News

Permanent Residency

The Cypriot government has very recently revised the investment criteria for third country nationals looking into acquiring permanent residency in the Republic.

Investment Criteria

Under the new rules, a third country national can make an investment of at least €300.000 in any one of the following:

• An investment in real estate including a house, apartment, office, shop etc;
• An investment in the share capital of a company registered in Cyprus, subject to the following conditions:

- The company is registered in Cyprus;

- It has a physical presence in Cyprus i.e an established office;

- Has employed staff of at least 5 people

• Investment in units of Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF).

It is mandatory to have a residence in Cyprus either owed or leased depending on the investment made, in order to eligible for the permanent residence permit.

Also, although it is not necessary to reside permanently in Cyprus, a successful applicant must not be absent for more than 2 years from the island.

Annual Income

An annual income of at least €30.000, increased by €5,000 for every dependent person (spouse and children)

Clean criminal record & declaration of no intention of employment

The successful applicant must submit a clean criminal record certificate from their country of origin and a declaration of no intention to undertake employment in the Republic other than being employed as director in the Cyprus company they chose to invest in or being a shareholder of a company registered in Cyprus.