Cyprus Permanent Residence Program
Cyprus PRP
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Cyprus Country Overview
Cyprus is an island country located in the eastern Mediterranean Sea. It is a member of the European Union (EU) and the Commonwealth of Nations.
Cyprus has a mild climate with hot, dry summers and mild winters, making it a perfect destination for tourists all year long, and its unique culture and magnificent natural scenery have helped boost its growing tourism sector.
The economy of Cyprus is based mainly on services, manufacturing, and tourism. Cyprus has a diversified and open market economy, and the country is highly dependent on tourism and foreign investment.
One of the main routes for foreign investment comes in the form of Cyrpus’ Residency by Investment Program, a simplified pathway for investors to become residents of the EU country.
Cyprus Permanent Residence Program
Cyprus has one of the simplest residency by investment programs in the world, those who purchase a property within its borders are eligible for a residency permit. The Cyprus Permanent Residence Program is a popular immigration scheme that offers non-European Union citizens the opportunity to obtain permanent residency in Cyprus. The program was introduced in 2012 and has since become one of Europe’s most sought-after residency programs. The program allows successful applicants to live and work in Cyprus and travel freely within the European Union. To qualify for the program, applicants must meet certain criteria, such as making a minimum investment in real estate or a business in Cyprus.
Purchasing a property in Cyprus is one of the simplest ways to obtain a permanent residency card for you, your spouse, dependent children, and dependent parents. The government does not require a fixed investment amount, and all properties within the country’s borders are eligible. However, to qualify the property must be purchased at a fair market value, and investments of €300,000 are usually preferred.
Our team of immigration experts has years of experience assisting clients with their Cyprus Permanent Residence Program applications. We can guide you through every step of the process, ensuring that your application is complete and accurate and increasing your chances of success. Contact us today to learn more about how we can help you achieve your goal of obtaining permanent residency in Cyprus.
Although Cyprus is part of the European Union, it is not part of the Schengen Area, meaning that a Cypriot residency does not provide access to the Schengen Zone. The processing time for this program can take up to one year, and there is no fast-track to citizenship. However, those who reside as tax residents in Cyprus for seven consecutive years can apply for citizenship.
Content Table
Qualification Criteria
To qualify for the Cyprus Residency by Investment Program, an applicant must:
- Be over 18 years of age
- Have a clean criminal record
- Have the sufficient means to make an eligible investment
- Open a bank account and make a deposit in Cyprus
Eligible Family Members
Cyprus’s Residency by Investment Program allows applicants to add dependent family members to their applications. These members are:
- A spouse of the main applicant.
- Financially dependent biological children of the main applicant or spouse below the age of 28.
- Dependent parents of the main applicant or spouse
Investment Options
There is only one investment option under the program, which is investing in real estate, the amount is not defined by the government, but it is preferred to invest in one or more properties amounting to a total investment of €300,000 for a greater chance of approval.
The government allows investors to purchase any property on Cypriot land, while the investors must then maintain their investment to maintain their residency status. If an investor resides for seven years in Cyprus as a tax resident they can qualify for citizenship, and only after becoming a citizen can they sell their properties.
The Process
Cyprus’ Residency by Investment Program has a streamlined process consisting of a very short list of steps:
The Benefits
Cyprus’s Residency by Investment Program has vast array of benefits associated with it, including:
- Becoming an EU resident: Cyprus’ program allows investors and their families to reside, live, and work in Cyprus as an EU resident.
- Strong Plan B: the program gives investors and their families a great contingency plan in the form of a second home if they need one.
- Excellent healthcare and education: Cyprus has great healthcare and education systems for their residents.
- A simple process: Cyprus’s program is extremely simple and very affordable.
- Addition of family members: Investors can add their spouse, dependent children below 28 year of age, and dependent parents to the same application.