PERMANENT RESIDENCY

Investors can obtain permanent residency in Cyprus through a streamlined process, opening doors to potential tax advantages and the opportunity to gain EU citizenship

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Cyprus boasts one of Europe’s most appealing and advantageous tax systems, featuring low rates for income and property taxes while exempting inheritance tax.

Permanent residents, including investors, enjoy the perk of tax-free foreign income, making Cyprus even more attractive. Notably, Cyprus boasts the European Union’s lowest corporate tax rate.

One-third of investors choose to obtain permanent residence cards in Cyprus primarily for the purpose of relocating their entire family, and typically invest in coastal apartments and villas.

After residing in Cyprus for five years, they become eligible to apply for citizenship. The Cypriot passport offers visa-free access to over 170 countries, including Schengen states and the UK.

Investment Requirements

To engage in Cyprus’ economic growth, investors must invest a minimum of €300,000. They can choose from four investment options.

For more information, speak to one of our expert lawyers today.

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Purchase Property in Cyprus

SECURE ANNUAL INCOME

BANK DEPOSITS IN CYPRUS

OTHER TERMS & CONDITIONS

What you need to Know

To successfully invest in Cyprus’ economy, investors will need a minimum of €300,000, while having a registered address in Cyprus is also a mandatory condition. Therefore, if an applicant invests in a company’s share capital or fund units, they must buy or rent housing. In this case, there are no property or lease value requirements.

To maintain permanent residency, investors need to prove their ongoing investment and have medical insurance for family members. Every three years, family members above 18 must provide clear criminal record certificates from their home and residence countries.

Investors can withdraw their investment after losing permanent residency or gaining citizenship, but selling assets prematurely revokes residency status.

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Property Purchase

The investor must buy a new house or apartment or any of the combinations mentioned below, from a development company for the minimum amount of €300.000 plus VAT (VAT is 19% or 5% for the first property bought for own use).

The investor may buy up to two properties (bought from the same development company) provided the total sales price is as mention above and can be any of the following combinations:

• Two residential properties (houses or apartments);
• Residential property and a shop (up to 100 sq.m);
• Residential property and office (up to 250 sq.m).

The investor must deposit the sales agreement at the Land Registry for specific performance and must pay the developer at least €200.000 plus VAT to be able to apply his P.R application. The payment must be made in the bank account of the seller in Cyprus, and the money should be transferred from abroad.

Annual Income

The investor, must provide a Secured annual income from abroad of minimum €30.000, which is increased by €5.000 for each dependent (spouse and children) of the Applicant. It is also increased by €8.000 for each dependent parent or parent-in-law.

It can be any income for example salaries, pensions, dividends, fixed deposits, rents etc.

Example: An applicant to cover his wife, two children and his mother in-law, he needs to provide a secured annual income of minimum €53.000.

Bank deposits & Eligible Dependents

The investor must transfer from abroad to his Cypriot Bank account the amount of €30.000, which will be pledged for three years. For information about the opening of bank account please look at our banking guide.

ELIGIBLE DEPENDENTS:
• Applicants’ parents or parents in law (each parent files a separate application)
• Minor children (can be included in their parent’s application)
• Unmarried children aged between 18 and 25, who prove that they are students in an institution of tertiary education abroad with at least six months of remaining study period from the date of the submission of the application and, furthermore, that they are financially dependent on the applicant, may submit a separate application.

Other Conditions

Applicants must also comply with the below:

1.Provide a clean criminal record from their country of residence. (Should not be regarded as a danger to the public order/security of Cyprus)
2. Submit an Official statement in which the applicant declares his intention not to be employed in Cyprus;
3. Submit a Declaration that they have a secured annual; income from abroad;
4. Health Insurance Policy for the applicant and his dependents.
5. Visit Cyprus once every 2 years after the approval of the P.R permit.

Benefits of permanent Residence

Investors who participate in the Cyprus residency through investment gain permanent residence, enable them to relocate to Cyprus. They can apply for citizenship by naturalization after residing in the country for five years, with a requirement not to leave for the 12 months before application. Additionally, applicants must pass language proficiency and history exams, along with an interview.

Upon obtaining citizenship, investors have the option to reclaim the funds spent on acquiring permanent residence.

Investors pursue Cyprus citizenship for international versatility as holding a Cypriot passport grants visa-free access to Schengen countries, the UK, and Canada. Cypriot citizens can also reside, work, and study in any EU member state.

Additional Services for you

To engage in Cyprus’ economic growth, investors must invest a minimum of €300,000. They can choose from four investment options.

For more information, speak to one of our expert lawyers today.

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