Cyprus Permanent Residence & Immigration - Cyprus Residence Permit by Investment

About

Attracting foreign direct investment is at the heart of Cyprus’ development strategy. Accordingly, the Cyprus government introduced the Permanent Residence (PR) programme to provide non-EU citizens with the ability to obtain, through investment in Cyprus, permanent residence status that is valid for life and can be passed on to their dependents.

Cyprus has been a full member of the European Union since 2004. This small but dynamic country has a modern, free-market, service-based economy with an effective and transparent regulatory and legal framework, and a highly competitive tax system that is bolstered by an extensive network of over 60 double tax agreements in force worldwide.

A business-friendly environment and advanced infrastructure, combined with a high quality of life, allows investors and their families to enjoy the best of both worlds. Ease of doing business, safety, stability, year-round sunshine, beautiful beaches and mountains, as well as an array of historical and cultural attractions, all combine to make Cyprus one of the most attractive destinations in the EU for both living and doing business.

Benefits

Cyprus PR offers the following benefits:

01

Multiple competitive investment options

02

Maximum period for granting PR under simplified procedure is two (2) months

03

The right to reside, settle and stay indefinitely in Cyprus

04

Use of embassies in Cyprus to apply for Schengen Visas

05

Inclusion of spouse / partner, dependent children under 25 years-old, and parents

06

No language requirements

07

Access to high quality educational and medical facilities

08

Minimal ongoing physical presence or residency requirement

09

Multiple personal and corporate tax benefits

10

Applications can proceed without the need for applicants to be present in Cyprus

PR status gives the applicant and his / her dependent spouse, dependent minor children and unmarried children in tertiary education, or parents / parents-in-law the right to reside in Cyprus.

Investment Options

PR applicants are required to invest a minimum of €300,000 (plus VAT, if real estate investment option) from funds received from sources outside Cyprus in one of four options:

01

New residential real estate – up to two units of residential property (apartments or houses) that are being sold by a developer for the first time (or resale if the purchase of the dwellings took place before 7 May 2013).

02

Non-residential real estate, including offices, shops, hotels, or a combination of these.

03

Shares of a Cypriot company that has operations in Cyprus and a minimum of five local employees.

04

Qualifying Cypriot Investment Funds – Alternative Investment Funds (AIFs), AIFs with Limited Number of Persons (AIFLNPs) and Registered Alternative Investment Funds (RAIFS).

The Sovereign Group can introduce applicants to a range of qualifying investment providers.

Qualification Requirements

PR applicants are required to:

01

Demonstrate that the main PR applicant has invested in a qualifying investment option.

02

Demonstrate that the main PR applicant has secure annual income (wages, pensions, dividends or rents) from overseas of at least €30,000 per year, if he / she invests via the residential real estate investment option. In all other cases, income can be generated in Cyprus.

03

Demonstrate additional funds for any dependents included on the PR application – €5,000 per year for a dependent spouse / partner or child, and €8,000 per year for a parent or parent-in-law.

04

Main PR applicant and his / her spouse are required to certify that they do not intend to work in Cyprus and must submit a clean criminal record certificate issued by the police authority of their existing country of residence.

05

PR card holders must visit Cyprus at least once every two years to maintain PR status.

Processing a PR application

Sovereign’s Cyprus-based staff and our professional service partners are well placed to assist, advise and support applicants throughout the entire PR application process. We will work closely with applicants during each step of the process to ensure that they can meet the qualification requirements, to assist in the preparation of the PR application and supporting documentation, to submit the PR application and to liaise with Civil Registry and Migration Department throughout the PR application review.

Fast-track PR Application Process

01

Invest the minimum amount into a Cyprus-based qualifying investment option.

02

Following the grant of a power of attorney, Sovereign’s legal representatives will prepare and submit the PR application and legal documents to the Civil Registry and Migration Department.

03

Provided all the investment criteria and additional requirements are met, applicants will receive their Cyprus PR designation within two months.

04

Once PR status has been granted, all successful applicants are required to visit Cyprus within one year to provide their biometrics to the Cypriot authorities and to obtain their PR card.

05

PR card holders must visit Cyprus at least once every two years to maintain their status.

All-inclusive Quotation

The total costs associated with applying for the permanent residency programme will depend on several factors, including the chosen investment option and the number of family members to be included within the application.

Please contact Sovereign to discuss your requirements further and request an all-inclusive quotation.

Explore Cyprus Residency

01

Cyprus Individual Tax Residency – the ‘60-Day Rule’

02

Cyprus Permanent Residency Permit (PRP)

03

Tax Residency Programme

Get in Touch

Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.

Contact us