CYPRUS Residency by Investment
The Cyprus Government has taken unique steps for non-E.U. applicant – buyers of Cypriot property to acquire a residency permit.
To qualify for the Cyprus Investment Residency Program, applicants must purchase a personal residence (real estate) in Cyprus for a minimum of 300,000 Euros and open a bank account in Cyprus.
The new regulation has put into effect a special fast track procedure that grants permanent residency within 2 months from the submission of the application. To be eligible under the fast track procedure, the applicant must have a purchased property in Cyprus and a secured annual income of at least 30,000 Euros from abroad, plus another 5,000 Euros for each dependent.
Any person who applies for permanent residency is not entitled to work or become engaged in any form of business as employee in Cyprus.
This rule also applies to spouses of applicants. However, applicants and their spouses can be shareholders in a company registered in Cyprus. The applicant and any member of his or her family included in the application as dependents must visit Cyprus at least once every two years. The permit remains valid provided that the applicant would not be absent from Cyprus for a period exceeding 2 consecutive years.
If an applicant has physically resided in Cyprus for at least 6 months in each of the 5 years of the permanent residency permit then, at the beginning of the 6th year, they may apply for naturalization to become Cyprus citizens.
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