The Cyprus Residence by Investment program provides a fast-track way to permanent residency in Cyprus for the entire family via a minimum €300,000 investment.
Non-European citizens can acquire a permanent residency permit with access to Europe in only 2 months and you do not even have to reside in Cyprus.
The entire family can consist of your spouse, dependent children up to 25 years, parents and parents in law and you only have to visit Cyprus once within the 1st year for biometric submission then only once every two years is all that is required. Your application can simply be processed in your absence and filed on your behalf and you can apply for citizenship in five years.
The tax regime is favourable with no worldwide dividends, interest and income tax, no tax on gains and no inheritance tax.
You do have to have €30,000 deposited into a 3-year fixed deposit account with a Cyprus bank which can be withdrawn at the end of the period and have proof of income of at least €30,000 for single applicants but rises if you have other applicants.
You cannot take up work in Cyprus, however, you can own a business in Cyprus and receive dividends from the business. You can also earn an income from letting your property out.
Cyprus also has a Citizenship by Investment program and you can find out more information on this here.
In order to apply for permanent residency via the Cyprus Residence by Investment program you have to;
- purchase a new property (or a re-sale property) with a minimum value of €300,000 (a maximum of two properties can be purchased but must come from the same developer and total value at least €300,000).
- the applicant must maintain a €30,000 bank deposit in a Cypriot bank for 3 years.
- provide proof of income of at least €30,000 per annum for single applicants (you have to add €5,000 per person for spouse and dependant children and €8,000 per person for parents and in-laws).
- take out private medical insurance.
Cyprus is officially known as the Republic of Cyprus and is 3rd largest, and 3rd most populous island in the Mediterranean with a population estimated at 1.21 million in 2020. Nicosia (the capital), Limassol and Larnaca account for over a third of the population.
The country obtained independence from the UK in 1960, has been a member of the Commonwealth since 1961 and joined the European Union in 2004, adopting the Euro in 2008.
Even though Greek and Turkish are the official languages in Cyprus, English is widely spoken.
Cyprus was listed as the 5th safest country in the world in 2020 by French travel insurance company Insurly and received over 8.2 million visitors in 2019. Visitors to Cyprus has increased year-on-year since 2007, except 3 (2009, 2012 and 2013).
Before you consider applying for permanent residency via the Cyprus Residence by Investment program, there are a few things to be aware of. Applicants must;
- have a clean criminal record
- not be in the list of persons whose property is frozen by the EU as a result of sanctions
- not work in Cyprus
- visit within 1st year for biometric submission
- visit at least once every two years after biometric submission
And the benefits;
- Fast processing time
- Unrestricted travel throughout Europe
- Apply for citizenship after five years
- Low investment required
- All nationalities can apply
- No requirement to visit during application
- Family can be covered by the application
- No residency requirements
- Tax benefits
For more information on the Cyprus Residence by Investment program, please click on the enquiry form button and complete the short enquiry form and one of our specialist advisors will be in contact.