abroad, salaries from employment outside Cyprus, pensions, or rents transferred from abroad.
B) Permanent residency on a “normal-track basis” (known as a Regulation 5 (f) application).
Upon purchasing a house/apartment with a value no less than EUR 200K, a third-country national may apply for a permanent residency (“normal-track bases). The minimum requirements are as follows:
- Minimum annual secured income of approximately EUR 40,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent).
- The applicant does not maintain employment in Cyprus
- Income is derived from legal sources abroad
- Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered).
- Clean criminal record.
No sanction order to have been made against applicant or any dependents.
Once the completed application has been submitted to the authorities, a decision is reached within 7 to 9 months.