Last Updated on April 4, 2017
Cyprus Citizenship and Permanent Residency
Cyprus is an island country in the Eastern Mediterranean Sea. It is an influential country in Europe, featuring excellent infrastructure and a very strong banking system which is known for its good data protection and confidentiality. Cyprus is a big hub for international trade. It is a member of the European Union and is expected to join the Schengen scheme in the near future.
Cyprus is a hot-spot for tourists, with its attractive beaches and lively night life. The country enjoys a pleasant tropical-Mediterranean climate and gets about 300 days of sunshine every year. The capital city is Nicosia; other big cities are Limossol, Larnaka and Pafos.
Benefits of Cyprus Citizenship:
- Friendly English-speaking people
- Excellent infrastructure in terms of transportation and telecommunication
- Attractive tax laws and incentives for investors
- Good climate, beautiful beaches and lively nightlife
- High quality of life
- Popular as a retirement and holiday destination
Non-EU residents who want to apply for permanent residency in Cyprus can apply for an Immigration Permit issued by the government of Cyprus in lieu of fulfilment of certain investment criteria.
Application Procedure and Processing Time
An application needs to be submitted by the candidate personally or through an agent to the Civil Registry and Migration Department of Cyprus along with a fee of €500 per application.
Each application must be placed in a standard envelope along with a list of all accompanying documents. Each accompanying document of the application must be punctured, numbered in blue ink on all pages, and inserted in the envelope along with the main application.
Once the application has been processed, it is sent to the Minister of Interior through the Permanent Secretary. The Ministry may ask for a personal interview of the candidate. Provided all documents have been submitted on time and necessary investment has been made by the candidate, it takes up to two months to examine the application and provide the final decision.
Inclusion of Family Members
The applicant can include the following categories of family members in his/her application:
- Spouse or children below 18 years of age
- Unmarried children between 18-25 years of age, provided they are students or undergraduates, and are financially dependent on the investor. In such cases, the investor must have an additional annual income of €5,000 for every such dependent child.
- Children above 18 year of age can be included in the application if:
- The child is not financially dependent on the applicant
- Besides the mandatory real estate investment, the applicant must also make an extra real estate investment of minimum €300,000 (excluding VAT and other taxes) for each child applying for the permit.
- The applicant’s child must submit all required documents and submit proof of annual income of a minimum of €30,000, along with proof of a deposit of a minimum of €30,000 in a financial institution in Cyprus with a minimum lock-in period of three years.
Other Eligibility Conditions
- The investor applicant and his/her dependent should show proof of a clean criminal record and should not be a threat or pose a risk to public order and security in Cyprus.
- The applicant and his/her spouse cannot seek, directly or indirectly, employment in Cyprus. However, dividend income from a company registered in Cyprus in which the applicant and/or spouse are shareholder(s) is not a disqualification.
- The applicant and his/her family members included in the Immigration Permit must visit Cyprus at least once in two years.
Investment Criteria for Cyprus Investor Immigration Programme
The following conditions must be met by the investor for obtaining investment immigration in Cyprus:
- Deposit a minimum sum of €30,000 in an account with a financial institution in Cyprus. This deposit should be confirmed by a letter issued by the financial institution. The deposit should be made for a minimum period of three years. The deposit should have been transferred to Cyprus from abroad.
- Provide evidence that the applicant alone or with his/her spouse has a minimum annual income of €30,000, earned outside Cyprus.
- Purchase a property worth minimum of €300,000 excluding VAT and other charges.