PERMANENT RESIDENCY SCHEME
For the Permanent Residency Permit, applicants have to fulfill the criteria below:
- Evidence of a steady income from abroad of at least €30,000 from sources other than employment in Cyprus.
- The minimum annual income is increased by €5,000 for each dependent person.
- Confirmation letter from a Cyprus bank indicating deposits of a minimum capital of €30,000 from sources other than employment in Cyprus.
- Submission of a title deed or purchase agreement of a residential property issued on the name of applicant of a minimum market value of €300,000 (plus Vat) and a proof of payment for at least €200,000 excluding VAT
- Additional conditionals and requirements
- Clean criminal record
- Statement confirming that the applicant has no intention to work or be engaged in any form of active business in Cyprus
- The applicant should visit Cyprus at least once every two years
Other important information: An Investment Permit can also be granted to children of the applicant over the age of 18, not financially dependent.
- Investment in real estate, land development and infrastructure projects at least €2 million (residential or commercial developments, developments in the tourism sector or other infrastructure related projects). The investment in land under development is also included in this criterion.
- Investment in financial assets of Cypriot companies or Cypriot organizations
Purchase, or participation in companies or organizations established and operating in the Republic of Cyprus with investment cost of at least €2 million.
- Invest in – Investment of at least €2 million in Alternative Investment Funds or financial assets of Cypriot companies or organizations in the Republic of Cyprus, licence and supervised by the CySec.
- Combination of the above investments, provided that the total investment will amount up to at least €2, 0 million.
Terms and Conditions
- Clean Criminal Record
- Residence in the Republic of Cyprus
- Residence Permit in Cyprus
Other useful notes
Investor’s Family members
Spouse and financially dependent children:
A passport is also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or up to 28, provided that they are college students).
The applicant’s parents are also entitled to apply for citizenship provided that they are owners of a private residence of at least €500.000.
Alternatively, the applicant and his/ her parents may acquire just one residential property of a total value of at least €1,0m.
BENEFITS OF THE CYPRUS EU CITIZENSHIP PROGRAMME
- Fast and simple:
It is an express procedure; it can be obtained within 3 months
Wide choice of investment options
Once the application is approved has immediate effect
- No exceptions or requirements:
All nationalities are eligible for the programme
There are no language requirements
No requirement to physically reside in Cyprus
No need to renounce previous nationality as dual citizenship is allowed
Citizenship can be passed to future generations by descent
- Benefit from free movement within EU member states:
Free movement of People -freely travel, live and work within the European Union
Free movement of Goods -right to transfer goods from a member state to another
Free movement of Capital -transfer any amount of money from a member state to another
Free movement of Services – Establishment and free movement of Services
- Other benefits include:
– Individuals who reside in Cyprus more than 183 days in a calendar year become tax residents in Cyprus and taxed in Cyprus on their worldwide income
– Right to do business, buy property and invest in Europe , taking advantage of Cyprus favourable tax regime and double tax treaties plus the high level of professional services on offer
– Protection by the diplomatic or consular authorities of any EU country
– Right to vote and stand for European Parliament Elections as a European citizen