On the 24
th of March 2021 legislative amendments have come into force aiming to expand the types of investment that may allow a foreign national to qualify for permanent residency in Cyprus.
The traditional 300 000 euros investment in residential real estate is no longer the exclusive investment option. The fast-track nature of the scheme, the minimal residency requirement and the lifetime validity of the permit have remained intact. The applicant’s parents and his/her parent-in-law remail eligible assuming that the applicant will present only an additional annual income of €8,000 for each dependent parent.
It is now the case that any foreign national may be eligible for permanent residency by inbound investment of at least €300,000 in one of the following:
A. A brand-new house or apartment or;
B. Any commercial real estate (i.e., shops, offices, hotels etc.) or;
C. In the share capital of a Cyprus Company which operates or will operate in Cyprus and employees at least 5 (five) persons or;
D. In units of a Cyprus Investment Organization of Collective Investments (i.e., AIF, AIFLNP, RAIF).
Investing in
option A, requires that the applicant, together with his/her spouse, prove that they have at their disposal a secure annual income from abroad of at least €30.000, increased by €5,000 for each dependent person. The couple must provide additional income of at least €8.000 for each parent if they decide to include their parents in the process.
In cases where the applicant chooses to invest in
options B, C or D, his total income or part of it may also derive from activities within the Republic.
OTHER REQUIREMENTS
- The applicant and his/her spouse shall confirm that they do not intend to undertake any employment in the Republic except for their employment as Directors in a Company in which they may choose to invest.
- Where the investment does not relate to the share capital of a company, the applicant and/or his spouse are allowed to hold shares in Cypriot companies and the dividend income derived may not be considered as an obstacle for the purpose of obtaining the Permanent Residency Permit. In such cases, they may also hold the position of an unpaid Director.
- Where the applicant chooses to invest in options (B), (C) or (D), he should hold owned or rented accommodation in the Republic.
- On other formalities and procedural requirements, we may advise upon request.
We remain at your disposal for any further assistance and/or clarifications you may require.