To attract foreign investments to the island and assist in its economic recovery and further growth, the Cypriot government amended Regulation 6(2) of the Regulations on the Arrival of Foreigners and Immigration, which grants non-EU nationals investing in Cyprus the right to permanent residence on the island, subject to certain criteria.
To address some of the shortcomings of the system, these criteria were amended and came into effect on May 2, 2023. Permanent residence permits will be granted to non-EU nationals who meet one of the following investment criteria:
If the investment is discontinued by the applicant without an immediate replacement with another investment of equal or greater value that meets the conditions of this procedure, the permanent residence permit will be revoked.
It must be confirmed that the funds intended for investment were transferred from abroad from the applicant’s or their spouse’s personal bank account, and the value of the investment should be transferred to the seller’s bank account in Cyprus.
Additionally, the applicant must prove the existence of a stable annual income from abroad of at least €50,000. The annual income increases by €15,000 for the spouse and €10,000 for each dependent minor child.
If the applicant invests in a house or apartment, this income may come from salary, pension, dividends from stocks, fixed deposits, or rent from abroad. However, proof of such income can only be provided by the applicant’s tax returns from the country where the applicant is a tax resident. When calculating the total income, the spouse’s income may also be considered.
If the applicant chooses to invest in real estate excluding houses or apartments, the total income or part of it may also come from sources related to activities in the Republic of Cyprus, provided they are taxed in the Republic.
Qualitative Criteria:
The applicant and their spouse must provide a police clearance certificate from their country of residence or from the Republic if they reside in Cyprus. They must confirm that they do not intend to work in Cyprus, except for work as directors of the company they chose to invest in under this policy. If the investment does not concern a share in the capital of a company, they may be shareholders of companies registered in Cyprus and receive dividends. They may also serve as directors in such companies without compensation.
If the applicants choose investments according to criteria B, C, or D, they must provide information on their place of residence in Cyprus.
When investing in residential or other types of real estate, the application must include evidence that the purchase agreement was registered with the Land Registry and official receipts for payments of at least €300,000 (excluding VAT), regardless of the date of property transfer. Proof must be provided that the invested funds were transferred from abroad and are not the result of domestic borrowing. The total investment amount must be transferred to the seller’s account in a Cypriot financial institution.
The applicant may purchase up to two (2) residential units (apartments or houses), provided that the total market value meets the above criteria. The property does not necessarily have to be purchased from the same developer.
To address some of the shortcomings of the system, these criteria were amended and came into effect on May 2, 2023. Permanent residence permits will be granted to non-EU nationals who meet one of the following investment criteria:
- Purchase of a residential house/apartment: Purchase of a newly sold residential house/apartment (not resale) from a developer, with a minimum value of €300,000 (plus VAT).
- Real Estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels, or similar properties, or a combination of these, with a total value of €300,000. This property can also be a resale.
- Share in the share capital of a Cypriot company with activity and personnel in Cyprus: Investment of €300,000 in the share capital of a new or existing company registered, based, and operating in Cyprus, with a confirmed physical presence and at least five (5) employees.
- Shares in a Cypriot Collective Investment Organization (AIF, AIFLNP, RAIF): Investment of €300,000 in shares of a Cypriot collective investment organization that makes its investments in Cyprus.
If the investment is discontinued by the applicant without an immediate replacement with another investment of equal or greater value that meets the conditions of this procedure, the permanent residence permit will be revoked.
It must be confirmed that the funds intended for investment were transferred from abroad from the applicant’s or their spouse’s personal bank account, and the value of the investment should be transferred to the seller’s bank account in Cyprus.
Additionally, the applicant must prove the existence of a stable annual income from abroad of at least €50,000. The annual income increases by €15,000 for the spouse and €10,000 for each dependent minor child.
If the applicant invests in a house or apartment, this income may come from salary, pension, dividends from stocks, fixed deposits, or rent from abroad. However, proof of such income can only be provided by the applicant’s tax returns from the country where the applicant is a tax resident. When calculating the total income, the spouse’s income may also be considered.
If the applicant chooses to invest in real estate excluding houses or apartments, the total income or part of it may also come from sources related to activities in the Republic of Cyprus, provided they are taxed in the Republic.
Qualitative Criteria:
The applicant and their spouse must provide a police clearance certificate from their country of residence or from the Republic if they reside in Cyprus. They must confirm that they do not intend to work in Cyprus, except for work as directors of the company they chose to invest in under this policy. If the investment does not concern a share in the capital of a company, they may be shareholders of companies registered in Cyprus and receive dividends. They may also serve as directors in such companies without compensation.
If the applicants choose investments according to criteria B, C, or D, they must provide information on their place of residence in Cyprus.
When investing in residential or other types of real estate, the application must include evidence that the purchase agreement was registered with the Land Registry and official receipts for payments of at least €300,000 (excluding VAT), regardless of the date of property transfer. Proof must be provided that the invested funds were transferred from abroad and are not the result of domestic borrowing. The total investment amount must be transferred to the seller’s account in a Cypriot financial institution.
The applicant may purchase up to two (2) residential units (apartments or houses), provided that the total market value meets the above criteria. The property does not necessarily have to be purchased from the same developer.
Permanent Residency in Cyprus
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