Cyprus permanent residence

The new criteria concern applications submitted from 02/05/2023 onwards.

For all real estate sale agreements registered with the Land Registry Office between 02/01/2023 and 28/04/2023, the previous criteria will be considered with the examination of any application.

Applicants must make an investment of at least EUR 300,000 in one of the following
categories:

*(A) Investing at least €300,000 plus VAT in new residential real estate a (house/apartment)
from a real estate development company, which should be a first-time purchase and
therefore subject to VAT. Please note that first-timethe applicants may purchase up to two
(2) units (condos or houses) sold by the land development company (not necessarily from
the same developer). 
*(B) Investing in other types of real estate (excluding houses/apartments): e.g. offices,
shops, hotels or a combinations thereofof these, totalling EUR 300,000. These types of
properties can be resoldThese types of properties do not need to be new and can be resale
properties (in which case not subject to VAT).
(C) *Investing in the share capital of a Cypriot company with operations and employees in
Cyprus: at least EUR 300,000. The company must demonstrate a physical presence in
Cyprus and employ at least 5 (five) people.
(D) Investing at least EUR 300,000 in shares/units of Cyprus Investment Organization of
Collective Investments (AIF, AIFLNP, RAIF).

For an investment under (A), the property must be new, and for an investment under (B), the
commercial property does not have to be brand new. If the applicant chooses options B, C or
D, he/she should still present evidence of a place of residence in Cyprus which can be either
purchased or rented.

A resale is a property that was previously owned by another owner, while for a brand new
property, the applicant is the first owner. Brand new properties have a VAT rate of 19%,
while older properties are exempt from VAT.

When investing in residential or other properties, the application requires evidence that the contract of sale was registered with the Land Registry Office, along with official receipts showing the minimum payment of €300,000 (excluding VAT), irrespective of the date the property is delivered. It must be verifiable that the funds invested originate from abroad and are not resulting from internal loans (from Cyprus)

Yes, but the company should be legally registered in the Republic of Cyprus or another
member state of the European Union or the European Economic Area and the applicant
and/or their spouse must be the sole shareholder/s or ultimate beneficial owner/s of the
company.

Trust deeds are acceptable. The applicant could be the UBO of the company.

Regulation 6(2) concerns the information given in this fact sheet. Category F takes longer to be examined and its main provisions are:

• Examination period of approximately 2 years.
• Any property either new or for resale is admissible.
• Children under 18 lose their PR status upon turning 18 and cannot renew it unless they apply independently.
• The holder of PRP (under Category F) is not allowed to be a shareholder and/or director in a Cyprus company.

In addition to meeting the criteria mentioned above, the applicant should be able to prove that they have at their disposal a minimum annual income of at least €50,000 originating from abroad and is not a product of domestic borrowing (remittances, foreign card payment receipts, bank certificate).

The annual income is further increased by €15,000 for a dependent spouse and €10,000 for each dependent minor child.

In cases where the applicant invests in a house or apartment under the investment criterion (A), this income can be from salaries, pensions, stock dividends, fixed deposits, or rents originating from abroad. Such income, however, can only be proven by tax declarations of the applicant from the country in which the applicant is tax resident or through an official declaration by an independent certified chartered accountant. The income of the applicant’s spouse may also be considered when calculating the total income.

Additionally, the applicant must satisfy the KYC (Know Your Client) and AML (Anti Money Laundering) requirements of the receiving banking institution (e.g., the bank of the seller).

• The main applicant.
• Their spouse.
• Minor children up to the age of 18 years.
• Unmarried children between the ages of 18 and 25, who are students in higher education abroad on the date of submission of the application, and who are financially dependent on the applicant, may submit their own, separate application for obtaining an Immigration Permit. In such cases, the parent and/or both parents together must prove that they have an additional annual income of €10,000 for each such dependent child. Once issued, the permit will continue to be valid even after they reach the age of 25, even if they marry and cease to be students and/or financially dependent on their parents.
• Applicants are no longer able to include their parents or parents-in-law in their application.

No, it is not necessary. the PR is valid for life (requiring only a simple administrative
procedure to renew only the cards every ten years).

Applicants are required to verify annually that they maintain their investment through a land registry search certificate, and that they all continue to have valid health insurance coverage, if not registered with GESY. The applicant, their spouse and adult child/ren need to submit a clean criminal record from their country of origin and residence every three years. In case the applicant fails to provide the above, then their and their dependents’ residence permits will be voided.

The PRP holder can hold shares in Cyprus registered companies (and receive dividends). The applicant must certify that they do not intend to work in Cyprus, apart from acting as directors in a Company in which they have chosen to invest within the framework of this policy. If the investment does not concern a Company’s share capital, they may be shareholders in Companies registered in Cyprus and receive dividends. They may also hold the position of director in such companies without financial compensation.

No, you will need to have a Schengen Visa.

There is no requirement to live in Cyprus. The applicant and his/her dependents are required
to visit Cyprus within one year from the date of issuance of their PR approval certificate in
order to submit their biometric data and signatures and obtain their PR cards. After this, the
PR holders would only need to visit Cyprus once every two years.

No, it is not necessary.

For residential properties, the applicants can purchase up to two new units (apartments or houses), the total value combined to meet the criteria is investment category A above.

The applicant may purchase up to two (2) residential properties, provided that the total market value meets the above criteria. Said purchase must be new residences sold by the developer unless the purchase of the houses took place prior to 7th May 2013.