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Foreign Investment & Citizenship

Foreign Investment & Citizenship Overview

Cyprus is considered one of the best relocation destinations in the world, as it enjoys high living standards, low crime rates, excellent infrastructure, as well as advanced educational and medical facilities. Also, its strategic location, its low corporate tax rate, the fact that it is a full EU and Eurozone member and a safe jurisdiction for asset protection, constitute Cyprus an attractive international business hub.

The Cyprus government has launched very attractive investment immigration programmes and Pagecorp Group can assist foreign investors who wish to exploit the various benefits of the two main programmes, namely the “Cyprus Citizenship by Investment” and the “Permanent Residence Permit”.

Cyprus Citizenship by Investment

Currently, the Cypriot passport ranks among the strongest in the world, since its holders can travel to 146 countries without a visa, while according to the Passport Index, Cyprus gets a Passport Power Rank of 13.

Foreign individuals may be granted Cypriot Citizenship and obtain a Cypriot Passport, with all benefits of an EU passport, if they fulfil ONE of the following investment criteria and all of the below conditions:

Investment Criteria

  • Investments in real estate, land development and infrastructure projects, of at least €2,000,000. Investment in land is eligiblle if supported by a development plan or
  • Investments in the purchase, creation or participation in companies that are based and operating within the Republic of Cyprus amounting to at least €2.000.000. The investment must support the local operations of the company and be supported by a detailed investment plan or
  • Investments in Alternative Investment Funds or financial assets of Cypriot Companies or Cyprus CySEC licensed companies amounting to at least €2.000.000. Such investments must be made in the Republic of Cyprus and be approved by the Minister of Finance or
  • Any combination of the above Investments amounting to at least €2.000.000 or
  • Any combination of the above Investments amounting to at least €2.000.000, including the purchase of Cyprus Government Bonds up to a maximum limit of €500.000; Government Bonds are issued by the Public Debt Management Office of the Ministry of Finance.

Conditions

-The applicant must be 30 years of age or above.

-The applicant must not have a criminal record in the country of origin or in Cyprus. A certificate that the applicant is not included in the catalogue of persons whose assets are frozen within the limits of the European Union is required.

-The applicant must have a permanent, privately owned, residential home in the Republic of Cyprus, the value of which should exceed the amount of €500.000 in current prices. This requirement is waived if a residential property is purchased as part of the real estate investment criterion (as explained above).

-The applicant must visit Cyprus at least once. There is however no requirement to reside in Cyprus at any point.

-The applicant does not become a Cyprus tax resident unless he/she spends more than 183 days in any one calendar year in Cyprus.

Pagecorp Group supports foreign investors comprehensively throughout the process of obtaining the Cyprus citizeship; from the collection of the required documents, the preparation and submission of the citizenship application and all the assistance until the completion of the relevant procedure and the granting of the Cyprus citizenship. Advice and consultation on the investment option that best suits the investor’s criteria and needs, are provided and the team assists fully with the realization of the qualifying investment.

Permanent Residence Permit

The Permanent Residence Permit (PRP) is granted in cases where the applicant does not have the intention of taking up employment in Cyprus in any direct or indirect manner. The applicant and/or his spouse may be a shareholder in a company registered in Cyprus. The PRP allows the applicant and his family to freely enter and reside in Cyprus.

Investment Criteria

  • Deposit of €30.000 into a Cyprus Bank Account
  • Secured guaranteed annual income of at least €30.000, increasing by €5.000 that derives from business activities
  • Proof of purchase of house, flat, commercial property, by the applicant or a controlled company (of minimum market value €300.000 excl. VAT) and documentation evidencing the payment of at least €200.000 against the full purchase price
  • The applicant and his family must have a clean criminal record and visit Cyprus at least once every two years. The permit covers the family of the applicant (spouse and dependants)

Dedicated immigration team of the Pagecorp Group provides foreign individuals with all the necessary advice in order to obtain the PRP; provided that no issues arise, the permit is issued within six months from the application submission.

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