Cyprus is known for its good weather, scenic beaches and strong healthcare and education system. It comes as no surprise that Cyprus is an attractive place to live to many around the world. For an investment of at least EUR 300,000, one could obtain a Cyprus residence permit to reside in indefinitely in Cyprus for themselves, their spouse, and their dependent children. Holders of this residence permit may apply for citizenship in Cyprus after an aggregate total of 5 years of continuous residence in Cyprus provided that they have been resident in Cyprus for at least 12 consecutive months prior to the date of application. As Cyprus is a member of the European Union, permanent residents of Cyprus may be granted a Multiple-Entry Schengen visa valid for up to five years. No language, education or management experience would be required under this program, making it widely accessible.
Dependent children of the main applicant and the main applicant's spouse up to the age of 25 can be included, so long as proof of full-time attendance at a recognized educational institution can be provided for dependent children between the ages of 18 and 25. This residence permit will not expire even if the dependent child later reaches the age of 25, gets married, or is no longer a student or financially dependent on their parents. The Cypriot Government has recently introduced new rules allowing non-financially dependent adult children of the main applicant to be included in the application if a larger investment sum is made - the minimum EUR 300,000 investment amount multiplied according to the number of non-financially dependent adult children included in the application. However, under the new rules, neither the main applicant nor their spouse can include their parents in their application anymore.
The applicant would be required to travel to Cyprus at least one to provide their biometric data to obtain their Residence Permit and would be required to visit Cyprus once every 2 years. There is no minimum period of stay for this residence permit. To apply, the main applicant would need to be over the age of 18, have a clear criminal record and be of good character.
Applicants can qualify for this residence permit under any one of the following investment options:
- Purchase of up to two housing units (apartments or houses) provided that the total market value amounts to EUR 300,000 (plus VAT). This purchase must be of property sold by the developer for the first time (unless the purchase took place before May 7, 2013).
- Purchase of other types of real estate, such as offices, ships, hostels or similar developments (excluding houses/apartments) or a combination thereof with a minimum total value of EUR 300,000.
- Invest a minimum of EUR 300,000 in the share capital of a company that is: (i) registered in the Republic of Cyprus (ii) based in and operating in the Republic of Cyprus (iii) has a proven physical presence in Cyprus and (iv) employs at least 5 people; or
- Invest a minimum of EUR 300,000 in units of a Cyprus Collective Investment Organization.
In addition to making an investment under the above options, an applicant would also need to meet the following conditions:
- Provide evidence of a secured annual income of at least EUR 50,000. Evidence of an additional EUR 15,000 will need to be provided for a dependent spouse and EUR 10,000 for a dependent minor child. If including non-financially dependent adult children in the application, each adult child will need to prove the same.
- The applicant and their dependents must declare their intention not to work in Cyprus, unless if they are acting as a director in a company under one of the qualifying investment options, or if they are shareholders in companies registered in Cyprus and receive dividends, or if they are a director of such a company but do not receive remuneration.
Applicants will need to prove that they have enough funds to make the investment. Applicants will also need to prove that they continue to receive the required annual income on an annual basis, they continue to hold the investment and valid health insurance.
Whether you are retiring abroad, starting a business, or looking to obtain a second citizenship without having to reside in a particular country, the Cyprus Permanent Residency Programme offers a wide range of benefits that may suit your needs.
If you are interested in learning more, please contact your local HLG office here for more details. Founded in 1992, Harvey Law Group (HLG) is a leading multinational law firm headquartered in Hong Kong. Our lawyers are based across Asia, North and South America, Europe, Africa, and the Middle East to cater to your specific needs for immigration and beyond.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.