Cyprus permanent residence by investment
Attractive tax jurisdiction and residential or lease properties by the sea
Download the guide Calculate the cost€300,000+ Investment amount
6+ months Obtaining period
Once every 2 years Mandatory visits to Cyprus
Cyprus permanent residency might benefit investors who plan to change their tax residency, move to the country and become EU citizens in the future. Investors get permanent residence cards under an accelerated procedure described in Regulation 6(2) of the Cyprus Aliens and Immigration Regulations.
The Cypriot taxation system is one of Europe’s most attractive and beneficial. The country has low rates for income and property taxes and doesn’t tax inheritance. Investors with permanent residency don’t pay taxes on foreign income. Cyprus also stands out with the EU’s lowest corporate tax rate.
Moving to Cyprus with the whole family is the main reason to get permanent residence cards for a third of investors. They buy apartments and villas by the sea. Five years later, they can apply for citizenship. The Cypriot passport allows its holders to visit more than 160 countries without visas, including the Schengen states and the UK.
8 benefits of Cyprus permanent residence
Low tax rates
If an investor doesn’t live in Cyprus, they don’t pay taxes on global income. The tax on income earned in Cyprus is 0 to 30%.
Moving to the Isle of Aphrodite
Permanent residence is granted for life and allows investors and their family members to live and do business in the country for an unlimited time.
Easy getting a Schengen visa
Permanent residents can quickly get a Schengen or US visa by applying for a visa in Cyprus.
No restrictions on entry and leaving Cyprus
Holders of Cypriot permanent residence cards don’t need visas to visit the country, even if the borders are closed for foreigners.
Medical services in Cyprus
Cyprus has quality medicine. Every city has a public hospital, and there are many private clinics in the country.
Developed education system
Investors’ children have the same rights to get an education in Cyprus as the country’s citizens. Branches of international schools and universities operate in Cyprus.
Prospects of citizenship
The investor can apply for citizenship after five years of living in the country as a permanent resident. Cyprus is an EU member state.
Low taxes for businesses
The Cypriot corporate tax rate is one of the lowest in the EU — 12.5%
Practical guide to obtaining permanent residency in Cyprus
- Step-by-step procedure
- Requirements for applicants
- Necessary documents
- Answers to frequently asked questions
PDF, 36 страниц, 12 МБ
Requirements for investors and their family members
Investor
- Over 18 years old
- No criminal records, convictions, sanctions, restrictions or bans on entry to the EU countries and the UK
- Impeccable personal and business reputation
- Legal income of at least €50,000 per year
- Medical assessment results
- Medical insurance
Spouse
- Either in an officially registered marriage or partnership
Children under 18
Children aged 18 to 25
- Students of a tertiary education institution
- Unmarried
- Financially dependent on the investor
Investment options and conditions for obtaining Cyprus permanent residence
The minimum investment in the country’s economy is €300,000. An investor chooses between four investment options: purchase a residential or commercial property, shares of Cypriot companies or units of investment funds registered and operating in Cyprus.
Having a registration address in Cyprus is a mandatory condition. Therefore, if an applicant invests in a company’s share capital or fund units, they must buy or rent housing. In this case, there are no property or lease value requirements.
Investors will have to confirm that they maintain the investment and keep medical insurance for all family members annually. And every 3 years, all family members over 18 must also submit certificates of no criminal record from the country of citizenship and the country of residence.
Investors can return the money after their permanent residency expires or they obtain citizenship. If an investor sells real estate, company shares or fund units before that, their permanent resident status is revoked.
1 option
Purchase of residential real estate
€300,000+An investor can buy one or two new real estate properties. Their total cost must be no less than €300,000. The investor cannot invest in properties on the secondary market.
Also, a value-added tax (VAT) must be paid. The standard VAT rate is 19% of the value, but if the investor plans to use the property as their main and permanent place of residence, they may qualify for benefits and pay VAT at a 5% preferential rate.
| Expense item | Investor | Family of four or more people |
|---|---|---|
| Real estate purchase | €300,000+ | €300,000+ |
| VAT Standard rate — 19% For the only primary housing — 5% |
€15,000+ | €15,000+ |
| Legal services | 1% of the transaction amount | 1% of the transaction amount + €500 per additional applicant |
| Confirmation of earnings | €50,000+ per year | €85,000+ per year + €10,000 per family member, starting with the fifth one |
| Administration fees | €500 | €500 + €500 per child over 18 |
| Registration fees | €70 | €280 + €70 per family member, starting with the fifth one |
| Fee for a permanent residence card | €70 | €280 + €70 per family member, starting with the fifth one |
2 option
Purchase of commercial real estate
€300,000+An investor can buy one or two commercial properties whose overall price exceeds €300,000. VAT is paid at 19%. Investors purchase premises for offices and shops, and hotels on the primary or secondary real estate market.
