Though, the Cypriot citizenship by investment program was cancelled on 1 November 2020, permanent residency by investment (Permanent Residency) offers an alternative residency option. The permanent residency permits individuals to permanently reside in Cyprus with no renewal requirements and travel within the Schengen region without a visa. New residents can also benefit from the favorable tax regime in Cyprus.
Permanent Residency highlights
Minimum investment amount
Investors must invest minimum 300,000 EURO in one of the following investment categories:
- Investment in a house/apartment: Purchase of a house or apartment from a development company,
- Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000.
- Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: €300,000 in the share capital of a company registered in the Republic of Cyprus, based, and operating in the Republic of Cyprus with proven physical presence in Cyprus and employment of least five (5) people.
- Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.
The applicant must prove a secure annual income of at least 30,000 EURO. A 5,000 EURO will be added for each dependent family member and 8,000 EURO for each dependent parent (of the applicant and/or his spouse).
Family Reunification
Both spouse and children under the age of 18 years old can be included in the investment program. Furthermore, residency can be extended to parents of both spouses.
Employment
Applicants and their spouses cannot undertake any employment under this investment program. If the applicant has chosen the investment in a Cypriot company, the individual can be employed as the director of the company.
Investment Eligibility
Applicants need to meet the following requirements:
- Non-EU/EEA country citizen
- Min 18 years old
- No criminal record
- Obtain medical insurance
- Good character
Schedule
Approximately 2 months from the submitted date of the application
Author: Maria Georgiou
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