Updated: October 20, 2023
Cyprus Residency by Investment program allows successful applicants and their families to get a Cyprus immigration permit with an unlimited duration in two months. An investor can apply for Cyprus citizenship after five years of residing in the country as a holder of such a permit.
In 2023 applicants obtain Cyprus permanent residence by investing at least €300,000 in real estate or securities and showing an annual income of €50,000. If the applicant invests in a residential property, his income must be entirely from abroad. If he chooses any other investment options, his total income or part of it may also be from Cyprus.
The so-called investor visa program has been recently updated (May 2, 2023). Updates provide for an increase in the secured annual income from €30,000 to €50,000, exclude the parents and parents-in-law of the applicant from a right to acquire residence together with the applicant, and some other changes. You will find all the new and updated requirements below.
Cyprus investment visa provides the following benefits:
There is no right to work in Cyprus except when investing in company shares, as directors of that company. The applicant and/or his/her spouse may be appointed as unsalaried directors of companies.
In 2023 the following criteria apply to investors looking for Cyprus residency.
The applicant must invest at least €300,000 in one of the following categories:
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. If the applicant and spouse buy together, the above conditions apply to both. That is, the sum of the amount should be at least €300,000 plus VAT for one or two 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.
To purchase shares or establish a Cyprus company and invest in the share capital. The company must be based and operating in the Republic of Cyprus and have a proven physical presence and an employee minimum of five (5) people.
To purchase units in any of the above-mentioned.
We recommend our clients opt for the real estate route, as it's a safer and more secure investment method for obtaining Cyprus residency.
The applicant must show that he has an annual income of a minimum of €50,000. The amount is increased by €15,000 for the spouse and €10,000 for each underage child. The spouse’s income (if any) can be included in calculating income.
The income may include any of the following:
If the applicant invests in the residential property option, his income must be entirely from abroad. When using the other investment options, i.e. investment in commercial realty, company shares or investment units, the income can come from sources within Cyprus. It must be taxed in the Republic.
The PR applications may include the following:
If they wish to study at any university in Cyprus, they must initially apply for a student visa. After finishing their studies, they can submit their application for an Immigration Permit (this permit will not expire once they are 25 years old). The only requirement will be for the parents to show an extra annual income of €10.000 for every such child.
A holder of the Cyprus residency by investment can apply for citizenship after 5 years of actual stay in Cyprus within a 7-year period.
The equivalent number of days of stay which must be completed 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.
The Cyprus residence does not grant visa-free travel to any EU country (except Bulgaria and Romania), 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 under consideration.
There are some verification requirements concerning the investors’ visa.
Every year (annually), you should submit the following:
Every three years, you should submit the following:
The requirement that you annually submit proof of holding the necessary income level has been abolished.
However, you must not:
The residence permit will be withdrawn if the above documents are not submitted or verified.
To obtain a Cyprus investment visa, the applicant needs to apply with the following required documents:
This income may include salaries from employment, pensions, dividends, fixed deposits, and rents. The spouse’s income (if any) can be included.
The documents with (*) must be translated into 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.
Since 1983, our team of immigration lawyers in Limassol, Cyprus, has been dedicated to providing top-notch legal services. We are ready to guide and assist you with all permanent residency application aspects. Our support includes the following:
Contact us for a personal consultation and discover our competitively priced services.
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