Cyprus has established itself as an attractive destination for tax residency due to its favorable tax regime. The Cyprus Residency through Investment Program, updated in June 2023, enables successful applicants and their families to acquire an unrestricted Cyprus immigration permit within two – three months. Following five years of residency under this permit, investors are eligible to apply for Cyprus citizenship.
As of 2023, applicants can secure permanent residency in Cyprus by investing a minimum of €300,000 in real estate or securities, while demonstrating an annual income of €50,000. Specifically, if the investment involves residential property, the entire income must originate from abroad. However, for other investment avenues, a portion or all of the income can be sourced within Cyprus.
The program underwent revisions on May 2, 2023, including adjustments to the required annual income, exclusion of the applicant’s parents and parents-in-law from acquiring residence simultaneously, and other modifications. The updated requirements are outlined below.
Key Features and Benefits:
- Unrestricted entry and residence in Cyprus
- Eligibility for the applicant’s spouse and dependent children
- Access to healthcare through the General Healthcare System
- Limited work rights, mainly pertaining to investing in company shares as directors
- Appointment of the applicant and/or spouse as unsalaried directors of companies
- No tax on dividends in Cyprus Companies.
- Low corporate tax rate of 12.5%.
- No inheritance tax.
Requirements for Obtaining Cyprus Residency:
Permanent residency by investment (fast track procedure)
- Category 6.2 Fast Track Permanent Residency can be obtained by investing minimum of €300,000 in one of several categories, including:
- Residential: purchase of a house or apartment from a development company which must be a first sale worth at least €300,000 (plus VAT which is 19% or 5% for primary residence may apply under specific conditions);
- or Commercial properties (such as offices, shops, hotels or related estate developments, or a combination thereof) with a value of €300,000. These purchases may result from a resale.
- Shares in a Cyprus company. An initial investment worth €300,000 in the share capital of a newly registered company in the Republic of Cyprus or an increase in the share capital with €300,000 of an existing company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least 5 people.
- or Units of a Cyprus Investment Organization. Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments, whose investments should be held in the Republic of Cyprus.
- The applicant should also demonstrate annual income of at least €50,000. This amount increases by €15,000 for the spouse and an additional €10,000 for each minor dependent.
- The income can come from various sources, such as salaries, pensions, dividends, fixed deposits, or rental income. If applicable, the spouse’s income may also be included in the total calculation.
- Inclusion of specific dependents in the application, such as spouse and children
Family Members
The Permanent Residency (PR) permit extends to the investor’s spouse and children under the age of 18.
Children aged 18 to 25 can also apply separately for a student immigration permit if they meet the following criteria:
- They are financially dependent on the investor.
- They are unmarried.
- They are university students abroad at the time of the application submission.
- The parents have an additional annual income of €10,000 for each child.
The PR remains valid for the children for life, even if they surpass the age of 25 or no longer meet the conditions of being unmarried, financially dependent, or students.
However, their future spouses or children cannot be included as dependents on their PR. If the children wish to study at a university in Cyprus, they must apply for a temporary residence permit as students. Upon completing their studies, regardless of their age, they may apply for PR, provided there is an additional annual income of €10,000 per child.
Other Conditions:
- Applicants are required to present a clean criminal record from their country of residence and must demonstrate that this record remains clean every three years.
- Additionally, they must not be considered a threat to public order or the security of Cyprus.
Other Types of Permanent Residency in Cyprus
Residency with the Right to Work
This type of residency permit is designed for business owners and employees of companies with foreign interests:
- Category C: Investors who wish to work in their own company, provided they bring a capital of approximately €260,000 from abroad to fund the company’s activities in Cyprus.
- Category E: Individuals who have been offered permanent employment in Cyprus.
Permanent Residency After 5 Years of Stay
- Non-EU nationals who have legally and continuously resided in Cyprus for five years prior to submitting their application, while holding a valid Cyprus temporary residence permit for the entire duration, are eligible to apply for a long-term residence permit.
Permanent Residency for EU Citizens
- European Union citizens and their family members (who are also EU citizens) can apply for permanent residency after maintaining five years of continuous legal residence in Cyprus.
Permanent Residency by Marriage to a Cypriot Citizen
- Individuals married to Cypriot citizens, as well as their minor children from a previous marriage, and the parents or parents-in-law of the Cypriot citizen, are eligible to apply for an unlimited-duration residency permit, granting them residency rights in Cyprus.
Property Purchase (slow track)
- Cyprus Permanent Residency under Category F (slow track permanent residency) offers flexibility and does not impose a strict requirement to purchase property. However, it is generally recommended to buy property in Cyprus, regardless of the amount. This property can be a resale property of at least €100.000 (plus VAT), and the funds for the purchase do not need to be transferred from abroad.
