Cyprus Permanent Residence Program by Investment

What is the Cyprus Permanent Residence Program?

The Cyprus Permanent Residency through Investment program is an initiative supported by the Cyprus government that permits non-EU citizens to acquire permanent residency in Cyprus.

It offers an expedited process for obtaining residency, granting investors and their families the opportunity to reside in Cyprus with few limitations, along with the potential for citizenship eligibility under specific criteria.

A minimum investment of €300,000 is needed for the purchase of real estate (scroll down for further details).

Advantages of the Cyprus Permanent Residence by Investment Program

Cyprus provides a distinctive combination of benefits that positions it as a perfect choice for investors.

Favourable tax regime

Cyprus is one of the best and most popular jurisdictions to register the tax residency of an international business or establish a new company. Cyprus has a simple and transparent tax regime with one of the lowest corporate tax rates in Europe at 12.5%, together with a wide range of incentives and advantages as well as multiple exemptions for companies and foreign investors. Global income and inheritance remain untaxed, with low property and income tax rates. Cyprus is fully compliant with EU, OECD and international laws and regulations.

Access to markets / geostrategic location

Cyprus lies at the crossroads of three continents (Europe, Asia and Africa) providing investors with easy access to major markets as it is located at the core of the busy shipping and air routes that link these three continents. As Cyprus has been a full EU member since 2004 and a member of the euro zone since 2008, all foreign investors can take advantage of full access to European markets and EU trade agreements. Cyprus is also a portal for investment outside the EU, especially the Middle East, China and India.

Income from investment in real estate

Cypriot real estate prices increase by 1 to 4% annually, with the same percentage applying to residential property leases.

Cypriot citizenship

A holder of an investment visa can request citizenship following five years of permanent residency within a seven-year period. Additionally, they must present evidence of residing for 1825 days. Brief periods away, such as vacations and family emergencies, may be considered as permissible absences.

Cyprus citizenship means the individual can enjoy all the benefits of being a EU citizen. This includes the privilege to reside, work, and pursue education in any EU member nation, along with unrestricted travel to more than 170 countries without needing a visa.

Business owner

Investors holding Cyprus Permanent Residency can purchase shares in local businesses, establish their own companies, or relocate operating companies to the island’s jurisdiction, unlike many other investment immigration programs.

Quality of lifestyle

Cyprus offers an idyllic Mediterranean location and weather. Residents can enjoy the sunny climate, stunning beaches, rich history, wonderful cuisine, relaxed lifestyle and lively culture that Cyprus has to offer. Cyprus has been listed as a developed economy by the IMF since 2001 and is ranked 29th in the world according to the Human Development Index.

Stable business and economic landscape

Cyprus boasts a strong, service-oriented, contemporary economy that is driven by the market. It is backed by a stable democracy and is powered by a well-educated and highly skilled workforce. Cyprus’ transparent regulatory framework instils confidence in both local and international investors.

High quality education and healthcare

Residents in Cyprus have access to several universities and international schools of a high standard, as well as a high standard of medical services from local facilities.

Fast application procedure

The processing of the application typically spans around two months, with the entire procedure lasting for over three months. It is one of the fastest residency schemes in Europe. The whole process can be carried out without being in Cyprus, apart from biometric capturing.

Family members

The applicant can include his/her spouse and children under 18 can be included in the application. Other children up to the age of 25 can also be included if they are in full-time education, unmarried and dependent on the main applicant. Children of any age with physical or mental disabilities can be included.

Return on investment

If an investor obtains citizenship or permanent residency after residing in the country for more than 5 years, they can recoup the investment, such as through the sale of their properties.

No need for continuous stay in Cyprus

In contrast to numerous residency programs, Cyprus does not demand constant physical presence. Nonetheless, residents are obligated to visit Cyprus at least once every two years to maintain their residence status.

Cyprus Permanent Residence Program by Investment

Who is Eligible for the Cyprus Permanent Residence Program?

To qualify for the program, applicants / investors must satisfy the below requirements:

Over 18 years old;
Clear criminal record and no restrictions, sanctions or bans on the entry to EU countries and the UK (also applicable for adult dependents);
Excellent personal and business reputation;
Provision of all required documentation – described in detail below.

Financial / Investment Requirements of the Applicant

To qualify for residence, applicants / investors must fulfill the below financial / investment requirements.

They must select one of the below investment options:

Purchase a new residential property valued at a minimum of EUR 300,000 in total, with the possibility of buying from different developers in case of a purchase of more than 1 property. The purchase of off-plan properties is also eligible. The purchase of new or off-plan residential properties is the most popular option amongst investors;
Purchase of brand new or previously owned (resale) non-residential properties such as offices, shops, or hotels, totaling at least EUR 300,000 plus VAT;
Establish or invest EUR 300,000 in a Cyprus-based company by buying shares in an existing one. The company must have a minimum of five employees, have a physical presence in Cyprus and operate within Cyprus;
Investors can invest EUR 300,000 by purchasing units of the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF). The Cyprus Securities and Exchange Commission (CySEC) oversees these funds, offering chances for diversified investments in different sectors.

