What is Cyprus Permanent Residence for Investment and who is it suitable for?
Under Regulation 6.2 of the Aliens and Immigration Law, non-EU and EEA investors can obtain a permanent residence permit under a simplified procedure called Fast Track Permanent Residence. This program allows investors to include more additional applicants than any other type of residence permit and provides for four investment options with a value of 300,000 EUR or more (residential property, commercial property, shares in Cypriot companies or units in Cypriot investment funds).
The most popular option is the purchase of residential real estate. The investor buys one or two objects in new buildings with a total value of 300 000 EUR (+ VAT). Housing bought on the secondary market is not eligible for participation in the program.
Under Regulation 6.2 of the Aliens and Immigration Law, non-EU and EEA investors can obtain a permanent residence permit under a simplified procedure called Fast Track Permanent Residence. This program allows investors to include more additional applicants than any other type of residence permit and provides for four investment options with a value of 300,000 EUR or more (residential property, commercial property, shares in Cypriot companies or units in Cypriot investment funds).
The most popular option is the purchase of residential real estate. The investor buys one or two objects in new buildings with a total value of 300 000 EUR (+ VAT). Housing bought on the secondary market is not eligible for participation in the program.
Tuiaara Evseeva
CEO
Shagin & Partners
Shagin & Partners
Eligibility criteria for residence permits for investment
The term for obtaining a residence permit in Cyprus is from 2 months from the date of submission of documents. It is not necessary to renew the residence permit, the status is indefinite, but the investor must come to the country at least once every 2 years, otherwise the residence permit may be revoked.
- Not be an EU/EEA citizenIf you reside outside your country of citizenship, it is important to consider the legality of your actual stay in the country of residence when applying from outside Cyprus.
- Sufficient investmentFrom 300,000 EUR in residential real estate, commercial real estate, shares of Cypriot companies or units of Cypriot investment funds.
- No criminal record for the last 5 yearsCertificates of no criminal record must be issued at least 3 months prior to the application date, apostilled and submitted along with a sworn translation from a certified sworn (Jurado) translator.
- Certificate of public or private health insurance in CyprusThe insurance certificate (policy) must be issued by an insurance company authorized to do business in Cyprus and have full coverage.
- Proof of ownershipOr a contract for the purchase and sale of real estate in Cyprus.
- Declaration confirming annual incomeNot less than 50000 EUR for the main Applicant (+15000 EUR for spouse, + 10000 EUR for each child under 25 years old)
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www.shagin.pro | office@shagin.pro
www.shagin.pro | office@shagin.pro