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A Cyprus permanent residency by investment can be obtained by non-EU nationals who make significant investments in the country, in line with Regulation 6 (2) of the Aliens and Immigration Regulations. This investment should be a minimum of €300,000. The investment can be channeled into various sectors:
- Purchase of a NEW house or apartment from a property developer valued at least €300,000 (plus VAT). The funds for this investment should come from outside Cyprus.
- Investment in other types of real estate like offices, shops, or hotels, whether new or second-hand, worth at least €300,000. The funds can be sourced either from within or outside Cyprus.
- A minimum investment of €300,000 in the share capital of a Cyprus-based company that operates in the country, has a physical office and employs at least five people. The funds can be sourced from within or outside Cyprus.
- Investing at least €300,000 in Cyprus Collective Investment Funds securities (e.g., AIF, AIFLNP, RAIF). The funds can be from either inside or outside Cyprus.
On April 21st 2023, the Ministry of Interior introduced revised criteria effective from May 2nd for granting this specific immigration permit. The aim is to institutionalize a mechanism to monitor investors receiving citizenship. This move is designed to address vulnerabilities observed in the Cyprus permanent residency policy over the years. The new criteria set more stringent investment and quality standards, emphasizing rigorous checks for granting an immigration permit and establishing verification mechanisms.
Notably, the revised criteria specify that an investment of €300,000 no longer guarantees an Immigration permit for non-dependent adult family members. Only unmarried children aged 18 to 25 qualify, provided they meet certain conditions (like university enrollment). This means a single investment won’t grant citizenship to parents, in-laws, or adult children.
Under the updated PR policy, the investment amount remains unchanged, but there’s a new mechanism to ensure the investment is retained. Additionally, the income requirements have been adjusted. Annually, applicants must prove they maintain the initial investment and the stipulated income for themselves and their families. The income requirement for each applicant is now €50,000 (previously €30,000), €10,000 for each minor child (previously €5,000), and €15,000 for spouses. If an immigration permit holder fails to provide the necessary documentation, their permit and that of their family will be revoked.
These changes reflect the Cyprus Government’s objective to ensure foreign investors retain the investments that qualified them for permanent residence in Cyprus.
