Cyprus Residency Benefits
Cyprus Residency by Investment Program enables foreign investors to obtain a Cypriot permanent residence permit (PRP) in just 2 months through a property purchase from €300,000 (plus VAT). The property should be a first-time sale and may comprise of up to two housing units which must be purchased from the same developer. Once the PRP has been granted, applicants are required to visit Cyprus within 1 year to submit their biometrics data for issuance of their PR card, and should not be absent for more than 2 years. Cyprus Residency can be used as a first step towards Cyprus Citizenship. This can be acquired in 5 years, provided all the requirements are met.
Visa-free travel and Global mobility
The Cyprus Residency by Investment program can improve your global mobility if it is being considered as the first step towards acquiring citizenship on the island. Cyprus passport holders get visa-free access to over 173 countries, including EU & UK. While holding a Cyprus PR, applicants can easily apply for a Schengen visa and travel across Europe.
Investment Requirements
From €300,000
To qualify for the Cyprus Permanent Residency by Investment program, applicants are required to buy a first-time sale residential property or sets of properties to the minimum value of €300,000 (plus VAT, if applicable). First-time sale stands for new properties and not for resales. They must have been bought from a property development company.
€300,000 purchase of a residential property in Cyprus
- Purchase of first-time residential property worth over €300,000 (plus VAT).
- Applicants may buy a combination of real estate projects:
- one apartment or house;
- two apartments are two houses or a combination of each
- one apartment/house and one commercial shop/warehouse;
- one apartment/house and one office
- The property must be brand new; no resale property would qualify.
- Property should be purchased from the developer who built the property
- The Contract of Sale must be officially filed at the Cyprus Department of Lands and Surveys.
- The property can be purchased by a company registered under the applicant’s name or jointly under the applicant and spouse. Applicant / spouse must be sole shareholders.
- The property can be rented out.
Additional requirements
- Main applicant must maintain a 3-year fixed deposit with a Cyprus bank of at least €30,000 transferred from abroad. After 3 years the money will be released without restrictions.
- Applicants should provide supporting evidence of secure annual income from abroad of at least €30,000. For spouse and dependent children included in the application an additional €5,000 per person must be added to this amount and €8,000 for each parent of the main applicant or their spouse.
- Applicants should have no intention to undertake any employment in Cyprus. They can own a business registered in Cyprus and receive dividends from this business.
- Applicants must have a clean criminal record and should not be in the list of persons whose property is frozen by the EU as a result of sanctions
- Applicants must visit Cyprus within 1 year of the date of the PRP to provide biometrics for issuance of PR card. All family members are required to visit Cyprus once every two years.
- PR holders may have their PRP revoked if they are granted permanent residence in another country.