How do I get residency in Cyprus?

How do I get residency in Cyprus?

How do I get residency in Cyprus?

There are different methods to acquire Cyprus residency for non EU applicants.

All involve some type of investment which in all cases is set to €300,000 plus VAT if applicable.

We go through the options below:

Investment in Residential Property.

In this context, permanent residency can be granted in case of a minimum investment of at least €300.000 (excluding VAT) in residential property.

Also, in order to be able to apply for residency, the investment amount must be paid in advance regardless of the delivery date of the property. It shall be noted that the investment amount must be transferred from the Bank Account of the main applicant or his/her spouses provided that the spouse is included as a dependant to the main applicant’s application.

The purchase of a real estate will be accepted even when it is made by a legal entity in which the applicant and/or his wife are exclusive shareholders or final beneficiaries, and which is legally established in the Republic or in another member state of the European Union or of the European Economic Area.

Investment in Commercial Property.

Permanent residency can be granted also through the investment of a minimum amount of €300.000 (plus VAT) in new or resale commercial real estate such as shops, offices and hotels or a combination of the above.

Investment in the share capital of a Cyprus Company.

Another way to be granted a permanent residency is through the investment of a minimum of €300.000 in the share capital of a company which is registered, based and operates in the Republic of Cyprus. Such a company must have proven physical presence in the Republic and must employ at least 5 people.

Investment in units of a Cyprus Collective Investment Organization.

Last but not least, permanent residency can be granted if the applicant has invested in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF). The investment worth must be €300.000 in shares of a Cyprus Collective Investment Organization whose investments should be carried out in the Republic of Cyprus.

Alienation of the investment not allowed.

It is noted that any alienation of the holder of the Immigration Permit from the investment he/she has made without its immediate replacement with another of the same or greater value which must meet the conditions set out in this procedure, will result in the cancellation of the Immigration Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

Annual Income.

In addition to the investment based on the above investment options, another significant amendment is that the applicant should be able to prove that he has at his disposal a personal secured annual income of at least €50,000.

This annual income increases by €15,000 for his/her spouse and by €10,000 for each of his/her or his/her spouse’s dependent minor child.

Evidence of annual income includes salary from employment, pensions, stock dividends, interest on deposits, rents, etc. coming from abroad, and the annual income shall only be proved through the main applicant’s tax return from the country in which he/she declares to be a tax resident. The tax declaration shall only be provided in cases where the applicant has made an investment in the purchase of a house or apartment by a Land Development company, and in the calculation of the total annual income, the spouse’s income can be taken into consideration.

In the cases where the applicant has invested either in 1) real estate (excluding houses/apartments), or 2) in the share capital of a Cyprus Company with activities and staff in Cyprus, or 3) in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF), the total annual income or part of this can also arise from sources originating from activities in the Republic of Cyprus, provided that the applicant is taxable in Cyprus.

Other significant provisions.

All adult applicants shall provide a Clean Criminal Record from their country of origin and from their country of residence if it differs.

Additionally, all family members shall provide Medical Insurance Certificate for medical treatment covering inpatient and outpatient care.

Also, in case that the applicant will proceed with the investment in a house/apartment, if the number of bedrooms of the property cannot satisfy the needs of the dependent members of the applicant’s family members, the applicant shall indicate another property or properties which will constitute the place of residence of these persons, along with documentation evidencing this (e.g. the property title deed, sales agreement, rental agreement).

Family Members.

The applicant is limited to include only their spouse, minor children and unmarried adult children up to 25 years of age who are financially dependent to the main applicant. It is not permitted to include their parents or parents-in-law as their dependents to be granted Permanent Residence.

Compliance with the criteria and preservation of the investment

Once the Permanent Residence application is approved by the Civil Registry and Migration Department (CRMD), the applicant is required to submit to the CRMD, on an annual basis from the date of obtaining the Immigration Permit, evidence that he/she maintains the initial investment, that he maintains the required income determined for him and his/her family members and that he/she and his/her family members are holders of a Medical Insurance Certificate, in case they do not continue to be beneficiaries of the General Healthcare System (GESY).

In addition, the applicant and his/her adult family members are required to provide an updated Clean Criminal Record from country of origin, as well as from country of residence.

Ιn case the holder of the Immigration Permit fails to prove the above, it will entail activation of the process of cancellation of the Permit of himself/herself and his/her family members based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

The new regime.

The framework described above was the result of a proposal by the Ministry of the Interior to change the requirements for granting permanent residency under the terms of Regulation 6(2) of the Aliens and Immigration Regulation was approved by the Council of Ministers. These amendments are applicable from the 2nd of May 2023 and onwards and aim to establish stricter criteria for granting permanent residency, to remove any distortions and to establish a more effective compliance mechanism.

According to the announcement of the CRMD on 27th of April 2023, applicants whose Sale Agreements have been lodged at the Department of Lands and Surveys Offices between 02/01/2023 and until 28/04/2023 can proceed with the submission of their applications under the criteria of the Cyprus Permanent Residence Scheme according to Regulation 6(2) as of 24/03/2021.

More information?

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