Cyprus Residency & Citizenship

Cyprus offers the opportunity to third country nationals to secure a Cyprus Permanent Residency Permit or a Cypriot Citizenship, offering many significant benefits to individuals from non-EU member states.

The Permanent Residence Permit
- With the fast-track procedure, it may be obtained within 2 months
- Can be granted to the applicant and his family for his lifetime, unless revoked on grounds set out in the legislation. “Family” means spouse, children below 18 years old and children between 18 and 25 years old, if they are full time students (see also below)
- The holder of the permit may own a Cypriot company and receive dividends, but is not entitled to work in Cyprus

- Requirements:
• Purchase of immovable property in Cyprus worth €300.000 (excluding VAT) or more, with proof that the €200.000 (excluding VAT) has already been paid
• The above property must be a new property and not a re-sale
• The contract of sale of the property must be deposited with the Land Registry
• It is possible to buy more than one property totaling the above amounts
• Proof of secured annual income which must come from lawful sources and from abroad, of any form eg. business activities, dividends, pension, rent, trust income etc
• This annual income should be at least €30.000 for the applicant plus €5.000 for each dependant
• A bank deposit of €30.000 in a Cypriot Bank, blocked for at least 3 years, which must be transferred from abroad.
• Sworn affidavits that the applicant and any dependants will not engage in any professional activities in the Republic of Cyprus (dividends from Cypriot companies are excluded and hence allowed)
• Clean criminal record from the country of origin

- All relevant documents must be filed in English or Greek
- Adult children between the ages of 18-25 may also be covered as ‘dependants’ if they can prove they are dependent on their parents, if they have proof of their studies, and if their parents can prove the income of €5.000 for each adult child.
- Adult children over 25 years of age must apply separately.

Cypriot Citizenship by exception for investors

- this is a full citizenship, the holder will be considered an EU citizen and will be able to travel, work and reside freely within the EU
- Six different categories have been established by the Council of Ministers decision dated 24.05.2013, with the following requirements*:

a) Mixed investments and donation to a state fund:

i) €2.000.000 worth of shares or bonds in the state investment company
ii) €500.000 as a donation to the Research and Development Fund

b) Direct Investments:
Direct investments in the Republic of Cyprus worth €5.000.000 minimum in either of the following:

i) real-estate purchases (residences, offices, shops, hotels, or any developments of this nature, excluding undeveloped land)
ii) purchase of businesses or companies based and active in the Republic
iii) purchase of shares in companies registered in the Republic
iv) purchase of financial assets eg. bonds, securities, debentures registered and issued in the Republic of Cyprus, including those to be issued by the Solidarity Fund
v) participation in a company/ consortium of companies undertaking a government project

c) Bank Deposits:
Personal fixed term deposits, or company or trust fixed term deposits to which he is the ultimate beneficiary, of at least €5.000.000 in Cypriot banks for three years

d) A combination of the above a), b) and c), worth a total of €5.000.000.

e) Business Activities:
Please contact us for a complete list of the requirements for this category

f) Special exception for Persons whose deposits with the Bank of Cyprus or Cyprus Popular Bank have been affected by the measures implemented after the 15th March 2013

i) an incurred loss in deposits in one or both of the aforementioned banks
totaling at least €3.000.000
ii) in the event that the loss incurred is below €3.000.000, this can be supplemented by an additional direct investment in item a) or b) above.

For all categories the applicant must:
* have a clean criminal record
* be a resident and possess a permanent privately-owned residence in the Republic, the purchase price of which must be €500.000, excluding V.A.T

Source: Ministry of Interior