Cyprus, an island country on the south of the Anatolian Peninsula, has tried to survive through all means including tourism, but ultimately decided to start selling citizenships to raise capital. Concluding the decision, a Cyprus citizenship by investment program was launched in 2013, the same year as the Cyprus banking crisis.
All it required from people was to invest a certain amount of money and obtain residency, which was their golden key to work and travel across European Union, visa-free. But just as simple as the program requirements were in the beginning, they are now as difficult since the government has constantly improvised on the criteria and finally concluded the program officially in 2020.
Let’s dive deep into the criteria for Cyprus’ permanent residency program, which was once the easiest way to attain EU citizenship.
Who is Eligible to be a Cyprus Permanent Resident?
To be a permanent residency holder in Cyprus, you must fall under any of the below-mentioned categories;
1. An Investor or the main applicant
With no personal or family criminal record
Minimum of €30,000 as proven annual income outside Cyprus
An additional increase of €5,000 for every child and €8,000 for every dependent parent
Rent out or purchase property in Cyprus
Any child who is a student, is single, up to 25 years of age, and is financially dependent on the main applicant.
The spouse of the investor along with parents and in-laws with no criminal record.
Upon clearing the first step of eligibility for this program, it’s now time to check your investment capacity.
Investors have the liberty to choose from multiple investment options, but as a prominent immigration attorney in India, we advise you to go for 2 types of investment, also the most popular ones.
1. The Real Estate Investment
- This investment can either be of a residential or commercial property with a property value of not less than €300,000.
- You can invest in real estate based on some specific combinations but remember that only new property counts. The choices are;
- One land and one building
- One or two residential units
- One shop and one housing unit
- One office/commercial and one residential
- Please note that if you decide to purchase more than one property, it has to be from the same authority.
- In case you already own a property and wish to opt for a residence permit, you can sell the original property and purchase a new one with a minimum value of €300,000.
2. Business Investment
In case you wish to invest in a Cypriot business (local or native business of Cyprus) or if you are looking to start your venture in Cyprus, we can beneficially extend our hands to help.
Now that you are briefly aware of the investments, let’s take you through the features of this program for better clarity on why this can be beneficial.
Features of the Cyprus Investment Residency Program
Listed below are some benefits and conditions of this Cyprus investment residency program.
- By maintaining an investment residence, you can enjoy permanent residency for life
- You must visit Cyprus once every two years to keep hold of the residency
- Even a permanent residence permit holder can apply for citizenship after living for 5 years in Cyprus out of the 8-year period.
- Before submitting the citizenship application, ensure that you have completed a stay of 365 days
- The applicant or the spouse cannot work in Cyprus on the grounds of a Permanent Residency Permit (PRP). However, PRP holders can establish businesses and register organizations to earn dividends.
Be a Cypriot with the Help of Ajmera Law Group
What’s better than having a passport that unlocks your dream of traveling across Europe?
Let’s plan your investments and work on the documentation requirements precisely to make sure that you are granted Cyprus permanent residency from the pile of files.