CYPRUS RESIDENCY THROUGH INVESTMENT IN 2023

Successful candidates and their families can obtain an unlimited-duration Cyprus immigration card in two months thanks to the Cyprus Residency by Investment program. After staying in the nation as the bearer of such a permit for five years, an investor may seek citizenship in Cyprus.

By making investments of at least €300.000 in real estate or securities and demonstrating an annual income of €50.000 in 2023, candidates can get permanent residency in Cyprus. If the applicant purchases residential real estate, all of his income must originate from outside the country. If he decides to make any further investments, Cyprus may also be the source of all or some of his income.

The most current update was made on May 2, 2023. The secured yearly income has been increased, the applicant's parents and parents-in-law are not eligible to purchase a home with them, and other adjustments have been made. Below, you'll find a list of all the new and revised criteria.

 

Features and advantages

The following advantages are offered by the Cyprus investment visa:

• With no restrictions, you may enter and stay in Cyprus
• Given to the applicant's spouse and minor children
• The right to get healthcare under the general healthcare system
• No one has the right to work in Cyprus save directors who invest in company shares. The candidate may be appointed as an unpaid director of a company, together with his or her spouse.
• Investment requirements for Cyprus residency
• Investors interested in a residence in Cyprus must meet the following requirements as of 2023.

 

The applicant must make a minimum investment of €300,000 in one of the following areas:

Purchase a new residential property.

A home or apartment that was purchased for at least €300,000 + VAT qualifies (see list of acceptable real estate). It is also possible for the investor to acquire two homes for the aforementioned sum from other development firms. Regardless of the delivery date, off-plan houses are also included. The aforementioned restrictions also apply if the applicant and spouse purchase together. That is, for one or two homes, the total should be at least €300,000 + VAT.

Purchase stock in Cyprus Company.

To invest in the share capital of a Cyprus business that has been established or to buy shares. The business must have its headquarters and operate out of the Republic of Cyprus, be physically present there, and employ at least five (5) people.

Invest in Cyprus Investment Organization of Collective Investments Units (AIF, AIFLNP, RAIF) To buy units in any of the aforementioned.

Income standards

The candidate must provide proof of an annual income of at least €50,000. For the spouse and each minor kid, the sum is raised by €15.000 and €10,000, respectively. Income can be determined by including (if applicable) the spouse's income.

Any of the following may be included in the income:

dividends, fixed deposits, dividends, salaries or wages, and rental income

Revenue source

If the applicant chooses to invest in residential real estate, all of his income must originate abroad. The income can come from sources inside Cyprus when employing other investment alternatives, such as investments in commercial real estate, corporate shares, or investment units. In the Republic, it must be taxed.

 

Dependent individuals

Applications might consist of the following:

• Spouse and minor children under the age of 18.
• Kids between the ages of 18 and 25.
• They must be university students and single.
• They must first apply for a student visa if they want to enrol in any university in Cyprus.
• They can apply for an immigration visa after completing their education; after they become 25 years old, this permission will not expire.
• The sole criterion will be that the parents provide proof of an additional €10,000 yearly income for each such child.

 

Cyprus nationality

• After five years of actual residence in Cyprus within a seven-year term, a holder of Cyprus residency by investment may seek citizenship.
• The required amount of time is comparable to 1825 days (5x365). The candidate must have lived in Cyprus continuously throughout the previous year (slight absences are acceptable).

Visa-Free Travel in Europe or the Schengen Area

A resident of Cyprus is not eligible for visa-free travel to any Schengen or EU nation. Cyprus isn't a member of the Schengen region yet, which is the cause of this. Cyprus has applied to join the Schengen area, and it is being considered.

 

Additional details

• At least once every two years, the individual with a permanent residency permit must travel to Cyprus.
• The candidates are not able to work in Cyprus. By this policy, individuals are entitled to employment as Directors in the firm in which they have chosen to invest.
• The candidates are eligible to be dividend-paying shareholders in Cyprus-registered businesses. Additionally, they have the right to work for free as a director in those businesses.

New yearly requirements to check criteria

The applicant must annually affirm to the Civil Registry and Migration Department that they still have the following:

• The initial outlay; the necessary dependable yearly revenue;
• Health insurance in case the applicant and their family are not covered by the General Health System (Gesy); and clear criminal history in both their place of residency and their country of origin.

If these papers are not provided or validated, the residency permit will be revoked.

Essential Documents

The following papers must be submitted with the application to be granted a Cyprus investment visa:

• Applicant's passport photocopy.
• CVs of the candidates.
• Marriage certificate (Official and verified translation*)
• Birth certificates for children (with an official, verified translation*).
• Criminal History Report for the candidates from their country of residency (official and certified translation*).
• A declaration that neither the applicant nor his or her spouse would work for pay in the Republic.
• To substantiate the amount of income, tax records from the nation where the applicant is a resident for tax purposes. The tax statements must be submitted in their original form and with an affidavit, which is a sworn declaration.
• These earnings might come from employment-related pay, pensions, dividends, fixed deposits, and rent. The income of the spouse may be considered.
• Documents demonstrating that the investment's funding was sent from overseas to Cyprus via bank transfer.
• Certificate of health insurance for the applicant, their spouse, and any minor children.
• Authorization from the representative, duly signed and validated.
• Children between the ages of 18 and 25 who wish to apply will require a university confirmation in addition to several additional documentation, which can be found on the moi.gov.cy Immigration Permits for Investors website.
• The papers marked with a (*) must be confirmed by both the Cyprus Embassy of the issuing nation and the Ministry of Foreign Affairs of that nation in addition to being translated into English and bearing the "APOSTILLE" stamp.
• Papers relating to investments
• Investment in a home, an apartment, or business property: Sale contract and evidence of at least €300,000 in payments.
• Investment in the share capital of Cyprus Company: Share Purchase Agreement, Certificates of Shareholders and Incorporation, Business Profiles, and Social Insurance Records to Show Employees.
• Titles or other evidence of the bought units, a confirmation from CySec about the Fund, and the Memorandum for the Fund or Investment Plan are required for investments in units of a Cyprus Investment Organization (AIF, AIFLNP, RAIF).