Cyprus stands out as an attractive destination for those seeking a blend of European lifestyle, a favourable business environment, robust tax regime, innovative legal and regulatory infrastructures, and strategic geographic positioning. Among the various pathways available for residency options, one that continues to gain attention is the Cyprus the Permanent Residency by Investment programme.
The programme is designed for non-EU nationals seeking to invest in the country’s economy. It provides a route to obtaining residency, allowing individuals and families to live, work, and study in Cyprus indefinitely.
To qualify for permanent residency by investment in Cyprus, applicants must meet several criteria. The primary investment options typically include:
1. Real estate investment: investing a minimum of €300,000 in a residential property (house or apartment), excluding VAT.
2. Other property investment: investing in other forms of real estate (e.g., shops, offices, or similar developments), with a combined total value of €300,000.
3. Business investment: direct investment in a Cyprus-based company or business with a minimum capital of €300,000. The company or business must be registered, based and operational in Cyprus, and have no less than 5 employees.
4. Cyprus Collective Investment Funds (CCIF): €300,000 investment in the shares of a CCIF (type AIF, AIFLNP, RAIF).
• The applicant must also prove that they have an annual income of minimum €50,000. This should increase by €15,000 for the applicant’s spouse and €10,000 for each dependent child.
• If the applicant chooses to invest in residential property (point 1 above), their proven source of income must come from abroad.
• If the applicant invests under the criteria listed in points 2-4 above, a part of or all their income may be derived from sources within Cyprus.
• If the applicant does invest via the criteria listed in points 1 or 2 above, the €300,000 (plus Vat) must be paid before the application for permanent residency is submitted to the relevant authorities. Evidence must also be presented that the funds utilised to pay this amount originate from abroad. The funds must be deposited into the seller’s Cyprus bank account. The funds from abroad can originate from a company’s bank account.
• Property may be purchased by a company in which the Applicant and/or their spouse are sole shareholders or ultimate beneficial owners. This company must be legally established in Cyprus or any other EU member state.
• Where the applicant applies for permanent residency via the criteria listed in points 2-4 above, they must provide some form of documentation evidencing their place of residence in Cyprus, e.g. a rental agreement, purchase agreement, etc.
*Other terms & conditions may apply. Please speak to your A. Fereos Developers Sales Advisor or lawyer to ensure all legal and financial obligations for the permanent residency by investment application are met.
a) The immigration permit granted to the primary applicant also includes their dependents, i.e., their spouse and any minor children under 18 years of age.
b) A separate permanent residency application must be submitted by any unmarried children between the ages of 18-25 who can prove that they are enrolled in tertiary education at the time the primary applicant submits their
application and are also financially dependent on the primary applicant. Either one or both parents must provide evidence of an additional annual income of €10,000 per dependent child.
c) Children seeking to study at a tertiary institution in Cyprus must apply for a temporary residence permit as students. After completion of their studies, the children may then go on to apply for permanent residency as described in point
b) above, provided their parents can prove an additional annual income of €10,000 per dependent child.
d) The permanent residency permit issued to such children will remain valid even after they have exceeded 25 years of age, go on to get married, or do not remain financially dependent on their parents. The permit is not however extended to their future spouses or underage children.
e) If an adult child of the primary applicant seeks to acquire permanent residency but is not financially dependent on the primary applicant, a higher investment is required. This amounts to €300,000 multiplied by the number of adult children who rely on the same investment to receive a permanent residency permit. The adult children must also prove an annual income of no less than €50,000 (plus €15,000 for their spouse, and €10,000 for every dependent child).**
**Other terms & conditions may apply. Please speak to your A. Fereos Developers Sales Advisor or lawyer to ensure all legal and financial obligations for the permanent residency by investment application are met.
The application process for permanent residency by investment involves several states including:
• The collation and submission of all necessary documents like proof of investment, clean criminal record certificates, passport copies, birth certificates for all applicants (translated into English and certified by the necessary authorities), duly translated marriage certificate, evidence of income from abroad, MIP1 form, and any other supporting documents.
• Once all documents are in order, the application form must be submitted to the Cyprus authorities, along with requisite fees (€500 per application, and €75 per Alien Registration certificate).
• The authorities will review the application, conduct the relevant checks, and upon approval, issue the permanent residency permit, allowing the successful applicants and their families to reside in Cyprus indefinitely, subject to certain conditions.
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