Permanent Residence Permit in Cyprus by Investment [P.R. Reg. 6(2)]

Articles

(Based on the Fourth Revision of Criteria dated 02/05/2023)

Third country Nationals who wish to invest in the Republic of Cyprus, can apply for and obtain a Permanent Residence Permit under the Cypriot laws and regulations for themselves and their family (spouse and children).

 

Benefits

  • Visa-free entry to Cyprus and easy travel within EU via Cyprus Embassies.
  • Free access to our educational system and healthcare.
  • Opportunity to obtain a Cyprus Citizenship in 5 calendar years.
  • 0% tax on dividends and 0% inheritance tax.
  • No property tax.
  • PR lasts for a lifetime.

 

How to obtain it

The applicable categories of investment are the following:

  1. Purchase of a first sale residential property for at least €300.000 plus VAT.
  2. Purchase of a first sale or resale property (other than residential) for at least €300.000.
  3. Investment in a share capital of a Cyprus company for €300.000.
  4. Investment (worth of at least €300.000) in the shares of a Cyprus Investment Organization of Collective Investments (Types of AIF, AIFLNP, RAIF) of which the investments are conducted in the Republic of Cyprus.

The applicant and his/her dependent family members should meet the following criteria:

  • Provide a Tax Declaration or a declaration from an independent Certified Accountant to prove a stable annual income from abroad of at least €50.000 (plus €15.000 for the spouse, plus €10.000 for each dependent child). If the applicant is an investor in a Cyprus company or in Types of AIF, AIFLNP, RAIF, the income can be generated from Cyprus.
  • Provide a Clean Criminal Record from their country of origin and their country of residence.
  • Health Insurance in Cyprus.
  • Declare that they do not intend to be employed in Cyprus with the exception of their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.
  • In case the applicant invests in one of the options B, C or D above: Provide proof of residence through a title deed, tenancy agreement of contract of sale of the property they reside in Cyprus.

 

  • In case the applicant is an investor of a residential property:
    1. the number of the bedrooms of the property should be enough to accommodate the dependent family members.
    2. at least €300.000 plus VAT of the purchase price should be repaid upon the submission of the application.
    3. the funds used for the purchase of the property should arrive from abroad and should not be a product of a loan.
    4. the purchase price should be paid to the Vendor’s bank account in a bank institute of Cyprus.  
  • In case the applicant is an investor of a share capital of a Cyprus company:

8.1 the physical presence of the company in Cyprus and the employment of at least 5 employees is necessary.

Dependents of the applicant:

  • The children of the applicant are applicable if they are between 18 – 25 years old and they are students at a university abroad and financially dependants of the applicant.
  • For the application of the children the parents should provide proof of additional annual income at least €10.000.
  • If the children are students at a University in the Republic of Cyprus, they should apply for and obtain a student visa for the period of their studies. Once their studies are completed, they can apply for and obtain a PR permit, even if they will be over 25 years old by then.

Non-dependent adult children of the applicant:

  • Adult children who are not financially dependents of the applicant can still obtain the PR permit if the applicant’s investment is €300.000 more for each child and the child can provide proof of a stable annual income of at least €50.000 (plus €15.000 in case he/she has a spouse, plus €10.000 for each child in case he/she has children).

After the applicant and his/her dependent family members obtain the PR permit, they should provide the Ministry of Interior with:

  1. Clean Criminal Record from their country of origin and their country of residence – every three (3) years.
  2. Proof that they still hold the investment – every year.
  3. Health insurance policy of registration (in case they are not registered at the GESY) – every year.
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