Cyprus Permanent Residence Program
To boost foreign investment and support economic development, Cyprus offers a Permanent Residence Program under Regulation 6(2) of the Aliens and Immigration Regulations. This program allows the Ministry of Interior to grant residence permits to non-European applicants who make qualifying investments in Cyprus.
Benefits of a Cypriot Golden Visa
- Efficient Processing: The application process is streamlined with a high approval rate if all criteria are met.
- Residency Requirements: There is no requirement to reside in Cyprus permanently, though a visit every two years is mandatory.
- Educational Opportunities: Dependents can attend high-quality private schools offering English-language instruction.
- Family Coverage: Residence permits extend to the main applicant’s spouse and children under 25 years.
- Remote Processing: The application process can be managed without being present in Cyprus, except for biometric data collection.
- Path to Citizenship: After five years of residence, successful applicants can apply for Cypriot citizenship.
Cyprus Golden Visa Requirements
To qualify for the Cypriot Permanent Residence Permit, applicants must meet the following criteria:
- Investment Options: Choose one of the following:
- Residential Property: Purchase up to two new residential properties with a total market value of at least EUR 300,000 plus VAT, from one or two different developers.
- Non-Residential Property: Purchase up to two new or used non-residential properties (e.g., offices, shops, hotels) with a total market value of at least EUR 300,000 plus VAT.
- Company Investment: Invest EUR 300,000 in the share capital of a Cypriot company that employs at least five people.
- Investment Funds: Invest EUR 300,000 in units of collective investments through the Cyprus Investment Funds Association (AIF, AIFLNP, RAIF).
- Financial Requirements: Provide proof of an annual income of at least EUR 50,000 from abroad, with an additional EUR 15,000 required for each dependent spouse and EUR 10,000 for each minor child.
Additionally, applicants must:
- Submit Criminal Record Certificates: Provide clear criminal record certificates from both the country of origin and the country of residence every three years for all adult dependents.
- Provide a Non-Employment Statement: Submit an official statement confirming non-employment (this does not apply to applicants who are directors of the company they have invested in).
Procedures and Time Frame
- Application Submission: Submit completed application forms, the required fees, and supporting documents.
- Ongoing Requirements: Annually provide evidence of maintaining the investment and proof of health insurance if not covered by the General Healthcare System.
- Income Verification: The income from abroad can include salaries, rent, pensions, interest on deposits, and dividends from shares.
Processing Time: Applications are typically processed within two months.
Frequently Asked Questions (FAQ)
What is the Cyprus Permanent Residence Program?
The Cyprus Permanent Residence Program allows individuals and their families to obtain residence in Cyprus through significant economic contributions to the country.
. What types of investment options available for the Cyprus Permanent Residence Program?
Investment options include:
- Purchasing residential or non-residential real estate.
- Investing in Cypriot businesses.
Contributing to Cyprus Investment Funds or similar financial vehicles.
What are the advantages of acquiring Cypriot residence through investment?
Benefits of the Cyprus Permanent Residence Program include:
- The Right to Live and Study in Cyprus: Enjoy the benefits of residing and pursuing educational opportunities in Cyprus.
- Low Residence Requirements: Only one visit to Cyprus every two years is needed to maintain residence status.
Efficient and Streamlined Application Process: The application procedure is straightforward and processed within approximately two months.
What is the investment requirement for the Cyprus Permanent Residence Program?
The minimum investment is EUR 300,000 for real estate purchases or other qualifying investments.
How long does the application process take?
The processing time is approximately two months.
Is it possible to include family members in the application?
Yes, that’s correct. Under the Cyprus Residence by Investment Program, the main applicant can include:
- Spouse: The applicant’s partner.
- Dependent Children: Children who are financially dependent on the main applicant and are in full-time education.
- Dependent Parents: Parents who are financially dependent on the main applicant.
Including these family members allows them to also gain citizenship, granting them the same rights and benefits as the main applicant.
What are the residency requirements?
Applicants are required to visit Cyprus at least once every two years to retain their residence status.
What documents are required to apply?
Required documents include:
- A valid passport.
- Proof of investment.
- Health insurance.
- A clean criminal record.
- Other supporting documents as specified by the program.
Is it possible to acquire Cypriot citizenship through the residence by investment program?
Yes, investors may apply for Cypriot citizenship after maintaining residence for five years.
How to apply to the Cyprus Permanent Residence Program?
The application process involves:
- Making a qualifying investment.
- Submitting the application along with required documents.
Undergoing a due diligence process.