Cyprus Residence Permit: A Gateway to European Living and Business Opportunities

The Cyprus residence permit allows qualified foreign investors to legally live in Cyprus for up to five years, and benefit from the incentives provided by the government for residency, taxes, and employment that are entirely adapted to the needs of today’s companies.

Historically, Cyprus has been a regional hub for business, attracting global companies due to its strategic location at the crossroad of three continents Europe, Africa, and Asia, economic stability, favourable fiscal and legislative framework, highly developed infrastructure, very good airline and shipping connectivity, easiness to set up and operate a company, and attractive tax incentives. The island also stands out for its pleasurable way of life, natural beauty, clean environment with high living standards, and world-class educational institutions and medical centers. It is certainly a fantastic place to live and bring up a family.

Cyprus Golden Visa is considered one of the fastest routes to obtaining a permanent residence permit, by investing worth €300,000 in real estate property.

To attract foreign investments, the Ministry of Interior in Cyprus has introduced the Cyprus Golden Visa program based on Regulation 6(2) of the Aliens and Immigration Regulations. Cyprus Golden Visa “Permanent Residency” is granted to qualified applicants and their families from non-EU countries upon passing the government’s due diligence process and meeting the set investment criteria. The program is ideal for those interested in establishing a residency in Europe, looking for a place to retire, or hoping to access a wide range of quality healthcare and educational institutions. Cyprus Golden Visa permit will be issued to the applicant within 2 months from submitting the application. Applicants can apply without any language or education requirements. Holders of a Cyprus Golden Visa can apply for Cyprus citizenship after 7 years of legal residence in Cyprus. Investors holding the Cypriot permanent resident can enjoy the benefit of living in a well-connected country within the European Union, have the right to free access to the EU market.

To qualify for obtaining a Cypriot permanent residence visa, applicants must contribute around €300,000 by purchasing a real estate. Properties must be new, not resale, and purchased directly from a real estate developer. The main applicant must have an annual income of at least €50,000. A visit to Cyprus once every 2 years to retain permanent residency status is required.

To qualify for a Cypriot permanent residency, an applicant must be over the age of 18, he should have a clean criminal record certificate, and prove that the money belongs to him, and the source of the money is from abroad. Applicants are also entitled to invest at least €300,000 in residential real estate property or buy up to 2 brand new houses or apartments from any developer with a combined price of at least €300,000.

Applying to residency by investment program in Cyprus can only be done through a government-approved agent. To start the process applicants must sign a service agreement with an authorized agent. The latter will provide advice, assistance, and prepare documents and government forms. The authorized agent will submit a complete application to the government of Cyprus on behalf of the applicant and his/her spouse. At this stage the government issues permanent residency permits for the primary applicant and spouse, who will travel to Cyprus to receive the residency permits.

Applicants must fulfill certain conditions, mainly proving that they purchased the property with funds acquired outside Cyprus, having an annual income of at least €50,000, which they receive from outside sources. They must deposit €30,000 in a Cypriot bank, where it will be frozen for three years, after which time they will have access to it again. If applicants have dependents (children under 18 and a spouse), they must have an additional annual income of €5,000 a year for each one. Applicants must enter Cyprus at least every two years to maintain your status as a Permanent Resident

The total cost for obtaining the Cyprus permanent residency is €300,000 only. However, applicants must have an annual income of at least €50,000 and proof of extra annual income for each dependent child (€5,000) or parent (€8,000) as part of the same application.

Cyprus Residency program has a lot of benefits to offer. Permanent residence visa holders can travel without a visa to more than 170 countries and can have access to the top-rated universities with lower EU tuition fees, as well as world-class healthcare services. Investors in Cyprus benefit from extremely favorable tax regime, where they are not taxed on their worldwide income or capital gains.

The Cypriot residency is granted within two months, and it is valid for life and can be passed down to dependents and spouse. Applicants can include spouse, children, adult dependents up to 25 years, and parents of the main applicant and their spouse, and are eligible to apply for Cyprus citizenship after 7 years of residing. Residency holders are required to visit Cyprus only once every two years to maintain their residency status.

Holders of Cyprus permanent residence visa and their family members enjoy the same rights Cypriot citizens have. They benefit from a cheap cost of living that is among the lowest in Europe and very competitive residential property prices. Cyprus provides expats and their families a privileged lifestyle in a secure and dynamic location, perfectly mixing traditional and contemporary aspects while giving the ideal combination to enjoy life and a fantastic work-life balance.

Foreign investors aiming to obtain Cyprus residency can take advantage of immense opportunities in several sectors including tourism, renewable energy, startup ecosystem, ICT, crypto and blockchain, shipping, and financial services. The country’s accession to the European Union and adoption of the Euro has launched a new era of opportunities, so it turned into an ideal location for inbound and outbound investments in the EU. Investors can also avail of the incentives provided for the relocation of headquarters to Cyprus, and the reforms including the upgrade of infrastructure for core technologies and mechanisms for the facilitation of strategic investments. Moreover, Cyprus offers one of the most attractive tax regimes in Europe and has one of the lowest corporate income tax rates in the EU at 12.5%.

Foreign nationals can obtain residency permits by investment in several European countries including Spain, Cyprus, Greece, and Portugal. These residency schemes are all reliable, fast, and share similar positive points such as powerful passports providing visa-free access to more than 160 destinations, including Schengen Area. They all allow their holders to enjoy high quality life and a fantastic work-life balance and have access to top-notch universities and medical institutions.

However, the cost of investment in these schemes and time frame differs from one country to another. For instance, investors can obtain a residence permit in Spain, if they invest €500,000 or more in the country’s economy. Spain’s Golden Visa Program takes only 2 to 3 months from applying to acquire the residency permit.

The Greece Golden Visa program provides non-EU citizens with several options to invest in exchange for a residence permit, the most important of which is purchase a real estate worth €250,000. This investment is returnable five years after obtaining the residence permit. Applicants can receive their residency permits within 1 to 2 months.

The Portugal residence permit program implies obtaining a residency permit after purchasing a €280,000 real estate property, which is returnable in at least five years. Portuguese authorities process the applications within 6 to 8 months.

While to acquire the Cypriot permanent residence the minimum investment amount required is €300,000. The timeframe to obtain the permit is around 3 months.

Cyprus permanent residence program is considered an ideal and feasible option for foreign investors looking for economic stability, favorable fiscal and legislative framework, highly developed infrastructure, easiness to set up and operate a company, government incentives promoting entrepreneurship, and attractive tax incentives. People who want to live and bring up a family in a clean environment with high living standards and world-class educational institutions and medical centers must reconsider acquiring a permanent residence in Cyprus.