Cyprus residency by investment in 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.

Characteristics and benefits

Cyprus investment visa provides the following benefits:

• Unrestricted entry and stay within Cyprus
• Inclusion of the applicant's spouse and minor children
• Right for healthcare under General Healthcare System
• No need for a continuous stay. Just a visit every two years to retain the residency status.

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.

Requirements for Cyprus residency by investment

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:

• 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. 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.

• 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 must be based and operating in the Republic of Cyprus and have a proven physical presence and an 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.

We recommend our clients opt for the real estate route, as it's a safer and more secure investment method for obtaining Cyprus residency.

Income criteria

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:

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

Income source

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.

Dependent persons

The PR applications may include the following:

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

  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.

Cyprus residency and citizenship

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.

Schengen area or Europe visa-free travel

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.

Additional information

• The permanent residence holder must personally visit Cyprus at least once every two years.
• The applicants are not allowed to be employed in Cyprus. They have the right to be employed as Directors in a company they have chosen to invest under this policy.
• The applicants can 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 months.
• The application fee is €500 plus €70 for each accompanying person.
• The Minister of the Interior takes the final decision.

Annual obligations to verify criteria

There are some verification requirements concerning the investors’ visa.

Every year (annually), you should submit the following:

• Evidence that you maintain the investment, and
• Health insurance certificate for yourself and your family (in case you are not GESY beneficiaries).

Every three years, you should submit the following:

• A clean criminal record for yourself and your family from your country of origin and residence.

The requirement that you annually submit proof of holding the necessary income level has been abolished.

However, you must not:

• Acquire permanent residence abroad, or
• Absent yourself from Cyprus for two years.

The residence permit will be withdrawn if the above documents are not submitted or verified.

Required documents

To obtain a Cyprus investment visa, the applicant needs to apply with the following 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*).
• A statement that the applicant and his/her spouse will not engage in paid work in the Republic.
• Tax statements or confirmation from an auditor from the country where the applicant is a tax resident to prove the income amount. The tax statements must be in the original and be accompanied by a sworn statement (affidavit).
  

  This income may include salaries from employment, pensions, dividends, fixed deposits, and rents. The spouse’s income (if any) can be included.

• Documents proving that the amount used for the investment has been transferred to Cyprus from abroad (i.e., bank transfer).
• Health insurance certificate for the applicant and spouse/ underage children.
• Representative’s authorization, signed and certified.
• If children between the ages of 18-25 will apply, they will need a University confirmation and a list of other documents, which can be accessed at moi.gov.cy Immigration Permits for Investors.

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.

Investment related documents

• Investment in a house/apartment or commercial properties: Contract of sale and proof of payment for at least €300,000.
• Investment in Cyprus Company’s share capital: Share Purchase Agreement, Certificate of Shareholders and Incorporation, Business profile, and 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, confirmation from CySec concerning the Fund, and the Memorandum for the Fund or Investment Plan.

Our services

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:

• initial property purchase procedure,
• reduced VAT applications,
• expert advice on necessary documents,
• preparation and submission of immigration permit applications,
• collection of PR cards.

Contact us for a personal consultation and discover our competitively priced services.