CYPRUS PERMANENT RESIDENCY BY INVESTMENT - CYPRUS RESIDENCE PERMIT

Cyprus Permanent Residence by Investment

Table of Contents

Background and Guide - Cyprus Residence Permit
Eligibility Requirements for Cyprus Residency
New Investment Requirements
Benefits of Cyprus Permanent Residence
Why Invest in Cyprus Property or Businesses?
Cyprus Residence, Tax and Property Services

Background and Guide - Cyprus Residence Permit

Cyprus is a tranquil island strategically located in the heart of Europe but at the crossroads of three continents - Europe, Asia and Africa. Cyprus benefits from a European outlook, with a Mediterranean warm relaxed climate. Cyprus has a favourable tax regime which makes it one of the top relocation destinations in the world.

Cyprus has been a member of the European Union since 2004, and a Eurozone member since 2008. Permanent Residency under this programme grants the right to travel within the EU with minimal visa requirements and may be considered to be the first step towards gaining Cyprus Citizenship.

In 2023, High Net Worth Immigrants can apply for a Cyprus EU Permanent Residency Permit through a simple and fast property investment in an apartment or villa anywhere in Cyprus, including Larnaca, Limassol or Paphos! Apply for the Cyprus Golden Visa Residence Programme and seek Cyprus Immigration assistance Now! Contact our Cyprus Immigration Consultants and Lawyers by telephone or visit us in our offices in Brisbane, Australia, Singapore, Hong Kong, London, UK and Lisbon, Portugal.

Eligibility Requirement for Cyprus Residency by Investment, in 2023

The Cyprus government intends to increase foreign investment in Cyprus through the Residence by Investment Programme to enhance economic development.

Recently, the Ministry of Interior simplified Regulation 6 (2) of the Aliens and Immigration Regulations to permit issuing of Cyprus Permanent Residency Permits to High Net Worth Individual applicants from non-European countries, provided they meet the following requirements:

Invest €300,000 EUR + VAT, in the purchase of a new property in Cyprus.
Open a bank account in a Cyprus local bank and maintain a 3 year fixed deposit of €30,000 EUR (excluding VAT, if applicable), during which period the interest can be accrued on such deposit, with interest rates ranging from 3-3.5% on average.
The minimum joint annual income of the principal applicant and his/her spouse is €30,000 EUR, and another €5,000 EUR for each additional applicant, such as each child, and €8,000 EUR for each dependent parent.
The applicant must purchase Personal Insurance (about 185 EUR per person, per annum).
All applicants over the age of 16 years are required to comply with the 'Fit and Proper Test', and provide non-criminal records issued by their country of residence.

New Investment Requirements for Cyprus Residence Permit

The following are the new requirements for the Cyprus Permanent Residence Permit Program, as at 24 March 2021:

1. Invest in Commercial Properties - Investors now have the option to invest in new or resale commercial properties, including offices, shops and hotels.

2. Investment Funds - The investment funds should originate from overseas, and be a minimum of of €300,000 EUR, and the investment should be maintained or replaced by another investment of the same or greater value, in order to keep the permit.

2.a. Short-Term Fixed Income Investment secured against UK Property - The Investor invests into UK Property Secured Loans that offer the opportunity to gain high yield returns of between 5% - 7%, with a short-term exit strategy as well as capital protection. Investment in bridging loans offers high security backed by UK Residential and Commercial Property. At the end of the investment term, investors have the option to receive the funds or to re-invest them.

3. Applicant's Income - The Applicant and their Spouse should prove a secure annual income (including salaries from employment, pensions, dividends, fixed deposits, rentals) of at least €30,000 euros, increased by €5,000 euros for every dependent person (spouse and children) and by €8,000 euros for every dependent parent or parent-in-law.

4. No Employment in Cyprus Allowed - The Applicants should confirm that they do not intend to undertake any sort of employment in Cyprus.

5. Proof of Place of Residence in Cyprus - The Applicant should provide relevant documentation as to the place of residence in Cyprus (e.g. sales agreement, rental agreement, or title deed). The investment should be concluded before the submission of the application.

