Acquiring Permanent Residency in Cyprus

1. Cyprus has the third highest percentage of foreign residents in the EU. For anyone planning to move to Cyprus or have it be an option for their later years, they will find themselves in a modern, multi-cultural country.
2. Hospitality is deeply engrained in the Cypriot culture and visitors immediately feel welcomed and at home.
3. Cyprus’s climate, business opportunities, high quality of life and excellent education system make it a top choice for anyone wishing to relocate, with or without family.
4. Holding a permanent residency permit in Cyprus does not render the permit holder a tax resident of Cyprus, unless they spend at least 183 days of the year in Cyprus.

Any third country national and their spouse/dependents can apply, provided that they make a qualifying investment of at least €300.000 (plus VAT) and satisfy the conditions of the scheme, as outlined below. 

1.  The applicant must invest 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 development company, which must be a first sale worth 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 related estate developments, or a combination thereof, with a total value of €300,000. These purchases may result from a resale.

(C)  Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: An initial investment worth €300,000 in the share capital of a newly registered company in the Republic of Cyprus or an increase in the share capital worth €300,000 of an existing 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 units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments, whose investments should be held in the Republic of Cyprus.

In cases where the applicant chooses to invest as per Options (B), (C) or (D), they should provide evidence of accommodation in the Republic (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement).

Any alienation of the permit holder from their investment must be immediately replaced with another investment of the same or greater value in order to maintain the Immigration Permit. 

2. The applicant must have a secured annual income of at least €50.000. The annual income increases by €15.000 for their spouse and by €10.000 for every dependent minor child (see question “Must dependent persons of the applicant submit applications separately?” for increases regarding adult children). The applicant’s spouse’s income may also be taken into consideration for the purpose of calculating the total income. The total annual income should derive from abroad, e.g from pensions, dividends from shares, salaries from employment, rents etc. In cases where the applicant chooses to invest as under Options (B), (C) or (D), the total income or part of it may also come from sources coming from activities within the Republic. 

The annual income of the applicant can be proven either through tax return declarations from the country where they declare tax resident or through official certificates from an independent Certified Accountant.

It is noted that in cases where the investment does not concern the company’s share capital as under Option (C), the applicant and/or their spouse are permitted to be shareholders in companies registered in Cyprus (income from dividends derived from such companies will not affect their right to obtain the Immigration Permit). In such companies, they may also hold the position of an unpaid Director.

The funds used for the investment must be proved to have been transferred to Cyprus from abroad, from the applicant’s and/or their spouse’s bank account, provided the spouse will be included as a dependent person in the application. The investment amount should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution. Funds transferred/paid as above can also be transferred to Cyprus from a company’s bank account, provided the applicant and/or their spouse are the sole shareholders and the shareholder is included in the application.

Investment in a house/apartment or other real estate: Options (A) and (B) above

The applicant shall submit with the application, the title deed or a sale contract for a house or any other real estate, in their or their spouse’s name, which has been officially filed at the Department of Lands and Surveys.  The total market value of at least €300,000 (plus VAT, if applicable) and the official payment receipts should be at least €300,000 (excluding VAT), regardless of the property’s delivery date. 

Upon submission of the application, evidence must be provided that the investment money has derived from abroad and is not the result of domestic borrowing (remittances, foreign card payment receipts, bank certificate) and should be linked to the corresponding investments. The remaining value of the investment should be repaid to the seller’s account at a Cyprus financial institution.

The real estate purchase will be accepted even when it is made in the name of a legal person, provided that the applicant and/or the spouse are the sole shareholders or the ultimate beneficial owners, and that this legal person is legally established in the Republic or in any other member state of the EU or of the EEA.

Where the investment is in a house/apartment (not other real estate), the applicant may purchase up to two (2) housing units, provided that the total market value is met and the dwellings are sold for the first time by a development company/companies. Purchase of resale property is accepted under certain conditions.

Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Option (C) above

The applicant is required to make a total investment of a minimum value of €300,000, the company must have physical presence in the Republic and employ at least five (5) employees. In this case the following documents are required:

• Shareholders Certificate and Certificate of Incorporation by the Registrar of Companies and Official Receiver
• Business profile of the company including business objectives etc.
• Proof of payment (e.g. remittances)
• Evidence regarding the personnel employed by the company issued by the Social Insurance Services.