| Expense item | Investor | Family of four |
|---|---|---|
| Real estate purchase | €300,000+ | €300,000+ |
| VAT Standard rate — 19% | €57,000+ | €57,000+ |
| Legal services | 1% of the transaction amount | 1% of the transaction amount + €500 per additional applicant |
| Confirmation of earnings | €50,000+ per year | €85,000+ per year + €10,000 per family member, starting with the fifth one |
| Administration fees | €500 | €500 + €500 per child over 18 |
| Registration fees | €70 | €280 + €70 per family member, starting with the fifth one |
| Fee for a permanent residence card | €70 | €280 + €70 per family member, starting with the fifth one |
3 option
Purchase of fund units
€300,000+Applicants invest in units of Cyprus Investment Organization of Collective Investments. Acceptable forms are AIF, AIFLNP, and RAIF. It might be shares of Cypriot companies or units of local investment funds.
4 option
Purchase of shares of local companies
€300,000+An investor can become a shareholder of a Cypriot company based and operating in the country with at least five employees.
| Expense item | Investor | Family of four |
|---|---|---|
| Investing in: • units of investment funds; • shares of local companies |
€300,000+ | €300,000+ |
| Confirmation of earnings | €50,000+ per year | €85,000+ per year + €10,000 per family member, starting with the fifth one |
| Administration fees | €500 | €500 + €500 per child over 18 |
| Registration fees | €70 | €280 + €70 per family member, starting with the fifth one |
| Fee for a permanent residence card | €70 | €280 + €70 per family member, starting with the fifth one |
Individual cost calculation for Cyprus permanent residence
Get an individual calculation for your family with all associated costs and government fees
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Cyprus permanent residence for EU and non‑EU citizens
<b>EU citizens</b> who want to become Cypriot residents and spend more than three months in the country can get Registration Certificates. They are granted for employment in a local company, self-employment activities and studying at Cypriot educational institutions. Besides, financially independent persons or retirees can get Cyprus PR, too.
The application can include relatives proving family relations and dependency on the main applicant. If family members are non-EU citizens, they get temporary 5-year residence permits to live and work in Cyprus. In 5 years, they can extend their temporary permits or get permanent residence.
Applicants must rent or buy a residential property in Cyprus and get health insurance.
<b>Non-EU citizens</b> usually get Cyprus PR after living in the country for 5 years with temporary residence permits. When applying, they provide a title of ownership or a rental agreement for housing in Cyprus, a confirmation of stable income and proof that they paid taxes in the country. The estimated processing time for an application for permanent residence is 6 months.
Financially independent persons can become Cypriot permanent residents if they prove they have a stable annual income for living in the country without getting employed or running a business. In 2022, the minimum annual income for a single applicant is €9,570 and at least €4,615 per dependent family member.
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Cyprus citizenship after permanent residence by investment
If an investor has participated in the Cyprus residency by investment program, they get permanent residence and can relocate to Cyprus. After five years of living in the country, they can apply for citizenship by naturalisation. The applicant mustn’t leave the country for the last 12 months before application. Other conditions include passing a language proficiency test, a history exam and an interview.
After becoming a citizen, the investor can return the money spent on obtaining permanent residence.
Investors obtain Cyprus citizenship to become cosmopolitans. The Cypriot passport allows its holder to enter the Schengen countries, the UK and Canada visa-free. Cypriot citizens also can live, work and study in any EU country.
Investment properties in Cyprus
Selection of real estate
Individual selection of properties for investment
- Discuss your tasks and goals
- Choose between properties from reliable developers
- Get fully prepared and verified documents for a purchase
Elena Kozyreva, Managing Director for Real Estate projects
5 steps to obtaining Cyprus permanent residence by investment
Getting Cyprus PR by investment takes at least three months. Most procedures are remote: Immigrant Invest lawyers act on the investor’s behalf when examining real estate, concluding a purchase agreement and applying for residency. The investor must visit Cyprus to take the final steps: submit biometrics and collect permanent residence cards.
1 day
Preliminary Due Diligence 1 day
Preliminary Due Diligence
Only investors who have passed Due Diligence get Cyprus permanent residence permits. Therefore, thorough preparation and collection of documents are needed.
