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Permanent Residency and Citizenship in Cyprus

Permanent Residency in Cyprus – Category F

New and accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intent to invest in the Republic of Cyprus

1. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue Immigration Permit to applicants, who are third country nationals, provided that they fulfill the following criteria:

(a)
       The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.


(b)
       The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.

(c)
       The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period. It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.


(d)
       The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.


(e)
       The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.


(f)
     The applicants should visit Cyprus at least once every two years.


Cyprus Citizenship for Foreign Investors Program

Your access to Europe – Cyprus passport

Key Benefits 

  • Free Movement of People
    • Freely travel and reside (and work) within the EU
  • All family members can obtain Cyprus citizenship
    • i.e Spouse of applicant, children aged under 18 years, and adult dependent children (aged over 18 years and up to 28 years)
  • Free Movement of Capital
    • Transfer any amount of money from any EU Member State to another, purchase of property in any EU Member State of choice and invest in any activities of choice
  • Free Movement of Services
    • Establishment and free movement of services – individual citizens and companies can offer services without hindrance in all EU Member States
  • Free Movement of Goods
    • All goods produced in EU Member States can be transferred freely from any Member State to another

Financial Criteria and other required conditions 

The following economic criteria must be met:

  • Investments of at least €5 million or Collective Investments €2.5 million per investor for investments of at least €12.5 million.

    Cyprus Citizenship shall be granted to the applicants who invest directly in Cyprus property as below:

    €2,500,000 in properties and also owns €500,000 plus VAT residence

    The investment in properties can be anything from residential units, commercial units (offices & shops), hotels, or any other kind of property apart from undeveloped land, or any combination of these.

    If the investor decides to invest in only ONE RESIDENTIAL property, then the value of this property, in order to qualify, could be no less than €2,500,000.

  • Deposits in Banks operating in Cyprus of €5 million or
  • Combination of the above criteria amounting to €5 million or
  • Impaired Deposits in the Popular Bank of at least €3 million. 

In addition to the criteria mentioned above, the applicant must fulfill the following Terms and Conditions:

  • Clear Criminal Record. Not to be included in the list of persons whose property is ordered to be frozen within the EU
  • Privately owned residence in the Republic of Cyprus, the cost of which must exceed the amount of €500.000 excluding VAT
  • A high-ranking senior manager may apply, provided that he/she receives such a remuneration that generates for the Republic tax revenue of at least €100.000 for a three year period and provided that this tax has already been paid or prepaid. 
  • In case an investor purchases solely a residence of minimum €5 mln, or €2.5 mlm (under the relevant criteria) he/she is not obliged to buy an additional residence of €500.000.

Key information to have in mind 

  • Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year
  • The approval of Citizenship under the relevant Decision is granted by the Cyprus Council of Ministers
  • The application package is submitted to the Ministry of Interior. The Ministry of Finance assesses the economic criteria
  • Main applicant and his/her spouse apply concurrently. Upon approval, children’s applications follow
  • After examination by the two Ministries, the application is presented to the Council of Ministers
  • The application processing usually takes 3-6 months
  • The Council of Ministers has complete discretionary power regarding these decisions