Investment in units of a Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Option (D) above

The applicant is required to make a total investment of a minimum value of €300,000 in investment units and to submit the following documents:

• Titles or other proof of the purchased units
• Proof of payment (e.g. remittances)
• Confirmation by the CySEC on the setup of the Fund
• Memorandum of the Fund or Investment Fund

The holder of an immigration permit must acquire a residence in Cyprus within 1 year from the approval of the application, in case they are residing outside of Cyprus, otherwise the Immigration permit shall cease to be valid. 

SPOUSE. No, the permit issued to the applicant covers the spouse. However the spouse may apply separately if they wish, by submitting an application and the relevant fee, and they do not have to also satisfy the other criteria. If, for any reason, the investor’s Immigration Permit is cancelled, the spouse’s Permit will also be cancelled subject to the Regulations.

MINOR CHILDREN. No, the permit issued to the applicant covers minor children (under the age of 18). 

FINANCIALLY DEPENDENT ADULT CHILDREN. Yes, they must apply separately. Unmarried children between 18-25 who are financially dependent on the applicant, are studying in tertiary education abroad, may submit a separate application and pay the relevant fee. In such a case, the parents must present an additional annual income of €10.000 for every such dependent adult child. The permit remains valid even if the child has exceeded the age of 25 or marries or completes their studies or is no longer financially dependent. However, their spouse and/or children cannot be included as dependent persons on this permit. If, for any reason, the investor’s Immigration Permit is cancelled, the children’s Permit will also be cancelled subject to the Regulations.

If adult children wish to enter tertiary education in Cyprus, they must submit an application through the Cypriot institution for a student temporary residence permit. Once they complete their studies, they can submit an application for an immigration permit, regardless of their age, provided that their parents present an additional annual income of €10.000 for every such child.

FINANCIALLY INDEPENDENT ADULT CHILDREN. Yes, adult children of the applicant who are not financially dependent on the applicant may submit permit applications separately. The following conditions apply: 

• The market value of the €300,000 investment should be multiplied by the number of adult children invoking the same investment for the purpose of obtaining an Immigration Permit. For instance, in case the applicant has one adult child, they should make an investment worth €600,000; if they have two adult children, the value of the investment should amount to €900,000 and so on. In case the investment concerns the purchase of house/apartment or real estate (Options A and B above), proof of payment of at least 66% of the market value of the real estate must be submitted upon application. It should be noted that if the investment property’s number of bedrooms cannot accommodate the investor’s dependent members, the investor must specify another property or properties as the residence of these individuals (e.g., proof of ownership or sale contract and proof of payment for the property, or rental agreement). The investment may be made jointly in the applicant and the adult child’s name or solely in the applicant’s name.
• The adult child must have a secured annual income of €50.000, increased by €15.000 for their spouse and by €10.000 for each dependent underage child, with funds deriving from abroad.

1. The applicant and their spouse must provide confirmation of a clean criminal record from their country of original and country of residence (if different). They should not pose a threat to public order or public security in Cyprus. 
2. The applicant and  dependent family members must submit a health insurance policy certificate for medical care covering inpatient and outpatient care.
3. The applicant and their spouse must confirm that they do not intend to undertake any employment in Cyprus. However, in cases where the investment does not concern the company’s share capital, the applicant and/or their spouse are permitted to be shareholders in companies registered in Cyprus (income from dividends derived from such companies will not affect their right to obtain the Immigration Permit). In such companies, they may also hold the position of an unpaid Director.
4. The permit holder and their dependent persons included on the permit, must visit Cyprus at least once every 2 years. Failure to do this or if they acquire permanent residence abroad, will result in the invalidation of the Immigration Permit.
5. All the documentation attached to an application, including the translation of the same into the Greek or English language, must be duly certified.

1. A €500 fee is payable upon submission of the application, as well as a fee of €70 for each person included in the application for issuing the Alien Registration Certificate (ARC), where it does not already exist.
2. The applicant will be called for interview during the processing of the application.
3. The review process is approximately 2 months from the date of submission of a complete application, provided no public order or security concerns arise.
4. The residence permit is of unlimited validity for the holder and their adult dependents; for underage dependents it is valid until the age of 18. The residence permit (card), however, has an expiry date of ten years from the date of its issuance and must be replaced with its expiration. 
5. From the date of obtaining the Immigration Permit, the applicant is obligated to provide to the Migration Department: (i) annually, evidence of maintaining the investment, and proof of them and their family members holding a health insurance policy certificate if they no longer benefit from GESY; and (ii) every 3 years, a clean criminal record certificate from their country of origin and their country of residence (if different). Failure to provide these will result in the cancellation of theirs and their family members’ Immigration Permit, subject to the relevant Regulations.