New criteria in obtaining a Permanent Residence Permit by Investment in Cyprus

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On the 24th March 2021 the Cyprus government announced additional investment criteria. The applicant must invest the amount of at least €300,000 (not including VAT) in one of the following categories:

1A: Purchase of a residential property (house or apartment) from a developer. The purchase must be a first sale unless the purchase took place before the 07/05/2013. At the time of the application, at least €200,000 (not including VAT) must be paid. Also, it is possible to purchase up to 2 properties for the total investment amount of €300,000. It is also noted that in case 2 properties are purchased, these do not have to be bought from the same developer.

1B: Investment in immovable property (except houses/apartments) such as offices, shops, hotels etc or a combination of these of the total amount of at least €300,000. The investment can be resale.

1C: Investment in the capital of a Cyprus company with activities in Cyprus and at least 5 employees.

1D: Investment in funds (AIFS, AIFLNP, RAIF)

Note: It is noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic or other member state of the European Union or European Economic Area.

In addition to the above, the applicant must illustrate that he/she has an annual income of at least €30,000 (plus €5,000 for every dependent person, plus €8,000 for each parent). The income may derive from salary, pension, dividends, deposits, rental income etc.

The applicant must prove that the income is derived from abroad in case the investment is according to 1A above. In addition, the annual income of the spouse of the applicant can be combined with the income of the applicant.

In case the investment is according to paragraphs 1B, 1c or 1D above, the annual income of the applicant or part of it can be derived from within the Republic of Cyprus.

Other Criteria

Dependent Family members

Feod Group has been providing a full range of services in obtaining permanent residence in Cyprus, both at the stage of selecting and buying real estate, and at the stage of applying and receiving a residence permit in Cyprus.

OBTAIN PROFESSIONAL IMMIGRATION ADVICE

If you have any questions in any of the directions, please contact us.

 

Article author

Елена Джорджио, основатель и управляющий директор Feod Group
Elena Georghiou Founder and Managing Director

Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA.

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