Obtain Cyprus Permanent Residency Through Investment
Cyprus Permanent Residency by Investment
We provide legal advice and management for all matters related to Cyprus immigration law. Our experienced team of lawyers has extensive knowledge of the Cyprus residency by investment program, as well as expertise in obtaining immigration permits, permanent residence permits, employment permits, citizenship applications, and visas.
The Cyprus Permanent Residence (PR) by Investment Program provides a straightforward opportunity for non-EU nationals to obtain permanent residency through qualified investments. Recent updates to the program’s criteria, which took effect on May 2, 2023, have introduced important changes to the eligibility requirements and application process.
Updated Criteria for Cyprus Permanent Residence
A Cyprus permanent residency by investment can be
obtained by non-EU nationals who invest in the country a minimum amount of
€300,000 (net) 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.
Increased Income Requirements
According to the revised criteria effective from 02/05/2023, the following changes apply:
- 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, who are financially dependants of the main applicant may receive the permanent residency.
- A single investment won’t grant permanent residence to parents, in-laws, or adult children.
- The main applicant must prove income in the amount of €50,000 (previously €30,000) for himself, €10,000 (previously €5,000) for each minor child, and €15,000 for spouses.
Applicants must provide annual proof of these income levels to maintain residency status. Failure to submit the required documentation may result in the cancellation of the residency permit for the applicant and their family members.
Eligible Investment Options
Applicants have the freedom to choose from several investment avenues to meet the program’s requirements:
- Real Estate Acquisition: Purchase a new residential property from a developer, valued at a minimum of €300,000 (plus VAT).
- Commercial Real Estate: Investment in offices, shops, hotels, or similar developments, either new or resale, with a total value of at least €300,000.
- Cypriot Company Shares: Investment of at least €300,000 in the share capital of a Cyprus-registered company that operates within the country, has a physical presence, and employs at least five individuals.
- Collective Investment Funds: Investment of at least €300,000 in units of Cyprus-based collective investment schemes, such as Alternative Investment Funds (AIFs).
Benefits of Permanent Residency in Cyprus
Obtaining permanent residency in Cyprus offers numerous advantages:
- Right to Reside: Live indefinitely in Cyprus without visa renewals.
- Family Inclusion: Spouses and dependent children can be included in the application.
- Business Opportunities: Access a favorable business environment with a robust legal framework.
- Quality of Life: Enjoy a high standard of living, excellent healthcare, and education systems.
For personalized assistance in navigating the complexities of the Cyprus Permanent Residence by Investment Program, contact A. Karitzis & Associates LLC. Our experienced legal team is dedicated to guiding you through every step of the application process.
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