Cyprus Permanent Residence Program (“PRP”)
In line with the Cypriot government’s intention to increase foreign investment and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations allows the Ministry of Interior to issue residence permits to applicants from non-European countries who intend to invest in the republic.
Benefits
• The application procedure is highly efficient, with a high approval rate if all criteria are satisfied.
• It is not necessary to reside in Cyprus, but a visit once every two years is required.
• Dependents can be enrolled in high-quality private schools offering English language courses.
• Residence applies to the main applicant’s spouse and children under 25 years.
• The whole process can be arranged without being present in the country, except for biometric capturing.
• Successful applicants are eligible to apply for Cypriot citizenship after five years of residence.
Investment categories
The applicant must invest a minimum of €300,000 in one of the following categories:
i. Purchase up to two new immovable residential properties of a total market value of at least EUR 300,000 plus VAT, with the option to purchase from two different developers;
ii. Purchase up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least €300,000 plus VAT;
iii. Invest €300,000 in the share capital of a company registered and operating in Cyprus, which employs at least five people;
iv. Invest €300,000 in units of the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).
In addition to investing in one of the investment options described above, the investor must provide supporting evidence of a secured annual income of at least €50,000 deriving from abroad (an additional €15,000 is required for each dependent spouse and €10,000 for each minor child).
In case that the applicant chooses to invest as sections (ii) – (iv), his/her total income or part of it may also come from sources coming from activities within the Republic.
Conditions and Requirements
In addition, applicants must satisfy the following requirements:
• Proof that the funds used for the investment have been transferred from abroad from the applicant’s or/and his/her spouse bank account, provided the spouse will be included as a dependent person in the application;
• Submit clear criminal record certificates from the country of origin and country of residence (also applicable for all adult dependents).
• Provide an official statement confirming non-employment in the Republic (not applicable to applicants who are directors of a company they have invested in under this policy).
• In cases where the investment does not concern the company's share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and receive income from the dividends derived from such companies, in which companies they may also hold the position of an unpaid Director.
• Copy of valid passport;
• Copy of valid temporary residence permit (if the investor resides in Cyprus);
• Curriculum Vitae (including academic qualifications);
• Proof of health insurance in Cyprus for the applicant and dependent family members;
• The applicant and his/her family members should schedule an appointment with the Immigration Authorities to give biometric data for the permit issuance within a period of one year commencing after the submission of the application;
• In cases of investments in categories other than the purchase of a residential house or apartment, the applicant must provide proof of residence in Cyprus. This may be evidenced by a certificate of ownership, a contract of sale (with proof of payment) or a rental agreement.
• If the investment was made in a residential house or apartment, but the number of bedrooms in the investment property is insufficient for the dependent family members, the applicant must indicate another residential property that will serve as a place of residence for these persons. This must be supported by the documents listed above.
• An immigration permit will be declared invalid if the applicant and his/her dependents are absent from Cyprus for a continuous period of two years;
• An immigration permit will be declared invalid if the applicant and his/her dependents fail to obtain residence in Cyprus within one year from the approval of the application, in case that they are residing outside Cyprus;
• If an immigration permit holder is alienated from a transaction in which his or her funds were invested, there must be an immediate substitution of the transaction for another with the same minimum investment. Failure to make such a substitution will result in the revocation of the immigration permit;
• The investor must annually verify the maintenance of the investment and health insurance coverage and provide clean criminal record for the adult family members every three years. Failure to meet these criteria may result in losing the permanent residence permit.
Procedures and time frame
Applications for Cypriot residence must include completed application forms and should be accompanied by the appropriate fees and supporting documents. Successful applicants must annually provide evidence of maintaining their investment and proof of health insurance if they no longer benefit from the General Healthcare System. The income derived from abroad may include employment salaries, rent, pension, interests on deposits, and dividends from shares.
The estimated examination period for the application is approximately two months.
For more information about this program you may visit the official website of the Civil Registry and Migration Department