The Cyprus Residency programme is appealing to those that are attracted to the Mediterranean style, Greek-island-influence living that Cyprus offers. The Cyprus Residency programme is one of the most affordable Residency Programmes in Europe, is easy to comply with, and offers fast processing time of approximately 2 - 3 months. A Residency Permit requires investors to only visit Cyprus once every two years, and is permanent.
The current permit procedure opens the doors of the European Union to third country nationals. Besides ensuring free movement within Cyprus, the Cyprus Residency Programme also provides foreign investors with the opportunity to expand their business activities in the European market through the utilization of Cyprus' highly favourable tax regime.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, Permanent Residency may be granted to non-European nationals who fulfill the following criteria:
- The applicant must submit the application form accompanied with a title of ownership or contract of sale of property(ies) in Cyprus of a minimum market value of €300,000 plus VAT, and proof of payment of at least €200,000 plus VAT.
- The applicant must submit a confirmation letter from a Cypriot Bank stating that he/she has a three-year fixed deposit of €30,000.
Cyprus is expecting to gain Schengen status soon following which, by gaining Cyprus Residence, you would automatically qualify with a Schengen Visa, meaning you can travel to any of the Schengen Counties without the need for a Visa.
In addition to making a financial investment, applicants must also meet the following requirements:
- Must have a valid passport
- Provide documents supporting the source and origin of the declared funds for investment
- Provide proof that the applicants have no criminal records
- Proof of Health Insurance
- Curriculum Vitae (including academic qualifications)
- Payment of application fees
- The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent* person. An additional €5.000 is required for each child dependent* aged between the ages of 18 and 25.
- The applicant should submit a statement that he/she does not intend to work or be engaged in any form of business in Cyprus.
- The applicants should visit Cyprus at least once every two years.
* Dependents are defined as follows:
- Children up to the age of 18, and
- Unmarried children aged between 18 and 25, who are students or undergraduates, and are financially dependent on the applicant. These dependent types need to submit their own separated application.