Annual Income
- Applicants must demonstrate a minimum annual income of €9,568 for a single applicant, with an additional €4,613 for each dependent. This income must originate from abroad and can come from sources such as salaries, pensions, dividends, shares, or rental income.
Bank Deposit in Cyprus
- Applicants are required to deposit an amount between €15,000 and €20,000 in a Cypriot bank account. This deposit is not pledged and can be utilized after the application has been submitted.
Family Members
- Only children under the age of 18 can be included as dependents, and their Permanent Residency status will remain valid only until they turn 18. Parents of the main applicant cannot be added as dependents.
Additional Considerations
- It is possible to apply for Category F Permanent Residency while renting a property. However, the Migration Department may reject applications submitted under these circumstances. Based on experience, it is advisable to apply after purchasing property in Cyprus to strengthen the application.
Cyprus Permanent Resident Card
Here is an example of a Cyprus Permanent Resident Card obtained through an investment program:
Cyprus Citizenship:
- A holder of such a permit can apply for citizenship after eight years of residency.
Schengen Area or Europe Visa-Free Travel:
- Note that Cyprus residency does not grant visa-free travel to EU countries or the Schengen zone, although Cyprus has applied for Schengen membership
Additional Information:
- Obligations for verifying criteria annually, including maintaining the initial investment and health insurance in case the applicant and their family are not covered by the General Health System (Gesy).
- Obligation to verify every three years that the applicant maintains a clean criminal record in their country of residence and their country of origin.
The residence permit will be withdrawn if these documents are not submitted or verified.
Process for Cyprus Permanent Residency:
- Steps include gathering necessary documents, evaluating real estate, submitting an application, providing biometric data, and attaining permanent residency
Required Documents for the Application
- Copy of Valid Passports: Copies of valid passports for the applicant, spouse, and children.
- Curriculum Vitae (CV): A detailed CV for the applicant.
- Marriage Certificate: A certified marriage certificate with an official and certified translation.
- Children’s Birth Certificates: Certified birth certificates for children, with an official and certified translation.
- Criminal Record Certificate: An original criminal record certificate issued by the applicant’s country of residence, accompanied by an official and certified translation.
- Proof of Annual Income: Documents verifying annual income from abroad, such as tax declarations or confirmation from an auditor.
- Title of Ownership or Sale Contract: A title deed or contract of sale for property purchased in Cyprus.
- Proof of Property Payment: Bank SWIFT documents or receipts showing payment of the property purchase price.
- Category F Applicants Only: An original letter from a bank in Cyprus or a bank statement demonstrating a balance of €15,000 to €20,000.
Please note that:
- Criminal record certificates, marriage certificates, and children’s birth certificates must be translated into English and certified. Certification can be done by the Ministry of Foreign Affairs (or an Embassy) in the issuing country.
- These documents must either be certified by the Cyprus Embassy in the issuing country or apostilled.
Additional Information:
Advantages of Cyprus Permanent Residency:
- Benefits encompass permanent European residency for eligible family members, potential tax exemptions, and a pathway to citizenship
Residency Maintenance in Cyprus:
- Individuals must visit Cyprus at least once every two years to maintain permanent residency status
Eligibility for Spouse and Children:
- Spouse and children under 18 are eligible for permanent residency, with additional conditions for adult children financially dependent on the primary applicant
Timeline for Obtaining Permanent Residency:
- Expect approximately two-three months (fast track pathway) from application submission to receiving permanent residency
- As of January 2025, the exact processing time for applications submitted under Category F cannot be determined. Applications are being submitted as usual; however, the Immigration Department has begun reviewing older applications dating back to 2019. During this process, applicants are receiving letters requesting updated documentation.
Employment Rights During Permanent Residency Period:
- Individuals can establish their own company but cannot work as employees for other companies
Real Estate Ownership Requirements:
- Ownership of the real estate must be retained throughout the individual’s lifetime.
Cyprus government fees:
- The cost of the fast-track permanent residency program is €300.000, and it does not include the following fees:
| Applicant / applicants’ spouse / children under 18 | €500 for all €70 for each person for registration |
| Adult children (each) | €500 €70 for registration |
- The fees are the same for Category F permits.
Application Procedure:
- The application for obtaining permanent residency can be submitted on behalf of the investor by their lawyer. The investor’s presence is not required at the time of submission. Applications are exclusively submitted at the Civil Registry and Migration Department in Nicosia and are not accepted at the district immigration offices in other cities.
- After submitting the application, applicants are required to provide a photograph and fingerprints, which are necessary for issuing the residency cards upon approval. These biometric details can be provided at any migration district office in any city at any time before the final approval of the application.
Our Services:
Our team is prepared to assist you with your permanent residency applications. We will guide you through every step of the process, starting from the initial property purchase to providing essential advice on necessary documentation. We will handle the preparation and submission of your immigration permit applications and ensure the collection of your permanent residency cards.