The Ultimate Guide to Cyprus Residency by Investment in 2024

Cyprus Residency by Investment

Cyprus, a beautiful Mediterranean island with a warm climate, advanced infrastructure, and a high standard of living, has long been a popular destination for foreign investors seeking residency or citizenship. Although the Cyprus Citizenship by Investment Program was discontinued in 2020, Cyprus continues to offer attractive residency by investment programs.

In 2024, foreign investors still have the opportunity to gain residency in this European country through the Cyprus Residency by Investment Program. This comprehensive guide provides you with all the information you need to navigate the process of obtaining Cypriot residency through investment.

What is the Cyprus Residency by Investment Program?

The Cyprus Residency by Investment Program allows non-EU, non-EEA, or non-Swiss nationals to obtain a permanent residence permit in Cyprus in exchange for a qualifying investment. It is a popular choice within Europe, thanks to the 2-month fast track option, allowing individuals to gain residency faster than most other countries. 

This program is particularly appealing to high-net-worth individuals seeking a stable environment with numerous benefits, including Visa-free access to multiple European Union member states and the opportunity to enjoy Cyprus’s low corporate tax rates and favorable tax benefits.

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Investment Requirements for Cyprus Residency

To qualify for the Cyprus Residency by Investment Program, applicants must make a minimum investment in Cyprus. The investment options include:

Real Estate Investments

The purchase of residential properties, commercial property, or land development projects with a minimum investment amount of €300,000 (plus VAT). Real estate purchases are the most popular option among foreign investors due to the stability of the property market in Cyprus and the potential for robust returns. 

Investment in Cyprus-Based Companies

Applicants can invest in a Cyprus-based company with a minimum investment amount of €300,000. The company must employ at least five Cypriot citizens and be involved in a sector that contributes to the economic development of Cyprus, such as technology, tourism, or infrastructure projects.

Investment in Alternative Investment Funds (AIFs)

A minimum investment of €300,000 in Cyprus-registered AIFs or financial assets of Cyprus-based companies is required. These investments must be approved by the Cypriot government. In addition to the above investment requirements, applicants must demonstrate a secure annual income of at least €50,000, derived from sources outside Cyprus. This amount increases by €15,000 for each adult dependent child and dependent parent included in the application and €10,000 for eac minor child.

Eligible Applicants for Cypriot Residence

The Cyprus Residency by Investment Program is open to non-EU, non-EEA, or non-Swiss nationals who meet the investment requirements and pass the necessary diligence checks. Eligible applicants can include:

  • Principal Applicant: The primary investor who meets the minimum investment requirements.
  • Spouse: A dependent spouse of the principal applicant.
  • Children: Dependent children up to the age of 18, as well as adult children up to the age of 25 who are financially dependent on the principal applicant.
  • Parents and Parents-in-Law: Dependent parents of the principal applicant or their spouse, provided they meet the financial dependency criteria.

Step-by-Step Guide To Apply for Cyprus Residency by Investment

Navigating the Cyprus Residency by Investment procedure involves several steps for successful applicants. This step-by-step guide outlines the application process for the program, detailing requirements and necessary documentation. Understanding these steps can help investors make informed decisions on foreign investment to secure residency in this attractive Mediterranean destination.

1. Choose an Investment Option

Prospective investors should consult with investment program experts to select the most suitable investment option for their circumstances, whether it be real estate purchases, investment in a Cyprus-based company, or alternative investment funds. The dedicated lawyers and consultants at JH Marlin can help you to decide which investment option makes the most sense for your finances and future prospects. 

2. Gather Required Documentation

Applicants must compile all necessary documentation, including a valid passport, original birth certificate, original marriage certificate (if applicable), consular birth certificate for minor children, police clearance certificates demonstrating a clean criminal record, proof of income, and documents verifying the source of investment funds.

3. Submit Initial Application

The initial application submission can be made through a licensed agent or a governmental department authorized by the Cypriot government to process residency applications. This includes the payment of the application submission fee and the government fee.

