Permanent Residency (PR) Explained
Fast-Track your way to Permanent Residency! The Ministry of Interior announced that Non-EU Citizens who purchase property in Cyprus can obtain a Permanent Permit within 3 monthsThe applicants must:
- Purchase a property of a minimum value of €300,000 plus Vat. Can apply only when €200,000 has been paid. Funds must be transferred from abroad.
- Deposit of €30,000 pledged for at least 3 years in a bank in Cyprus.
- Prove a minimum annual income of €30,000 per applicant. The amount increases by €5,000 for each dependant.
- Dependant children up to the of 25 who are students may obtain Permanent Residence for life.
- Submit a statement confirming they will not be employed in Cyprus. The applicant is allowed to be a shareholder of a Cyprus company and earn dividends.
- Visit Cyprus at least once every two years.
EU Passport Explained
On the 13th of September 2016, the Cyprus Government has announced an amended Regulation in relation to the Scheme for Naturalization (Citizenship) of Investors in Cyprus. The changes are considered to be more attractive to investors that wish to obtain an EU/Cyprus citizenship. The threshold of investment has been reduced to €2 million all together (if the investor has invested in housing properties and the value of at least one of them is at least €500.000. If the main investment is not in housing properties then the investment is €2m plus a residential unit of €500.000).
Another important positive change is that the parents of the main applicant are also eligible to apply and obtain the Cyprus/EU citizenship provided that they purchase a housing property of at least €500.000 (therefore they will not need to proceed with any main additional investment). The “collective” scheme has been abolished by the new Regulation. The applicant will be eligible to acquire Cyprus/EU citizenship by exception if Section A (any of the investment options) and Section B requirements (as set out below) are fulfilled:
SECTION A: €2,000,000 (Two million Euros) investment options:
1. Investment in real estate: The applicant must make an investment of at least €2m for the purchase or construction of buildings or for the construction of other land development projects, or
2. Participation in Cyprus companies: The applicant must be the shareholder or the ultimate beneficial owner of a company (or companies) based in Cyprus and the management of which must be situated in Cyprus. The company must employ at least 5 Cypriot or European citizens, or
3. Investment in Alternative Investment Organisations or in assets of Cypriot Companies: The applicant must invest €2m in Alternative Investment Organisations licensed by CySec or in the assets of Cyprus’ companies, or
4. Combination of the above (+Bonds): The applicant must invest in a combination of the above options and in addition, under the combination option, may invest in government bonds for the amount up to €500,000.
Section B: €500,000 plus VAT (Five Hundred thousand Euros plus VAT) – Residential property.Download Detailed Explanation PDF