To encourage foreign investment, economic growth and development, the Cypriot government has simplified the way it issues Permanent Residency permits for non-European applicants looking to invest in Cyprus property.
Acquiring Cypriot Permanent Citizenship and subsequently a Cypriot Passport is a simple and straightforward process and provides applicants with the following benefits:
- A swift and highly efficient application process, normally completed within two months.
- High applicant approval rate.
- Applicants are not required to reside in Cyprus but must visit every two years.
- On approval, dependents can be enrolled in high-quality private schools, offering English language courses.
- Permanent Residency applies to the whole family, including spouse and children under 18 years of age.
- Dependent children between 18–25 and parents of the applicant are also eligible for permanent citizenship.
- The application process can be arranged without the applicant residing or visiting Cyprus (however, an in-person visit by applicants and family members to be included in the application is required to the Migration Office for biometric capturing within a year of application approval).
- Tax-Free income rates for non-resident Cyprus investors.
To apply for Permanent Residency in Cyprus, applicants must:
- Purchase a property of a minimum market value of EUR 300,000 plus VAT.
- Applicants must submit their Permanent Residency application forms with a contract of sale and proof of payment of at least EUR 200,000 plus VAT from the purchase price.
- The contract of sale must also be been submitted to the Cyprus Department of Land and Surveys prior to application.
- Property may also be purchase by a company, on condition that the company is registered in the name of the applicant or the applicant and their spouse who must also be sole shareholders.
- The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of EUR 30,000 from abroad with the bank for a fixed lock in period of three years. The money will be released without restrictions upon completion of the three-year period.
- Applicants must provide evidence of a secured annual income of at least EUR 30,000 received from overseas. This income is increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent. Salaries from employment, rents, pensions, and dividends from shares can all be included in this annual income.
Application Costs and Process
A EUR 500 fee is payable with the submission of the application, plus an additional EUR 50 for biometric capturing.
Once received, applications are assessed by the Civil Registry and Migration Department then submitted to a permanent secretary of the Ministry of Interior. A decision will then be made in normally two months.
Should approval be granted, the applicant and family members included in the application must visit Cyprus within one year to obtain the actual Permanent Residency permit.
At any stage during the application stage, or upon approval, the applicant and dependents must visit the migration office in Nicosia in order to carry out biometric data capture (in-person verification).
Once this has been completed and Permanent Residency permits issued, applicants can then go on to applying for EU/Cypriot passports.
For more information regarding obtaining Cypriot citizenship, please contact our team to arrange a consultation with one of our experts.