Changes for Cyprus Fast Track Residence Permit

The Cyprus Permanent Residence Permit, which is granted to non-EU nationals investing in the Republic of Cyprus was amended on March 24.

The amended Residence Permit scheme continues to apply to the applicant, the spouse, the applicant’s unmarried and financially dependent children up to the age of 25 provided that they undertake their bachelor or master’s degree studies, as well as to the applicant’s parents and parents in-law. While the minimum investment amount of 300,000 euros (plus VAT if applicable) remains unchanged, further investment options are now provided to applicants.

New investment options for Cyprus RBI program

Besides the option to invest in new residential properties, investors now have the option to invest in commercial properties, including offices, shops and hotels. The properties of this category could be either new or resale. The applicant may choose to invest in the share capital of a Cyprus company having physical presence and activities in Cyprus and employing at least five people. Lastly, applicants may choose to invest in compartments of Cypriots UCITS (AIF, AIFLNP, RAIF).

Requirements for investors in Cyprus

The investment funds should originate from abroad, and the investment should be maintained or replaced by another investment of the same or greater value, in order to maintain the permit. The applicant should prove a secure annual income (including salaries from employment, pensions, dividends, fixed deposits, rentals) of at least 30,000 euros, increased by 5,000 euros for every dependent person (spouse and children) and by 8,000 euros for every dependent parent or parent-in-law. This income should derive from abroad in case that the applicant invests in new residential units, while the income can be generated from sources within Cyprus in all other cases. Both the income of the applicant and the spouse can be taken into consideration.

The applicant and the spouse should provide a clean criminal record from the country of residence or from Cyprus in case they are residents of the Republic. The applicants should not be considered as a threat in any way to the public order or public security in Cyprus. It is no longer required to have a pledged deposit in a Cyprus bank account. The applicants should confirm that they do not intend to undertake any sort of employment in Cyprus, besides holding the position of Director in the company in which they have chosen to invest as per the current policy. Also, the applicants can be shareholders in a company registered in Cyprus and receive the dividends of such company, or hold the position of director in such company without receiving a salary.

Proving place of residence in Cyprus

In case that the applicant has chosen to invest in any other category besides the category of new residential properties, the applicant should provide relevant documentation as to the place of residence in Cyprus (e.g. sales agreement, rental agreement, or title deed). The investment should be concluded before the submission of the application. The relevant documentation as to the settlement of the funds must be provided upon the submission of the application. In the case of investment in residential properties, the applicant needs to show that the minimum amount of 200,000 euros (plus VAT if applicable) is paid to the developer, while in all other investment options the total minimum amount of 300,000 euros (plus VAT if applicable) needs to be settled prior to the submission of the Residence Permit application.

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About the Author

Eleni Drakou
Eleni Drakou

Eleni Drakou is a Cyprus immigration and real estate attorney. She is currently the director of business development and a senior associate with Michael Kyprianou & Co. LLC, a leading law firm based in Cyprus. Michael Kyprianou & Co. LLC specializes in a variety of legal fields, including immigration law, immovable property law, international tax planning, banking and finance, dispute resolution, corporate and commercial. It has offices throughout Cyprus (Nicosia, Limassol, Paphos) as well as in Malta, Greece, Ukraine, the United Arab Emirates and United Kingdom.

Drakou, who has been with Michael Kyprianou & Co. LLC since 2013, specializes in immovable property law and assists international and local clients with real estate matters in Cyprus. She often represents clients in real estate agreements, transactions and joint ventures for the sale, rental and construction of residential and commercial properties. Drakou aids clients who are applying for Cypriot residency and citizenship, and on their estate planning, banking, taxation and corporate matters.

She is a member of the Investment Migration Council, the Cyprus Bar Association and the Nicosia Bar Association, and an affiliated member of STEP.

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