Cyprus EU Permanent Residency
Under Regulation 6(2) of the Aliens and Immigration Regulations, Immigration Permit is issued to third country applicants in cases of investments that meet the requirements of this policy:
Invest in one of the following investment categories:
- Purchase for a total market value of at least EUR 300,000 plus VAT, up to two new immovable residential properties, including the option to purchase property from two different developers.
- Purchase for a total market value of at least EUR 300,000 plus VAT, up to two used or new immovable non-residential properties of other types of real estate such as hotels, shops, offices or related estate developments or a combination of these.
- Invest a EUR 300,000 in the share capital of a company registered and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
- Invest EUR 300,000 in units an AIF, AIFLNP or RAIF (Cyprus Investment Funds Association’s collective investments).
The investment amount increases in the event an Immigration Permit may also be issued to children of the applicant who are over the age of 18 and not financially dependent on the applicant.
The applicant should, in addition to the investment, provide a minimum annual income of EUR 50,000, as well as EUR 15,000 for each dependent spouse and EUR 10,000 for each minor child. The source of income must derive from abroad and may include employment salaries, pension, rent, interests on deposits and dividends from shares.
Implications & opportunities of the Cyprus EU Permanent residency
It is not necessary for the applicant to permanently reside in Cyprus however the applicant has the obligation to visit Cyprus once every two years is required (the applicant cannot stay away from Cyprus for more than 2 years) otherwise his/her Immigration Permit is cancelled automatically.
Successful applicants are eligible to apply for Cypriot Citizenship after five years of permanent residence.
The applicant must acquire residence in Cyprus within the first year by purchasing/renting property unless the investment is made in residential property.
Residence applies to applicant’s spouse and children under 25 years.
The whole process can be arranged without being present in the country, except for biometric capturing for which the applicants must be present in Cyprus.
Successful applicants must provide annual evidence of maintaining their investment.
The processing time with local authorities is approximately two months.
- Business & Corporate Law
- Taxation & Tax Planning
- Cyprus International Trust
- Shipping Law
- Intellectual Property (IP)
- Investment Funds
- CASP, Crypto Assets & Currencies