Residence by Investment Permits in Cyprus

As a foreigner, and even as a national of a non-EU country, you can apply for different investment residence permits in Cyprus. Although programs such as the "Golden Visa" have been discontinued, there are still more than attractive programs to undertake your next investment, and from which you can obtain great advantages. Here in Mundo, we want you to know them.

This permit is currently the most useful for investors right now. It grants whoever obtains it, the capacity and the right to legally inhabit Cyprus based on the Categories referred to in Regulations 5 and 6(2) of the Aliens and Immigration Regulations. As we already said, it is extended to the applicant’s direct family.

In general, to apply for this type of permit, you must carry out an investment of at least EUR 300,000 + VAT in a real estate property in Cyprus. Once this premise is met, the Cypriot authority will grant the permit according to different criteria and the particular situation of each applicant.

In March 2021, an amendment to Regulations 6(2) came into force, with which the Cypriot government seeks to deepen the promotion of foreign investment and the inflow of new capital, in areas that go beyond just real estate.

As an investor, besides brand new properties, you will be able to invest in the following areas:

● Offices

● Hotels

● Shops

● Commercial Properties

● Shares of a Company with physical presence, activities, and active personnel working in Cyprus

● Investment Funds

You need to know that besides the initial investment, as an applicant you must be able to prove a secure annual income of at least EUR 30.000, plus EUR 5.000 for each dependent person, and EUR 8.000 for each dependent parent. And finally, if the investment goes to new residential properties, the investment must be of at least EUR 200.000 + VAT, and the annual income must derive from abroad, according to Cypriot law.

Temporary Residency Permit in Cyprus

If you are a Non-EU Citizen and want to stay in Cyprus, you can apply for this permit at the Civil Registry and Migration Department of Cyprus. If you get the green light, you will receive a 3 month-long Visa. It could be extended for a maximum period of 3 other months. 

In general, to apply for this visa, the Cypriot authorities require that your application for this type of permit be related to family reunification reasons (non-EU citizens married to Cypriot citizens, non-EU in-laws of Cypriot citizens, or a minor child of a non-EU citizen married to a Cypriot citizen).

Plus, and as the final category to apply for this permit, you are a Non-EU Citizen who wants to stay living in Cyprus longer than just 3 months and counts with a secure income for your living expenses. It is important to say that this income must come from abroad.

Cyprus Citizenship by Years of Residence

You and your family will be eligible to apply for Citizenship once you have legally lived in Cyprus for 7 years, according to Cypriot law. The applicant also must have lived in the country for a year before the application. 

There are also some time reductions for the applicants. If he/she is a parent or a child of a Cypriot Citizen, the time frame for living in the country goes down from 7 years to 5.

Cypriot law requires that the application be accompanied by these documents:

● Applicant’s birth certificate

● Applicant’s certificate of clean criminal record

● Applicant´s marriage certificate

● Copies of the pages of all passports of the applicant showing him/her arrivals and departures from Cyprus

● A detailed statement made by the applicant regarding him/her arrivals and departures from Cypriot soil

● Two passports size photographs

● Photocopy of the receipt for the amount of EUR 500 paid as fees

As an applicant, you need to know that all these documents must bear an official translation into Greek or English from the Press and Information Office; and be certified with apostille if the country of origin has signed the Hague Convention of 1961.

Investing in real estate is more than advisable if you are an investor and are interested in investing in a stable market, in constant growth, and a location characterized by quality and luxury properties, at affordable prices, and a guarantor of great tranquility at a general level. 

The benefits of this type of investment in Cyprus are obvious. The investment residency programs, the friendly tax policies, the opportunity to own a property in a natural paradise, away from the stress and madness of the big cities should inspire you to move to this small country bathed by the waters of the Mediterranean Sea, whether you are looking for the tranquility of a vacation, or to settle down after a life of businesses, hard work and accomplishments.

At Mundo, we are at your service to advise you and accompany you during all the stages of the process of acquiring your Cypriot property. Our portfolio of experts and specialists will also support you in all matters concerning your application and obtaining your residence permit, as well as that of your family. Take advantage of the benefits of this country and contact us today!