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M. Paraschou Law

New Criteria: Cyprus Permanent Residency by Investment

As of 02/05/2023, the criteria to obtain a Permanent Residency by Investment in Cyprus have been revised and updated. 

These changes are part of the Government’s wider revision of the country’s immigration policies. 

Minimum Investment Required

The minimum investment remains unchanged at €300,000 in property or in a company based in Cyprus employing at least five people.

Investment Options Available: 

  • Investment Option 1: Investment in up to two (2) a newly constructed (or under construction) Residential Properties in Cyprus of value at least €300.000+VAT 
  • Investment Option 2:  Investment in other Real Estate in Cyprus of value at least €300.000+VAT (if applicable) (if this option is chosen, the applicant will need to provide evidence of where s/he resides in Cyprus)
  • Investment Option 3: Investment of at least €300.000 in the share capital of a Cyprus Company/ The Cyprus Company should have a proven physical presence in Cyprus and employ at least five (5 ) individuals from the EU.
  • Investment Option 4: Investment worth at least €300.000 in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF)

Income Requirements

A key change relates to the requirement for a minimum income from sources outside of Cyprus. Applicants must now show evidence of an annual income of at least €50,000 per year, up from the current €30,000. 

It is important to note that a Cyprus Permanent Residency doesn’t provide the right to work in Cyprus and as such applicants are required to show evidence of a secure income from abroad. 

Applicants are also required to provide evidence, on an annual basis, that they have maintained their investment and meet the minimum annual income requirements. 

Relatives & Family Members 

Under the regime which was in place until now, an individual could have secured a permanent residency for his parents and in-laws by making one investment (of €300.000). 

Under the new rules, Permanent Residency will be granted only to individuals (adults) that have made an equivalent investment in Cyprus. The spouse of an applicant/investor and their underage children may receive the Permanent Residency under the same investment.  

Unmarried children aged between 18-25 may be granted Permanent Residency if they are enrolled in higher education and their parents can provide evidence of an additional €10,000 of annual income for every dependent.

Spouses of an investor/applicant may receive permanent residency if they can provide evidence of an annual income of at least €15,000 per year.

Applications under this scheme are fast-tracked and examined within 2-3 months.  

Work Permit: Investment in a Company of Foreign Interests

A company that receives an investment under the Fast-Track Permanent Residency Mechanism may be eligible to apply and be registered as a Foreign Interest Company. A company qualifies as a Company of Foreign Interests if foreign participation in the company’s share capital is over 50% of the total share capital. The company should maintain its registered office in Cyprus. Foreign participation in the share capital of the company should be equal or greater than €200,000. 

A Foreign Interest Company may employ a number of third country nationals in Cyprus without approval by the Ministry of Labour.

Should you wish to find out more, do not hesitate to contact our team at info@paraschou.com.cy.

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