2. Investment-Based Permanent Residency:
This option involves obtaining a permanent residency permit through Investing in Cyprus, within 2 months.
The investor can choose any of four investment options for obtaining permanent residence in Cyprus:
1. Residential properties.
2. Commercial real estate.
3. Shares of Cypriot companies.
4. Shares of Cypriot investment funds.
a) Acquire a new residential premise in Cyprus worth a minimum of €300,000 plus VAT. The standard VAT rate is 19%. The first €200,000 must be paid by the date of filing of the application. Additionally, the purchases must be ‘first-time’ sales meaning that they are to be bought for the first time from a property development company.
b) The property can be bought in the name of a company whose absolute owner or ultimate beneficiary will be the investor or his/her spouse. The investor may buy up to two properties provided the total sales price is as mentioned above and can be any of the following combinations:
i) One residential property (house or apartment) EUR 300,000 in value plus VAT;
ii) Two residential properties (houses or apartments) totaling EUR 300,000 in value plus VAT.
iii) Offices, hotel buildings, or other realty of at least EUR 300,000 in total value plus VAT.
c) The delivery date does not matter, so properties under construction can be included.
d) Open and maintain a fixed deposit in a Cyprus bank of a minimum €50,000 for three consecutive years.
e) Maintain a secured annual income originating from outside of Cyprus of at least €50,000. For each additional applicant, the income requirements increase by €15,000 for the spouse and by €10,000 for the children. As an example, for a family with two children, the annual income should be €85,000: €50,000 + €15,000 + €10,000 × 2.
f) The applicant will need to visit Cyprus once within the first year to register biometrics, and visit Cyprus every two years thereafter.
To maintain permanent residence every year residents are required to prove the same source of income, keep investments and update their medical insurance. Every year each family member over 18 must renew their criminal record.
It is not necessary to reside permanently in Cyprus, although, in order to maintain permanent residence, residents must fly to the island at least once every two years. Otherwise, the status may be canceled. However, obtaining a residence permit in another country is prohibited by the terms of the program.
The Total Cost includes:
a) Cyprus Immigration Lawyers fees
b) Issuing of permanent permit for one non-EU Citizen
c) Due Diligence Fee
d) Medical Examination
e) Health Insurance
f) Migration fees
If you would like to receive a complete cost breakdown, please get in touch with us.