Relocation in Cyprus has been made much more attainable through the recently introduced procedures for obtaining the permanent residency
which were simplified. Therefore, the country
was able to attract more foreign investments.
In this article, our lawyers in Cyprus
answer some of the most frequently asked questions about the permanent residency in Cyprus
1. What is the permanent residency in Cyprus through investment?
The permanent residency in Cyprus through investment is an alternative way to obtain the Cypriot permanent residence by investors and their families.
This type of permanent residency
is regulated by the provisions of the Regulation 6(2) of the Aliens and Immigration Regulations. Our Cypriot lawyers
can provide further information on these regulations.
It is obtainable for individuals who wish to invest in the country with an amount which is much lower than that required for the Cypriot citizenship, if certain criteria are met.
2. What are the criteria required for the permanent residency by investment?
The criteria required to obtain the permanent residency in Cyprus by investment are:
• Applicants must invest in real estate in the country;
The investment has to be of only EUR 300,000 in market value. Our Cypriot lawyers
can offer more details on this matter;
• The investment can be made by a business owned by the applicant and his or her spouse;
• The investment can be in maximum two properties if they accumulate the amount required for this type of residency;
• The properties bought by the applicant have to be new.
3. Does the applicant have to be present in Cyprus before applying for the permanent residency by investment?
The applicant of the permanent residency by investment in Cyprus does not have to be present in the country.
The application for such permanent residence may be processed without the applicant being physically in the country on his or her behalf through a power of attorney issued by the person in question in the name of our attorneys in Cyprus
4. Is a permanent residency holder able to work in Cyprus?
No. The permanent resident’s yearly income, which has to be of at least EUR 30,000 and EUR 5,000 for every dependent, as well as EUR 8,000 for every parent, has to come from sources outside the country.
When applying for the permanent residency in Cyprus, the person in question has to sign a statement which confirms his or her intention of not being employed in the country.
5. Can a permanent residency by investment holder travel in the EU freely?
A visa is still necessary for the EU country which will be visited for a Cypriot permanent residency by investment holder.
However, this status enables the person in question to avoid visitor visa requirements in the EU.
6. What other conditions are there to obtain the permanent residency in Cyprus by investment?
The applicant for the permanent residency in Cyprus by investment must also prove that:
• He or she possesses a clean criminal record;
• He or she must submit a statement in which the person declares that he or she has no intention of working or taking part in any kind of active business in the country;
Other conditions: Our Cypriot lawyers
can provide more details on what these other conditions consist of.
7. For how long does the deposited amount be kept in the bank?
The EUR 30,000 amount has to be kept in a Cypriot bank for three years. The amount can be deposited in another currency as well, if the total value is the equivalent of EUR 30,000.
Do you have more questions about the Cyprus permanent residence by investment
? Please contact
our law firm in Cyprus