Residency by Investment in Cyprus
The Cypriot government’s objective to attract foreign investment and foster economic growth is your opportunity to secure a prosperous future. Regulation 6(2) of the Aliens and Immigration Regulations empowers the Ministry of Interior to grant residence permits to third-country applicants who invest in Cyprus and meet the following criteria:
Investment Requirements
Applicants must invest a minimum of €300,000 in one of the following investment categories:
- For the Residential Investment category, applicants are required to purchase up to two (2) new housing units (houses and apartments) from a development company, totaling at least €300,000 (plus VAT) for the first sale. To ensure a smooth process, Dedalos Corporate, a trusted partner, is available to guide you in selecting the most convenient investment and assist with all the legal agreements.
- Real Estate Investment: Acquisition of new or used non-residential immovable properties (e.g., offices, shops, hotels) with a combined value of at least €300,000.
- Business Investment: Initial investment of €300,000 in the share capital of a newly registered Cyprus company or a €300,000 increase in the share capital of an existing Cypriot company, employing a minimum of five (5) individuals.
- Investment in Collective Investment Organizations: Investment of €300,000 in units of Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF), with investments held in Cyprus.
It is imperative to provide evidence that the investment funds originate from abroad. Any divestment from the initial investment must be promptly replaced with another of equal or greater value, meeting the specified conditions.
Additionally, applicants must demonstrate a secured annual income of at least €50,000 from abroad, which increases by €15,000 for their spouse and €10,000 for each dependent minor child. Income from the spouse may also be considered.
Quality Criteria
Furthermore, applicants must fulfill the following conditions:
- Present clean criminal record certificates from their country of origin and current residence (applicable to all adult dependents).
- Submit health insurance policy certificates covering inpatient and outpatient medical care for themselves and their spouse.
- Confirm their intention not to engage in any employment in Cyprus except as directors in a company where they have invested under this policy.
- Provide evidence of accommodation in Cyprus, such as property ownership titles, purchase contracts, or rental agreements.
The application process is designed to be efficient, with an estimated processing time of approximately two (2) months from submitting a complete application. Residence permits are valid indefinitely for the holder and their adult dependents, but the residence card expires ten (10) years after issuance and must be renewed. For underage dependents, the permit is valid until they reach the age of 18.
It’s important to note that failure to establish residence in Cyprus within one (1) year of approval will result in the revocation of the immigration permit. To maintain the permit, holders and their adult family members must provide updated, clean criminal record certificates every three (3) years. They must also provide evidence of continued investment and health insurance coverage if they are no longer covered by the General Healthcare System (GESY). The permit becomes invalid if holders and their dependents obtain permanent residence abroad or are absent from Cyprus for two (2) years.
By maintaining a Cypriot permanent residence permit for at least five (5) years, you open the door to a new chapter in your life-the possibility to apply for Cypriot citizenship.
