A Broader Range of Investment Options for Non-EU Citizens to get Cyprus Permanent Residence

Recent amendments to the Cyprus Permanent Residence Permit scheme open up even more opportunities for non-EU citizens to gain permanent residency status in the country. It’s still fast – as short as 2 months – and easy, but what is significant is that these amendments present the possibility of meeting the criteria through a more diverse range of investment options.

As before, the Cyprus Permanent Residence Permit scheme applies to the applicant, his/her spouse, and the applicant’s unmarried and financially dependent children up to the age of 25 (provided that they undertake bachelor or master’s degree studies), as well as to the applicant’s parents and parents-in-law.

And the news that Cyprus has begun the formal process of applying to join the Schengen Zone* of the European Union has catapulted Cyprus to the top of the league for non-EU citizens seeking a permanent abode in an EU country. Acquiring permanent residence status in Cyprus is therefore even more attractive, especially considering the countless additional benefits.

* The Schengen Zone of the European Union is a 26-country partnership wherein each member state allows passport-free movement of people within the borders of the Zone – negating the need for immigration checks upon entering each individual country.

New Investment Options and Amendments Outlined

Although the primary investment amount remains the same, residential property is no longer the sole vehicle. Other categories have been included. Therefore, the qualifying criteria can now be made up through one of the following – all funds having been derived from an overseas source.

Investment in a house/apartment

The purchase of a house or apartment with a value of at least €300,000 (plus VAT if applicable) from a land development company.

Investment in real estate (not including houses or apartments)

The purchase of other types of real estate – offices, shops, hotels or similar developments, or a combination of these – with a total value of €300,000. These can comprise resale properties.

Investment in the share capital of a Cyprus Company with activities and staff in Cyprus

An investment valued at €300,000 or over in the share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus, has a proven physical presence in Cyprus, and employs at least five people.

Investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF)

An investment valued at €300,000 or more in units of a Cyprus Collective Investment Organization.

There are other, less significant adjustments included in the amendments, and we will be happy to meet interested applicants to talk through the exciting opportunities that the newly refined Cyprus Permanent Residence Programme presents.