Cyprus’ convenient geographical location in the eastern Mediterranean and easy access to mainland Europe make it an attractive place for both business and residence. The investment landscape and favorable tax regime has the potential to bring businesses the confidence to expand and grow. A number of measures have been put in place by the government which aim to create stability, stimulate economic growth, and incentivize businesses to invest in Cyprus.
At Fine Life in Cyprus, we support our clients with obtaining a permanent residence permit, including preparing the required documents and cooperating with authorities to follow the case through as fast as possible, overcoming obstacles before any possible rejection.
What Is Cyprus Residency by Investment?
Applying for Permanent Residency by Investment in Cyprus is an excellent alternative to Citizenship by Investment. Permanent Residency by Investment has a lower investment threshold and offers a fast track application process of not more than two months, with an investment of as little as EU 300,000 in property and EU 30,000 in bank deposits. Unlike some Golden Visa program in Europe, the applicant and his/her family will be granted direct Permanent Residency via the Cyprus residency by investment program.
Cyprus immigration rules also convey many of the benefits of citizenship to Permanent Residents, such as freedom of movement around the EU and the ability for family members to apply.
Contact us to learn more about this fast, easy way to immigrate to Cyprus and achieve permanent residency in one of the Mediterranean’s warmest, most welcoming countries.
Cyprus Investment Residency Requirements and Eligibility
Cyprus immigration law has established clear eligibility requirements for the Permanent Resident by Investment program. Among them:
- You must own a residential property in Cyprus with a minimum market value of €300,000, plus Value Added Tax
- You must have a minimum annual income originating from outside Cypress of €30,000, as employment in Cyprus is forbidden
- For your spouse and each dependent child, add €5000 to the minimum annual income
- You must have a bank account with a Cyprus bank and a minimum deposit of €30,000, pledged to remain on deposit for three consecutive years
- You must have a valid passport from your country of origin
- You must attest in a statement that you have no intention to work or be engaged in active business (NOTE: You may own a business and receive dividends)
- You must purchase personal insurance of approximately €185 per person per year
- You and any family members over the age of 16 years must provide non-criminal records from your country of residence.
- You must be a person not sanctioned by the EU
Benefits of Cyprus Residency by Investments
Cyprus Residency by Investment offers many advantages, unlike other programs, there is no requirement minimum stay in Cyprus and this is a direct Permanent Residency visa that leads to Cyprus citizenship in future. The Residency by Investment Program in Cyprus offers these specific benefits:
Low Investment from 300,000 Euro
Fast-track 2-4 months
No physical stay required
Flexibility in travel to Schengen Zone
Favorable tax system
- You and your family may permanently reside in Cyprus, including your parents and dependent children up to the age of 25
- Permanent Residency status will never expire and does not require renewal
- You may continue to reside in your home country, though you are required to visit Cyprus at least every two years
- You are eligible to apply for Cyprus citizenship after 7 years of residency
- As a Permanent Resident of Cyprus, traveling throughout the EU is easy. Permanent residency holders can obtain a Schengen visa within one week.
- EU travel will become even easier since Cyprus is on track to become a Schengen state in the near future.
- As a Permanent Resident, you are exempt from immigration procedures upon entering Cyprus
- Cyprus has a high standard of living, excellent infrastructure, medical facilities and a favorable tax system
- Cyprus’ well-known British elementary and high schools have very high standards with excellent connections to overseas universities
- There are many investment opportunities in Cyprus, and you may own a business and receive dividends
- Fast Track: The Permanent Residency by Investment process takes as little as two months