Income Requirements

In addition to the above investment requirements:

Applicants must show evidence of a guaranteed and legal annual income of at least €50,000;
Each dependent spouse requires an extra EUR 15,000, while each minor child needs EUR 10,000;

Permissible sources of income are salaries, dividends, rental income, pensions and interest from fixed deposits. The income should be well-documented and backed by tax returns or auditor confirmation from the applicant’s tax residency country.

Contact us to proceed with your Cyprus Permanent Residence by Investment Program application

Documents Required to Apply for the Cyprus Permanent Residence by Investment Program

Applicants of the program must provide the below necessary documents:

Document	Comments
Valid passport	Copies of passports of all applicants and family members if applicable;
CV	Latest Curriculum Vitae of each applicant;
Marriage certificate	If applicable, with a certified English translation with Apostille stamp or authentication by the Cyprus Ministry of Foreign Affairs and the Cyprus Embassy;
Birth certificates	If applicable, birth certificates of dependent children, translated into the English language and certified as explained above;
Confirmation of university enrollment	For dependents aged 18-25, proof of enrollment in a university, along with other required documents as per the requirements of the Ministry of Interior;
Clean criminal record certificate	From the applicant’s country of residence, along with an official English translation and the required certifications;
Non-employment declaration	A formal statement from the applicant as well as the spouse confirming that they will not participate in any paid employment in Cyprus, (apart from applicants who are directors of a company that they have invested in);
Proof of income	The applicant must provide original tax documents or auditor confirmations from their country of tax residency, along with a sworn affidavit, to validate the required income levels. Permissible income sources encompass salaries, dividends, pensions, fixed deposits and rental income and also the spouse’s income;
Health insurance	The applicant, spouse, and underage children must have valid health insurance coverage;
Representative authorization	A representative handling the application on behalf of the applicant must submit a signed and certified authorization form.

Legal Obligations

Applicants of the Cyprus Permanent Residence Program must also be aware of their legal obligations:

Permanent residents in Cyprus do not have the right to work, except for serving as an unpaid director in a company they have invested in;
Funds must be transferred from abroad into Cyprus for investment purposes to comply with local and international regulations on money laundering and financial transparency;
Investors are required to comply with Cyprus’s legal and tax rules, which include submitting yearly tax returns if they earn taxable income in Cyprus.

Investors in Cyprus companies have the right to receive dividends, providing them with income without the need for employment;

Application Process for the Cyprus Permanent Residence Program

The application process for obtaining permanent residence in Cyprus is designed to be efficient and straightforward. As mentioned above, the processing of the application typically spans around two months, with the entire procedure lasting for over three months.

Steps \| Actions	Details
Prepare the necessary documentation	Collect all essential paperwork, including evidence of investment, verification of income, personal identification, and legal papers personal documentation. Ensure these documents are accurately translated into English and, if required, authenticated with an apostille or by the Ministry of Foreign Affairs and the Cyprus Embassy.
Evaluation and purchase of property	Applicants opting for real estate must travel to Cyprus to assess properties and complete the purchase. Conducting a comprehensive due diligence is crucial to verifying compliance with legal and financial criteria.
Submit the application	Submit the completed application form and all necessary paperwork to the Cyprus Immigration Department. Additionally, the application should contain a signed declaration from both the applicant and their spouse stating they will not work and receive a salary in Cyprus.
Review and approval of application	The application is usually processed in just 2 months. Once approved, the applicant and their family members are required to travel to Cyprus to submit biometric data for the residency permit to be issued.
Residency Permit issuing	After collecting biometric data, the residency permit is issued, allowing the applicant and their family to permanently reside in Cyprus.

Cyprus Permanent Residence Program Application Cost

The following fees must be paid when acquiring Cyprus permanent residency through investment:

The immigration submission fee is €500 for the investor, spouse, and minor children. An additional €500 is required for each child over 18;
Registration fee is €70 or more per family member.
Fee for a permanent residence card — €70 per family member.

Conclusion

The Cyprus Permanent Residence by Investment scheme provides a quick, safe, and adaptable path to obtaining permanent residency in a highly appealing European location. Positioned strategically with a favourable tax regime, excellent standard of living, exceptional quality of life, a secure political atmosphere and stable economic environment, Cyprus is considered an ideal destination and a perfect option for non-EU investors and their families to set up home.

We would be happy to guide you through every step of the Cyprus Permanent Residency Program – contact us to explore your options and start the process

Document	Comments
Proof of transfer	Documentation, such as bank transfer receipts, demonstrating the transfer of investment funds from overseas to Cyprus;
Residential or commercial property purchase	Sale Contract – for the purchase of the property including evidence of payment totaling a minimum of €300,000; Proof of payment – showing payment in full of the specified amount;
Investment in a Cyprus company	Share Purchase Agreement – outlining the acquisition of shares in a company based in Cyprus; Company Certificates – showing the company’s registration and ownership details; Business Profile – summary of the company’s activities and functions; Social Insurance Records – proof of employing a minimum of five individuals by the company.
Investment in Cyprus Investment Funds – AIF, AIFLNP, RAIF	Proof of units – Documentation demonstrating the acquisition of units in the investment fund; CySEC confirmation – Official confirmation from the Cyprus Securities and Exchange Commission concerning the fund; Investment Memorandum – The memorandum or investment plan of the fund detailing its strategy.