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.
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:
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.
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 needs to be based and operating in the Republic of Cyprus and have a proven physical presence and employee minimum of five (5) people.
To purchase units in any of the above mentioned.
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:
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
The applications may include the below:
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.
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.
This income may include salaries from employment, pensions, dividends, fixed deposits, and rents.
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.
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.