Benefits of Cyprus Permanent Residence - Purchase of Real Estate

Outlined below are the benefits of obtaining Cyprus Permanent Residency through purchase of a property or propeties, in Cyprus. Also, see VisaConnect's PDF document: Cyprus Residence by Investment in 2023:

Cyprus Law Firm - We partner with experienced and specialised Cyprus Lawyers, working in reputable Cyprus Law firms, who are registered with the Registry of Service Providers of the Cyprus Investment Programme, and adhere strictly to the provisions of the Code of Conduct, effective from June 2018.
European Union (EU) - Visa Free travel within European countries for non-EU nationalities.
Residency Permit - Cypriot Government has simplified the process to get issued with a Permanent Residency Permit.
No Renewal of Residency Required - Permanent residency permit does not need to be renewed, it is permanent and there is no need for future reconsideration.
Cypriot Passport Eligibility - Cyprus Permanent Residents have the right, subject to meeting conditions, to apply for a Cypriot passport following their physical presence for a total of 5 years within a 7-year period.
Healthcare and Education - Residents can benefit from high quality Cyprus healthcare and excellent standard of education at International Schools and British Universities, based in Cyprus.
High Safety - Lowest crime levels in Europe.
Business in Europe - Business opportunities are available for free trade to over 500 million EU citizens.
Fast Processing Time - Permanent Residency by Investment is usually approved in around 2 months processing time, after evaluation of the application by the Cyprus Civil Registry, the Migration Department and the Ministry of Interior.
Schengen Visa - Eligible to apply for a 1-year Schengen visa in any European Embassy.
No Residence Requirements - Only need to visit Cyprus every 2 years.
Visa Free Travel to Cyprus - Travel Visa Free, with multiple entry to Cyprus on the Permanent Residency Permit.
Low Personal and Corporate Tax rates - Cyprus has the lowest personal and corporate tax rates (12.5% Corporate tax rate) in the EU, as well as double tax treaties with more than 60 countries, including: Ukraine, Russia and China. All companies that are tax residents of Cyprus are taxed on their income accrued or derived from all sources in Cyprus and abroad. A non-Cyprus tax resident company is taxed on income accrued or derived from business activity that is carried out through a PE in Cyprus.

Why Invest in Cyprus Property or Businesses?

Geographical position - Cyprus is uniquely situated at the juncture of 3 continents, with advanced infrastructure and services. It is an ideal location for investment in various sectors, such as shipping, tourism, energy and corporate services.
Multicultural Environment - Cyprus has always had a multicultural population, comprised of Greek Cypriots, Turkish Cypriots, Armenians, Maronites and Latin. As a result of globalization, Cyprus has received a significant number of foreign workers and immigrants from Asia, Middle East and the former eastern block, whose number is increasing rapidly. Today, 20% of Cyprus population are foreign nationals.
Natural Resources - The recent discovery of gas in the exclusive economic zone of Cyprus has resulted in international interest for huge investments.
Tourism - Tourism is a guaranteed high earning sector. The potential for growth in this area is huge and financially benefits all sections of society.
Climate - Warm Mediterranean climate all year round, one of the mildest climates in Europe.
Infrastructure - The advanced infrastructure is supported and maintained by both the Cyprus Government and the European Union. There are newly expanded and refurbished international airports, a modern motorway network and existing and planned marinas.
High Standard of Living - Cyprus has a high standard of living and low cost. It is an extremely popular destination for people wishing to emigrate, retire, invest or buy a holiday home. With stunning scenery and breath-taking landscapes, surrounded by the Mediterranean Sea, the island (full of tradition and history) offers a new life for those wishing to increase their standard of quality living.
Healthcare - Public and private healthcare is available across the island, offering exceptionally high standards. State-of-the art modern hospitals and clinics combined with highly trained international medical staff ensure that healthcare is second to none in Europe.
Telecommunications and Technology - Cyprus uses an extensive submarine fibre optic cable network and has access to major regional satellite systems. It has one of the most highly skilled technical workforces in the European Union. Increasing numbers of technology companies are choosing to relocate their operations to Cyprus.
Financial and Tax benefits - Cyprus maintains a large internal banking organization, operating under European directives. There is zero Inheritance and Wealth tax, whilst corporate tax is the lowest in the European Union, only 12.5%.
Legal System - As an ex-British colony, Cyprus benefits from an efficient and transparent British-based legal system. The legal system is based on international and EU law. A strong network of legal assistance is available, with multilingual seeking professionals, offering advice and guidance on all legal issues, including human rights.
Governing System - Democratic system, with strong legal framework, with protected human rights.
Corporation - Cyprus has established itself as a reputable EU country, with a secure business environment, and large international corporations have set up their office on the island.

Belvedere Villa, Chloraka - Cyprus Residence Permit

Cyprus Residence, Tax and Property Services

For information about how our Immigration Consultants can assist you, and how to buy a Cyprus Property, click on the following VisaConnect website pages: