Residency By Investment
General Information Regarding the Cyprus Residency by Investment Scheme*
In order to acquire the status of permanent resident of the Republic of Cyprus, the applicant must invest at least €300,000 (plus VAT) in the purchase of a house or apartment from a development company. The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets total market value of at least €300,000 (plus VAT).
The applicant should be able to prove that he has at his disposal a secure annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse). This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, rents, etc.
The applicant (and his spouse) must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus and generally they should not be considered as a threat in any way to public order or public security in Cyprus.
The applicant (and his spouse) must confirm that they do not intend to undertake any sort of employment in the Republic. The applicant should submit together with his application a title deed or a sale contract in his name and/or the name of his spouse, which has been officially filed at the Department of Lands and Surveys for a house or any other real estate of total market value of at least €300,000 (plus VAT, if applicable) and official payment receipts of at least €200,000 (excluding VAT), regardless of the delivery date of the property.
The applicant must prove with evidence that the investment money has derived from abroad and is not a result of domestic borrowing in Cyprus. The rest of the value of the investment will have to be repaid to the seller's account at a Cyprus financial institution.
The applicant should always obtain legal guidance from a qualified lawyer on the applicable legislation, application procedure, the preparation, drafting, and/or reviewing application forms and the agreements.
For any further information about the qualification for the Residency by Investment scheme, please contact our legal team.
* This article is NOT a legal advice and should NOT be considered and/or relied upon as such.