Cyprus Permanent Residence Program
A Permanent Residence permit in Cyprus may be acquired if the applicant falls within one of the six categories “A-F” described in the Regulations. Category F is the only category which provides that all family members may acquire a permanent residence permit simultaneously. Procedure of obtaining the residency permit takes around two months.
Applicants must have a minimum annual personal income of €30,000 sourced from overseas and €5,000 for each of the applicant’s dependants. One or two real estate properties with a total cost of at least €300,000 must be purchased in Cyprus and €200,000 of the purchase cost must be settled. Applicants should also deposit €30,000 for a fixed period of three years in a Cyprus Bank, transferred from abroad.
Permanent residence in Cyprus grants its holder and their family access to a second home, a plan B, if conditions at country of origin become unfavorable. Commonly, Cyprus residents have the right to much lower university tuition fees in European countries as they are permanent residents of an EU country. Further, a Cyprus (EU) passport may be acquired subject to residence criteria after 7 years.
Cyprus (EU) Citizenship Program
Cyprus offers arguably the most attractive citizenship programs by investment criteria in the EU. The new immigration initiative is aimed at non European migrant entrepreneurs and investors who are prepared to invest in Cyprus. The investment allows an applicant (and thereafter the applicant’s family) to hold a Cyprus passport with all the benefits of a Cyprus citizen, such as, free movement within the EU. The scheme is based on a ‘fast track’ process, which avoids bureaucracy and unnecessary documents. Applications for citizenship are examined within 3 months and successful applicants receive Cyprus passports immediately.
To qualify for Cyprus citizenship, an investor may apply as part of a pool of investors unknown to him, and must acquire one of the following:
- Cyprus state bonds of at least €2.5 million, or,
- Financial assets of Cypriot companies or organizations of at least €2.5 million (corporate bonds, equity, debentures), or
- Real Estate investment of at least €2.5 million, or iv.) Investment in business entity of at least €2.5 million, or
- Fixed term bank deposits for at least 3 years with total value of at least €5 million.
There are certain techniques to reduce exposure to the financial assets above. All applicants must possess a clean criminal record and real estate in Cyprus worth minimum €500,000 (not applicable to criteria (iii.) investors)
We are adept at representing the applicant for the communication with the authorities and preparing all application forms and auxiliary documents for submission to the authorities. We can provide advice on Cypriot financial assets to be purchased or incorporated and may assist in finding and acquiring the immovable property, as well as the preparation of necessary purchase agreements and compliance with the law.