Cyprus: Your premier destination for investment and residency
In today's globalised world, the strategic decision to acquire a second residency or citizenship can unlock numerous advantages, from enhancing personal security to expanding business operations internationally. Cyprus stands out as an attractive destination for investors due to its geopolitical significance, robust economy, and appealing Mediterranean lifestyle.
The Cyprus Permanent Residence Program is designed to facilitate non-EU nationals in securing an immigration permit for residency through investment.
Investment Options
The Cyprus Permanent Residence Program offers the following investment options that support the local economy and provides long-term benefits to the applicant:
Residential Real Estate: investment worth at least €300,000 plus VAT in new residential properties (not resale) purchased directly from a developer company.
Commercial Real Estate: beyond housing, investments in real estate can extend to commercial properties such as offices, shops, or combinations of various real estate assets worth at minimum €300,000.
Investment in a Cyprus Company with personnel in Cyprus: initial investment of at least €300,000 in the share capital of a newly registered Cyprus-based company or an increase in the share capital worth €300,000 of an existing company registered and operating in the Republic of Cyprus. The company in question shall have physical presence in Cyprus and employ at least five employees.
Investment in units of Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF): contributions of at least €300,000 to Cyprus-based investment funds (AIFs, AIFLNPs, RAIFs) that hold investments within Cyprus, bolstering the financial sector.
Procedural and Legal Requirements
Navigating the application process requires careful legal planning and compliance with Cyprus’s investment regulations.
This includes:
Personal Income: applicants must prove that they have at their disposal a personal secure annual income of at least €50,000, such amount increasing by €15,000 for spouses and by €10,000 for each dependent minor. This may include salaries, pensions, dividends from shares, bank deposits interest, rents, etc. In calculating the applicable income, the applicant’s spouse’s income may also be taken into account. The said income can be derived exclusively from abroad for investment option (a) and both from abroad and from activities within the Republic of Cyprus for investment options (b)-(d).
Clean Criminal Record: applicants and their spouses must provide a clean criminal record from their country of origin.
Healthcare Needs: applicants and their dependent family members must have a valid health insurance policy covering all healthcare needs in Cyprus.
Employment: applicants are expected not to engage in any form of employment outside their investment scope, with exceptions permitted for serving as Directors in invested companies. In cases where the investment does not concern a company's share capital (e.g. option (a)), the applicant and their spouse are permitted to be shareholders (and receive dividends) in companies registered in Cyprus. They may also hold the position of an unpaid Director in such companies.
Proof of Accommodation: applicants must provide evidence of accommodation of themselves and their family members in the Republic of Cyprus.
Obligations of Investors after Securing Permanent Residency
To maintain their permanent residence right, holders of immigration permits must, on an annual basis, provide evidence of maintaining the following:
the required investment;
the required income;
a health insurance policy (if they do not benefit from national healthcare system i.e. GHS) covering both the holder and their family members; and
a clean criminal record.
Failure to provide the above annually can lead to the holder’s and/or their dependent’s family members cancellation of their immigration permit.
Benefits of Residency
The Permanent Residence Program offers more than a residency permit; it provides a lifestyle. Permanent residents can enjoy:
Permanent Residency Status: access to a permanent residency card, circumventing usual immigration procedures.
High Standard of Living: Cyprus boasts excellent healthcare, education, and recreational facilities, combined with a low crime rate and high standard of public services.
Business Opportunities: a strategic location at the crossroads of Europe, Asia, and Africa opens up extensive business networks.
Travel Freedom: the permit allows for easier travel across the Schengen Zone, adding convenience for personal and business travel.
When can a non-EU National Living in Cyprus apply for Cypriot Citizenship?
Non-EU nationals residing in Cyprus can qualify for Cypriot citizenship through a legal process known as naturalization. The right to apply is granted to foreign adults of full mental capacity, who have resided legally in Cyprus for either seven (7) or five (5) years, depending on their residence status before applying.
Crucially, applicants must have legally and continuously resided in Cyprus during the year immediately preceding the submission of their application.
In short, the residency requirements are as follows:
7-Year Requirement: this applies to foreigners with residence permits as students, visitors, self-employed persons, athletes, coaches, sports technicians, domestic helpers, nurses, employees of Cypriot or foreign employers, or offshore companies, and their respective spouses, adult children, or other dependents. Such individuals must have lived in Cyprus for at least 7 years within the 7 years preceding the application, including the last 12 months before applying.
5-Year Requirement: this applies to foreigners holding any other status not mentioned above. They must have accumulated 5 years of residence within the 7 years immediately preceding the application, including the last 12 months.
Investing in Cyprus goes beyond securing strategic assets; it opens the door to a lifestyle that combines significant business advantages with a high quality of life within the European Union. As an investor in Cyprus, you not only benefit from a stable and robust economic environment but also gain access to a beautiful, vibrant setting that is ideal for families. The country's commitment to business-friendly policies makes it an attractive destination for entrepreneurs and businesses looking to expand their reach across Europe and beyond. Cyprus provides a stable, beautiful, and business-friendly environment, perfect for families and investors alike.
More Information
For more information on how you can start your journey towards acquiring permanent residency in Cyprus or Cypriot citizenship, please contact Aptus Legal by clicking here or send an email to info@aptuslegal.com. Our team can guide you through the application process and provide you with comprehensive support throughout the process, including assisting you to secure the right real estate property.