4. Investment and Financial Requirements

Applicants must make the required investment in Cyprus and provide evidence of the purchase, such as a property purchase agreement, share purchase agreement, or government bonds purchase certificate. Additionally, applicants must demonstrate a stable annual income from foreign sources.

5. Diligence Checks and Processing

The Cypriot government conducts thorough diligence checks to ensure applicants meet all the eligibility criteria, including the absence of a criminal record and the legality of the investment funds. This process typically takes between 6-8 months, depending on the application and the response time of the relevant authorities.

6. Issuance of Permanent Residence Permit

Once the application is approved, the Cypriot government issues a permanent residence permit, allowing the applicant and their dependents to reside in Cyprus indefinitely. The residence permit card is valid for five years and can be renewed upon expiry.

Which country is best for residency by investment?

What are the Benefits of Gaining Residency in Cyprus?

Gaining residency in Cyprus offers numerous benefits for foreign investors, including Visa-free travel within Europe, favorable tax advantages, and access to high-quality education and healthcare. Obtaining Cypriot residency can enhance your lifestyle and investment opportunities: 

  • Visa-Free Travel: Cypriot residency allows Visa-free access to multiple European countries, making travel within the region easier for residents and their families.
  • Tax Advantages: Cyprus offers a favorable tax regime, including low corporate tax rates and tax exemptions for non-domiciled residents, benefiting individuals and businesses.
  • High Quality of Life: Enjoy a high standard of living with a warm Mediterranean climate, low crime rate, advanced infrastructure, and a vibrant lifestyle.
  • Access to Education and Healthcare: Residents have access to quality healthcare services and a wide range of reputable educational institutions for children and adults.
  • Path to Citizenship: Permanent residents may apply for Cypriot citizenship after maintaining residency for five years, gaining all the benefits of European citizenship.

How Can a Citizenship Lawyer Help You Gain Cypriot Residency?

A citizenship & residency lawyer can simplify the process of gaining Cypriot residency by investment, from navigating legal requirements to selecting the best investment options. The lawyers and consultants at JH Marlin provide expert guidance to ensure compliance and increase your chances of a successful application.

Expert Guidance on Investment Options

A citizenship lawyer can help identify the most suitable investment options, whether in real estate, Cyprus-based companies, or alternative investment funds. Their expertise ensures that your investment meets the requirements of the Cyprus Residency by Investment Program, maximizing your chances of successful application approval.

Navigating Legal Requirements

Citizenship lawyers and residency lawyers  provide invaluable assistance in navigating the complex legal requirements of the residency program. They ensure all documents, such as birth and marriage certificates, are correctly prepared and submitted, and that all due diligence checks, including the criminal record certificate, are thoroughly completed. 

Streamlining the Application Process

A lawyer specializing in residency by investment can streamline the entire application process, reducing processing time and avoiding bureaucratic delays. They handle all aspects of the procedure, from initial application submission to liaising with governmental departments, ensuring a smoother path to becoming a resident.

Ensuring Compliance with Local Regulations

Citizenship lawyers and residency lawyers ensure compliance with Cyprus’s local regulations and investment laws, minimizing risks related to non-compliance. They help foreign investors understand residency requirements, such as the need for physical presence in Cyprus and maintaining a minimum annual income, to retain residency status.

Providing Post-Approval Support

Beyond securing residency, a citizenship lawyer offers post-approval support, assisting with renewing residency permits, managing tax obligations, and advising on pathways to citizenship through naturalisation. Their ongoing support helps residents maintain compliance and optimize their status within the Cyprus residency program.

Talk to an expert today

Secure Cypriot Residency Through Investment

At JH Marlin, we provide comprehensive legal services and consultancy services to help you gain residency by investment in Cyprus. Our experienced team guides you through the entire application process, from selecting the best investment options to ensuring compliance with legal requirements. 

We handle all the documentation, due diligence checks, and liaise with governmental authorities on your behalf, streamlining the procedure and reducing delays. You can trust us to make your path to Cypriot residency or citizenship seamless and successful!

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