Cyprus is a popular destination not only among tourists, but also among
wealthy foreigners who want to create a “reserve airfield” – fortunately, local politics offers enough opportunities. One of them is the program of residence permits in exchange for investments.
The main advantages of the program:
• Permanent residence can be obtained in just 2 months.
• The residence permit does not require actual residence in Cyprus, it is enough to come once every 2 years.
• You can apply for permanent residence remotely, with just one visit to Cyprus to collect biometric data.
7 years after receiving the residence permit, you can apply for naturalization to obtain Cypriot citizenship. Another program allows you to obtain Cypriot citizenship much faster, although more expensive.
In addition to the applicant himself, the residence permit issued to him by the Cypriot authorities on the basis of investment applies to his spouse, children under 18 years of age, as well as the parents of the main applicant and spouse. The applicant’s children aged 18-25 are also eligible to apply for a residence permit if they are studying, unmarried and financially dependent on the applicant.
The main requirement is the purchase of a Cypriot property worth at least 300,000 euros (excluding VAT). The amount can be spent on:
• one or two residential properties;
• one residential property and one shop (min. area 100 m2);
• one residential property and one office (min. area 250 m2).
Real estate can be purchased for both individuals and legal entities. In the second case, the company may have one or two shareholders – the applicant himself or the applicant with his spouse.
An additional condition concerns the origin of the property purchased for participation in the program: it can only be purchased on the primary market. If more than one property is involved, they must be purchased from the same developer.
In addition to buying real estate, the main applicant for a residence permit is also required to participate in the development of the financial sector of Cyprus – putting at least 30 thousand euros on a three-year deposit in one of the country’s banks. When submitting an application, he is obliged to provide written confirmation from this credit institution that the money has actually been deposited. They can only be removed after three years.
Also, the applicant must prove his financial solvency by providing documentary evidence that he receives income outside of Cyprus in the amount of at least 30,000 euros per year. If children apply for a residence permit together with the applicant, the amount is increased by 5 thousand euros for each child; if parents – 8 thousand euros for each dependent parent. At the same time, income, in addition to wages, includes rental income, pensions, dividends, etc.
Financial viability is not the only thing that interests the Cypriot authorities. Together with the documents describing the financial situation, the applicant must prove, with the help of a certificate issued in the country of residence, the absence of a criminal record. The same applies to all family members who, on the basis of his application, expect to receive a residence permit. Also, none of them should be on the list of persons whose property is arrested or confiscated in the EU countries.
Additional conditions: neither the applicant nor the family members should be registered as employees in Cyprus and should not become such after obtaining a residence permit (a corresponding application must be included in the set of documents), and everyone is required to take out a health insurance policy.
Our partners from PR Special Pro are ready to provide the necessary advice on residence permits and citizenship in different countries of the world, registration of foreign companies and opening bank accounts.