The NEW Cyprus Permanent Residency Programme
The Cyprus Permanent Residency Programme - New Amendments
Undoubtedly the CoVID 19 pandemic has irreparably changed many global trends – one being the reimagining of office and work life. Individuals now have more possibility to live in the cities of their choice, benefit from a lower cost of living and a better quality of life while still work as they did before. Cyprus has long established itself as a thriving business hub, with a vast array of investment opportunities in key growth sectors of the economy. The island’s ideal strategic location, advanced infrastructure and high quality of life do not only represent key reasons to relocate and live on the island, but are also at the heart of an applicant’s choice to invest and reside in Cyprus.
The Cyprus Permanent Residence Permit has been in existence for a number of years and the criteria, as well as the process, have been recently amended to make the procedure simple and attractive for those looking to obtain residency.
The Revised Scheme
On 24th March 2021, the Cyprus government revised its regulations for obtaining an immigration Permit under Regulation 6.2 of the Aliens and Immigration Regulations by introducing key changes making it an extremely attractive route for non European investors seeking an permanent residence solution within Europe. These main changes are:
New investment options which include investing in the capital of Cyprus companies and in the shares of investment funds as set in more detail below;
The requirement to maintain a deposit in a Cypriot bank in the amount of € 30,000 is now abolished;
Apart from residential properties, commercial properties (both new and resale) also qualify for the programme; and
The possibility for the main applicant to be a Director in Cyprus company with a salary.
The applicant must make an investment of at least € 300,000 in one of the following investment categories:
(A) Investment in a house / apartment: Purchase of a house or apartment from a land development company, which should involve a first sale of at least € 300,000 (plus VAT).
(B) Investment in commercial real estate: Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of € 300,000. These properties can also be resold.
(C) Investment in the share capital of a Cyprus Company with activities and personnel in Cyprus: Investment in the value of € 300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
(D) Investment in shares of Cyprus Collective Investment Funds (type AIF, AIFLNP, RAIF): Investment worth € 300,000 in shares of Cyprus Collective Investment Funds.
Note that any disposal by the holder of the Immigration Permit from the investment he has made without its immediate replacement with another of the same or greater value, which must meet all the aforementioned conditions will mean the cancellation of the permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
The applicant must, in addition to the investment above, be able to prove that he has at his disposal an insured annual income of at least € 30,000. The annual income increases by € 5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse). This income may come from salaries for salaries, pensions, dividends on shares, permanent deposits, rents, etc. coming from abroad for the cases that the applicant chooses to invest as in Criterion (A). In calculating the total income, the income of the applicant's spouse can also be taken into account.
In cases where the applicant chooses to invest as criteria (B) (C) (D), his total income or part of it may also come from sources from activities within the Republic.
Who can apply
The Immigration Permit is issued to the applicant. This can include the applicant's dependents who are the spouse and their minor children up to the age of 18 years.
Unmarried children between the ages of 18 and 25 who are financially dependent on the applicant, only those who are proven to be higher education students abroad on the date of application and, can submit their own, separate application for an Immigration Permit with the submission of the corresponding fee. In such a case the father or mother and / or both parents together must present an additional annual income of € 5,000 for each such dependent child.
An Immigration Permit may also be granted to an adult child applicant who is not financially dependent on a higher value investment ie, the market value of the € 300,000 investment should be multiplied by the number of adult children, who will invoke the same investment for the purpose of obtaining an Immigration Permit. For example, in case the applicant has an adult child he should make an investment worth € 600,000, if he has two adult children the value of the investment should amount to € 900,000.
It continues to be the case that the parents and parents-in-law of the main Applicant can apply on the basis of the main Applicant's investment, with the prerequisite that the Applicant will present an additional annual income of €8,000 for each dependent parent or parent-in-law.
Benefits of the programme
fast access to Europe
a two-month procedure
permanent residence permit is granted for life
the possibility to enjoy education of British universities based in Cyprus
excellent medical facilities and high quality healthcare
no inheritance tax
The Permanent Residence Permit covers the whole family: the main applicant, spouse, their parents and dependents up to the age of 25 (who are students or undergraduates)
Fast track application procedure - all applications are reviewed and granted final approval within 2 months from the date of filing
Permanent Residence is granted for life
Application for a Cyprus Permanent Residence can be the first step towards gaining Cyprus Citizenship
Holders of this permit may be shareholders in a Company registered in Cyprus and have an income derived from dividends
Possibility to obtain tax residency without being domiciled
possibility for the main applicant to be a Director in Cyprus company with a salary
How We Can Assist
As a leading innovative firm, to cater to our client’s demands, we provide a one stop-shop for clients in relation to the permanent residency application procedure as follows
Assistance to the applicant with any choice for their investment in Cyprus.
Advice on the procedure and documentation necessary to apply for permanent residency
Communication with the responsible ministries for clearance prior to submitting the application. Submission of the necessary applications and documentation to the Ministry of Interior.
Provision of legal advice on the preparation and drafting of agreements connected with the purchase of property in Cyprus and advice and support on migration and employment law as well as corporate and commercial law.
Tax advice related to the relocation of residency and tax structuring advice on a personal and corporate level.
Assistance with the opening of bank accounts at local banks.
Our associate company provides lifestyle assistance and support to clients in relation to provision of schooling, health care