Immigrant Invest confidentially checks every investor before signing a contract. During the preliminary Due Diligence, our Compliance Department examines information about the investor against international databases and open sources.
As a check result, we provide an assessment, which helps to reduce the rejection risk to 1%.
Up to 2 weeks
Preparation of documents Up to 2 weeks
Preparation of documents
Immigrant Invest lawyers compile a list of required documents, help to collect them, translate and apostille them. The set of documents depends on the chosen investment option.
The investor provides the following documents:
- an application for permanent residence;
- copies of national and international passports;
- a birth certificate;
- a marriage certificate;
- education certificates;
- a certificate of clean criminal record;
- proof that the investment condition has been fulfilled;
- confirmation of earnings;
- medical insurance;
- evidence of a registration address.
A purchase agreement on real estate is needed to confirm the investor’s registration address in Cyprus and is a part of the required documents for the permanent residence application.
Several weeks
Fulfilment of the investment conditions Several weeks
Fulfilment of the investment conditions
Most investors buy new residential properties. The Immigrant Invest Real Estate Department offers investors a database of verified properties from reliable developers. An investor can choose a property remotely as we can organise a live video of the property examination.
When the investor has chosen a real estate property, they make the first payment according to the contract with a 19% VAT rate. After that, lawyers obtain a VAT reduction certificate for the investor, and the overpaid amount of 14% goes towards subsequent payments.
The same process applies to purchasing commercial real estate, except for the VAT reduction. If an investor has chosen another investment option, they buy shares or units.
At this stage, the investor also pays for Due Diligence.
1 day
Applying for Cyprus permanent residence 1 day
Applying for Cyprus permanent residence
Immigrant Invest lawyers submit the investor’s application with prepared documents to the Civil Registry and Migration Department of Cyprus.
4 to 6 months
Becoming a permanent resident 4 to 6 months
Becoming a permanent resident
The investor’s application is processed within six months. After approval, the investor and their family have a year to visit the country, submit biometrics, and get certificates and Cyprus permanent residence cards.
How else Immigrant Invest can help you: extra services after obtaining Cyprus permanent residence
Immigrant Invest helps open a bank account and solve everyday issues like agreeing with a management company on servicing your property. We also help collect necessary documents, find out where to apply and negotiate terms.
Renewal of a permanent residence card
We help collect and submit documents for a card renewal and get the new card
Replacement of a lost permanent residence card
We prepare the required documents and help receive the new card
Changing tax residency
Investors who spend more than 183 days a year in Cyprus become the country’s tax residents. In this case, we will send a request to the Cypriot tax service for registration of the tax residency
Permanent residence for family members
We help investors’ close relatives prepare documents and apply for permanent residence. Thus, relatives will get residence permits by family reunification
Opening a bank account
We consult on Cypriot banks and help prepare documents for opening an account in the chosen bank
Selecting real estate
We have a database of Cypriot real estate and check the reliability of developers and properties. An investor can examine a property themselves or choose remotely
Frequently asked questions
What are the Cyprus permanent residency benefits?
Cyprus permanent residence allows investors to relocate to the country, create a “safe haven” in Europe and quickly get Schengen visas.
How to get a permanent residence permit in Cyprus?
A foreigner can invest €300,000 in real estate, an investment fund or a business. After investing, they apply to the Civil Registry and Migration Department and get a permanent residence permit.
The permanent resident status is granted for life, and the ID-card is renewed every 10 years. In the meantime, the investor must visit the country at least once every two years.
How to get a temporary residence permit in Cyprus?
Temporary resident permits are granted to repatriates, relatives of Cypriots, foreign specialists and students.
Can I return the money invested in getting permanent residence in Cyprus?
An investor can recover their investment, i.e. sell the property, fund units, or business shares, after their Cyprus Golden Visa has expired or once they have obtained citizenship.
A permanent resident can become a citizen if they have lived more than five years in Cyprus.
Can Immigrant Invest guarantee that I will get Cyprus permanent residence?
If a company guarantees that an investor will become a Cypriot permanent resident, this company probably is a scammer. It’s impossible to ensure the status: the result depends on whether the investor will pass Due Diligence or not.
However, the rejection risk can be minimised. Immigrant Invest has a Compliance Department that conducts a confidential preliminary Due Diligence. We conclude an agreement with investors only if they successfully pass our check. This approach allows reducing the rejection risk to 1%.
Schedule a meeting
Let’s discuss the details
Schedule a meeting at one of the offices or online. A lawyer will analyze the situation, calculate the cost and help you find a solution based on your goals.
Zlata Erlach, Caribbean Investment Program Expert