Situated between three continents, Cyprus is an attractive tourist destination with excellent geographical positioning. The strategic location of the island between Europe, Africa, and Asia has played a significant role in the nation’s development as a financial center. With its beautiful beaches and tropical Mediterranean climate, Cyprus is considered an ideal destination for permanent residence for non-EU nationals.
CYPRUS
((Permanent Residence Program))
VISA FREE DESTINATIONS:
182
PASSPORT INDEX RANK:
12th
OVERVIEW:
PROCEDURE:
Applications for Cypriot residence must include completed application forms and should be accompanied by the appropriate fees and supporting documents. Successful applicants must annually provide evidence of maintaining their investment and proof of health insurance if they no longer benefit from the General Healthcare System. The income derived from abroad
may include employment salaries, rent, pension, interests on deposits, and dividends from shares.
MINIMUM CAPITAL REQUIREMENT:
Minimum investment of EUR 300,000
MAIN APPLICANT REQUIREMENTS:
- Submit clear criminal record certificates from the country of origin and country of residence every three years (also applicable for all adult dependents).
- Provide an official statement confirming nonemployment (not applicable to applicants who are directors of a company they have invested in).
Fulfill both of the following requirements:
1. Choose one of the following options:
- Purchase up to two new immovable residential properties of a total market value of at least EUR 300,000 plus VAT, with the option to purchase from two different developers.
- Purchase up to two new or used immovable nonresidential properties (offices, shops, hotels, or other developments) of a total market value of at least EUR 300,000 plus VAT.
- Invest EUR 300,000 in the share capital of a physical company registered and operating in Cyprus, which employs at least five people.
- Invest EUR 300,000 in units of the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).
2. Provide supporting evidence of a secured annual income of at least EUR 50,000 deriving from abroad (an additional EUR 15,000 is required for each dependent spouse and EUR 10,000 for each minor child).
PROCESSING TIME:
2 Months
KEY BENEFITS:
- The application procedure is highly efficient, with a high approval rate if all criteria are satisfied.
- It is not necessary to reside in Cyprus, but a visit once every two years is required
- Dependents can be enrolled in high-quality private schools offering English language courses
- Residence applies to the main applicant’s spouse and children under 25 years
- The whole process can be arranged without being present in the country, except for biometric capturing
- Successful applicants are eligible to apply for Cypriot citizenship after five years of residency
