Cyprus residency by investment

Cyprus Residency by Investment program allows successful applicants and their families to get a Cyprus immigration permit with an unlimited duration in two months. A holder of such a permit can apply for Cyprus citizenship after five years of residing in the country.

Characteristics and benefits

• Enter and remain in Cyprus with no limitations
• Does not expire if the applicants visit Cyprus once every two years
• Granted to the spouse, children, parents, and parents in law of the applicant
• No right to work in Cyprus (with exceptions)
• Right for healthcare under General Healthcare System

Requirements for Cyprus residency by investment

In 2021 the following criteria apply to investors looking for Cyprus residency.

The applicant must invest at least €300.000 in one of the following categories:

• Buy a residential brand new property.

  It can be a house or apartment bought for at least €300,000 (plus VAT). It can also be two properties for the above amount, and the investor can purchase them from different development companies. Off Plan properties are also included irrespective of the delivery date.

  This type of investment is the same as per the previous program. The below are the new ones.

• Purchase commercial properties.

  It may include offices, shops, hotels, or related developments. It can also be a combination of those. They can be resales / used properties as well.

• Invest in Cyprus Company’s share capital.

  To purchase shares or establish a Cyprus company and invest in the share capital. The company needs to be based and operating in the Republic of Cyprus and have a proven physical presence and employee minimum of five (5) people.

• Invest in Units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF)

  To purchase units in any of the above mentioned.

Income Criteria

The applicant needs to show that he has an annual income of a minimum of €30.000. The amount is increased by €5.000 for every dependent family member and €8.000 for each dependent parent. (of the applicant and/or his spouse). The income of the spouse can also be included.

The income may include any of the below:

• salaries or wages,
• pensions, dividends, fixed deposits, rental income

Income Source

If the applicant invests in the residential property option, his income needs to be entirely from abroad. If he chooses any of the other investment options, his total income or part of it may also be from activities within Cyprus

Dependent persons

The applications may include the below:

• Spouse and Children up to 18 years old.
• Children between 18 - 25 years old. They Have to be unmarried and also university students.

  If they wish to study in any university in Cyprus, they need to apply initially for a student visa. After finishing their studies they will be able to submit their own application for an Immigration Permit (without expiry). The only requirement will be for the parents to show an extra annual income of €5.000 for every such child.

• Parents and parents-in-law

Cyprus citizenship

A holder of the Cyprus residency by investment is eligible to apply for citizenship after 5 years of actual stay in Cyprus within a 7 year period.

The equivalent number of days of stay needs to be completed which is 1825 (5x365). The last year before applying the applicant needs to be continuously in Cyprus (small absences are ok).

More information on the application process and requirements can be found here.

Schengen Area or Europe Visa-Free Travel

The Cyprus residence does not grant visa-free travel to any EU country or the Schengen zone. The reason for this is that Cyprus is not yet a member of the Schengen zone. Cyprus has applied to join the Schengen zone and the application is being examined.

Additional information

• The applicants are not allowed to be employed in Cyprus. They have the right to be employed as Directors in a Company in which they have chosen to invest under this policy.
• The applicants are allowed to be shareholders in companies registered in Cyprus and receive dividends. They are also entitled to be a Director in those companies without salary.
• The money for the investments must be transferred from abroad to Cyprus
• The examination of the application will take about 2-3 months.
• The applicant needs to come to Cyprus within one (1) year from the approval of the application. Also, they should visit Cyprus at least one time every two years.

Required Documents

• Copy of passport of the applicants.
• CV for the applicants.
• Marriage Certificate (official and certified translation*).
• Children Birth Certificates (official and certified translation*).
• Criminal Record Certificate for the applicants from the country of residence (official and certified translation*).
• Documents to prove required annual income from abroad.

  This income may include salaries from employment, pensions, dividends, fixed deposits, and rents.

• Documents proving that the amount used for the investment has been transferred to Cyprus from abroad (i.e. bank transfer).
• If Parents / Parents in law apply - Birth Certificate of the applicant’s child to prove the relationship (official and certified translation*).
• If Children 18-25 years old will apply - University Confirmation.

The documents with (*) require to be translated in English and bear the «APOSTILLE» Stamp OR be certified by the Ministry of foreign affairs of the country that will issue them and also by the Cyprus Embassy of that Country. 

Investment related documents

• Investment in a house/apartment or commercial properties: Contract of sale and proof of payment for at least €200.000.
• Investment in Cyprus Company’s share capital: Share Purchase Agreement, Certificate of Shareholders and Incorporation, Business profile, Social Insurance documents to show personnel employed by the company.
• Investment in units of a Cyprus Investment Organization (AIF, AIFLNP, RAIF): Titles or other proof of the purchased units.

Summary

Generally, there are not many changes in 2021 compared to the previous residency Fast Track Program known as Cyprus Golden Visa. More investment options were added, which is a positive change.

The company establishment option is very interesting for young entrepreneurs looking for a place to base their activities. It may also be combined with the Employment in foreign companies scheme. Thus the investor has the option of getting Cyprus residency immediately. Also, he has the advantage of employing third-country personnel.

Additionally, it is important to be noted that in 2021 the requirement to pledge €30.000 for 3 years and the requirement to purchase properties from the same development company have been abolished.

Our Law firm offers a full range of services for applications under the newly updated Cyprus Residency scheme.