Surrounded by the blue waters of the Mediterranean, Cyprus offers a sun-soaked, cultural living experience. Low crime levels, high-quality healthcare, and low cost of living make Cyprus the ideal destination to live and work.
In an effort to increase foreign investment and fuel economic development, regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior to issue Cyprus residence permits to applicants from non-European countries who intend to invest in the republic, provided that the applicant meets the quality criteria and one of the following investment criteria.
Requirements for Cyprus permanent residency by investment
- Investment in new immovable property (house/apartment from the primary market) with a total market value of at least EUR 300,000 plus VAT.
- Investment in real estate (excluding houses and apartments) of up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least EUR 300,000. This investment can be made from the secondary market.
- Investment in the share capital of EUR 300,000 of a company registered and operating in Cyprus which has proved physical presence in Cyprus and which employs at least five people.
- Investment of EUR 300,000 in Units of a Cyprus Collective Investments Fund Association’s collective investments (AIF, AIFLNP, RAIF)
Annual Income Requirements
The investor must show an annual secured income of at least €50,000 from abroad. This income is increased by €15,000 for the spouse and €10,000 for each underage family child.
It can be any income, including salaries, pensions, dividends, fixed deposits, rents, etc. The spouse’s income (if any) can be included in calculating income.
Family members
The permanent residency permit covers the spouse and children up to 18 years old.
Also, children between 18 and 25 years old can apply separately for a student immigration permit, provided they fulfil the following:
- Financially dependent on the investor.
- Unmarried.
- University students abroad on the date of submission of the application.
- The parents have an additional annual income of €10,000 for each child.
The PR is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above (unmarried, financially dependent, students).
However, their future spouse or child cannot be added as dependents on their PR. If children want to study at the University of Cyprus, they must apply for a temporary residence permit as students.
When they finish their studies, regardless of their age, they can apply for PR with the condition of an extra annual income of € 10,000.
How to get a permanent residence permit in Cyprus
To obtain a permanent residency permit in Cyprus, the applicant needs to apply with the following required documents:
- Copy of valid passport of the applicant, spouse and children
- Curriculum Vitae for the applicant
- Marriage Certificate duly certified (official and certified translation)
- Children’s Birth Certificates duly certified (official and certified translation)
- Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation)
- Documents to prove annual income from abroad (tax declarations or auditor confirmation)
- Title of ownership or contract of sale of property in Cyprus
- Bank Swift for the payment of the purchase price & receipts of payment
If you are interested to learn more about the quality and investment criteria mentioned above, contact one of our advisors.
How can CX Financia help?
At CX Financia we offer a client-centred approach with a personalised process to help you, your family, and your employees obtain a Cyprus Permanent Residency.
- We’ll guide you through the financial criteria, conditions, and application procedure.
- We’ll work with you to find the right property, in line with the application’s requirements.
- Our team of specialists will help you collect and draft all required documents.
- We’ll stay by your side, monitoring the status of your application and following up when necessary.
We can work with you to help you obtain your Cyprus Permanent Residence Permit.