CYPRUS CITIZENSHIP & PERMANENT RESIDENCY

Attracting Foreign Direct Investment (FDI) is at the core of the Cyprus development strategy and constitutes one of the major drivers for its economic growth. The Cyprus Permanent Residency (PR) Program is a scheme devised to attract investment into the country’s economy.

The following investment options are available to apply for the fast-track permanent residency (PR):

a. Purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The contract of sale must have been submitted to the Cyprus Department of Land and Surveys. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and his/her spouse. They must also be sole shareholders.
b. Purchase of up to two new or used immovable non-residential properties (offices, shops, hotels or other developments) of a total market value of at least EUR 300,000 plus VAT.
c. Share capital of EUR 300,000 of a physical company registered and operating in Cyprus, which employs at least five people.
d. Units of EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).

The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent. The income may include, for example, salaries from employment, rents, pensions and dividends from shares.
In case the applicant decides to invest in new residential units, the annual income must derive from abroad. For all the other investing options the income can be generated from sources within Cyprus. It is important to mention that both the income of the applicant and the spouse can be taken into consideration.

The pledging of a deposit in a Cyprus bank account is no longer required. Nevertheless, the applicant should still confirm that he/she does not intend to undertake any sort of employment in Cyprus, apart from the position of the Director in the company that he/she might have chosen to invest in. The applicant and/or the spouse can be shareholders in a Cypriot registered company and receive dividends, or occupying the position of the Director in the company without receiving salary.

The Residency card is obtained approximately within 6 months through the fast-track process, and the holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt from worldwide dividend and passive interest income and from the profit of the sale of securities.

A fee of EUR 500 is payable with the submission of the application and EUR 50 extra for biometric capturing. The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will make a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit. When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying. The biometric data can be submitted either with the submission of the application for residence, during the application process, or immediately after approval.