Cyprus Permanent Residency Permit (Fast Track Procedure)
Key Advantages of Cyprus
Cyprus is a European Union member state since 2004 and committed to become a Schengen Zone member within the year 2021. Cyprus is considered as one of the best 5 relocation destinations in the world.
Cuprus residents may also benefit from the most favorable tax system is the European Union, both for individuals and legal persons. Combined with the numerous double taxation treaties Cyprus tax system becomes even more attractive for high earners. The tax incentives include among others the 48 Double Tax Treaties, the low Corporate Tax (12.5%), the 0% withholding tax on dividends and the fact that Cyprus is an OECD compliant jurisdiction.
Cyprus is also know for the great public education it offers to its residents and it is among the top three countries in Europe in terms of the percentage of GDP spent on education. The high level of the higher and tertiary institutions of Cyprus, the low tuition fees and the fact that most programs of the Cyprus universities (public and private) are offered in English have established Cyprus as a regional education and research center.
Why apply for a permanent residence
- The holders of a Regulation 6(2) Permanent Residency Permit (PR) have the right to permanently reside in Cyprus with no renewal requirements;
- The permit may be extended to all dependents of the main applicant up to the age of 24 and his/her parents;
- The application is reviewed and the permit is granted within two (2) months from filing;
- The applicant may apply for the Cypriot Citizenship within 5 (not 7) years from obtaining the permit (provided that the requirements of the relevant legislation are complied with).
How to apply
The applicant must meet one of the Investment Criteria, as well as the Qualitative Criteria of the program.
1. Investment Criteria
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 (i.e. new house / apartment) for at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, hotels or analogous developments or a combination of such developments with a total value of €300,000. These properties may also be purchased from the secondary market (not new properties).
(C) Investment in the share capital of a Cyprus Company with activities and personnel in Cyprus: Investment 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 Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): Investment worth € 00,000 in shares of Cyprus Investment Organization Collective Investments.
An alienation of the holder of the Permanent Residence Permit from the investment he/she has made without its immediate replacement with an investment of the same or greater value, which must also meet the conditions set out in the present procedure, may result in the revokation of the permit.
The applicant must, in addition to the investment described above, demonstrate that he/she has at his/her disposal secured annual income of at least €30,000. The annual income must be increased by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his/her spouse). This income may be derived from salary, pension, dividend, deposits, rent, etc coming from abroad in cases where the applicant chooses to invest in a house / apartment (see (A) above). In calculating the total income, the aggregate income of the applicant and his/her spouse shall be taken into consideration.
In cases where the applicant chooses to invest in any other type of investment (see (B) (C) and (D) above) his/her total income or part thereof may also come from sources coming from activities within the Republic of Cyprus.
2. Qualitative Criteria
The applicant and his/her spouse must submit a clean criminal record certificate from their country of residence or from the Republic of Cyprus in case they reside in Cyprus and generally do not pose in any way a threat to public order or public security.
The applicant and his/her spouse shall also commit that they do not intend to work in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under the present program.
It is noted that the applicant and his/her spouse may be shareholders in companies registered in Cyprus. They may also hold the position of a member of the board without receiving any compensation.
If the applicant invests in any of the investments provided under (B), (C) or (D), he/she must present sufficient information about his/her place of residence in the Republic (eg title deed, sale and purchase agreement, lease agreement).
Time Frame
It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.