Cyprus Citizenship by Investment
CYPRUS INVESTMENT RESIDENCY PROGRAM
The first Cyprus Investment Program was introduced in February 2009. The program is aimed at boosting the purchase of immovable property in Cyprus.
At present the Cypriot government offers only one program – Permanent Residency Program. The Cyprus Citizenship Program is closed as of 1st November, 2020.
CYPRUS INVESTMENT RESIDENCY PROGRAM REQUIREMENTS:
- The main applicant must be at least 18 years of age
- Applicant’s spouse and children under the age of 18 years can also be included in the application. Additionally, an applicant’s child with severe mental or physical disability that makes him or her unable to work can also be included in the application
- Parents of the main applicant and spouse may be included in the same application
- The applicant must provide proof of secured annual income of at least €30,000 outside of Cyprus. This income must increase by €5,000 for every additional child and €8,000 for each dependent parent
- The main applicant and his/her dependents must have no criminal record
Investment Requirements for Cyprus Residency Program:
Under this program, non-EU nationals can obtain a Residence Permit of Cyprus by purchasing a residential property for their personal use in Cyprus.
- The value of this property must not be less than €300,000
- Only NEW residential properties qualify
- The applicant can purchase only land and building – one or two housing units or one housing unit and one shop or one housing unit and one office
- If the applicant decides to purchase more than one property, all the properties have to be from the same developer
- Applicant can replace the original property purchased to obtain a Residence Permit and can replace it with any other with a minimum value of €300,000
Main features of the Cyprus Residency Program:
- Permanent Residency for life if applicant maintains the investment house
- To maintain residency, applicant must visit Cyprus for 1 day in 2 years
- Any Permanent Residency Permit holder can apply for Cyprus citizenship after he/she has lived in Cyprus for a total of 5 years within an 8 year period. A year prior to submitting an application for citizenship, the applicant has to stay for a total of 365 days in Cyprus
- Applicant’s children under 18 years of age can be included in the application. Children between 18 and 25 years of age can also be included provided they are unmarried, studying and financially dependent on the applicant
- Permanent Residency Permit (PRP) does not allow the applicant or the spouse to work in Cyprus. However, the applicant and/or spouse can register a company, start a business and receive dividends
Benefits of Cyprus Residency program:
- There is no requirement to reside in Cyprus after obtaining residency
- There is no language requirement
- Cyprus PRP holders can obtain Schengen visa easily
- No exploratory trip necessary
- Spouse and children under the age of 25 years can be included in the same application
- Parents of the main applicant and spouse may also be included in the same application
- Applicants can reside in Cyprus and do business whereas their children can reside and study in Cyprus after obtaining Permanent Residency
- Applicants can sell their investment property if it generates a profit and buy another one for maintaining residency
- Applicants can purchase additional properties in Cyprus if purchased through a Cyprus company (the main shareholder of the company would be the applicant)
- Zero tax for non-domiciled individuals. No dividend and inheritance tax