How To Get Cyprus Residency By Investment Program

Located on the eastern side of the Mediterranean Sea, the Republic of Cyprus is a significant economy in the European Union. While generally known for its high touristic appeal globally, it is one of the best-performing countries regarding Human Development. What more does an investor want? Cyprus checks nearly all the major boxes, and the one cause of worry that dreads all investors – administrative lags – is fixed with its Permanent Residence by Investment Program. The provisions of the program were amended in 2021 to fine-tune the application process. Thus, Cyprus Residence by Investment Program could be a good choice.

This is part of an unofficial series on different residence/citizenship by investment programs in the world. So, without further ado, let us try to answer the question posed in the article’s title.

Investment requirements

As it is evident from the name itself, the applicant will have to invest to gain permanent residency. Investment is a primary criterion, but there are other requirements as well that must be met. We shall discuss those later on. Anyway, as far as investment is concerned, the applicant must make certain kinds of investments.

The applicant is required to make investments in any of the following: buy residential real estate for a minimum worth of EUR 300,000; make investments in any commercial real estate worth a minimum of EUR 300,000; make investments in any local company for a minimum of EUR 300,000; or make investments in local investment funds for a minimum of EUR 300,000. Earlier on, the applicant was required to open a savings bank account of a minimum of EUR 30,00 in a local bank for three years, but the condition has been removed via the amendment. 

Other conditions to be met

As I wrote before, investment is not the sole deciding factor. A set of other conditions are to be met to be eligible for applying for the program. These conditions include the applicant being of legal age, having no criminal antecedents, having a legal source of income, having sufficient financial health to make the requisite investments, and having a clean background of the family members you wish to bring along. Unlike a few countries offering such programs, Cyprus does not require any proficiency in the local language. 

Advantages of the program

The first benefit of the program is that Cyprus issues an unlimited permanent residence permit to successful applicants. It does so within a very short span of time, which is two months. Being a part of the European Union, Cyprus’ residents and citizens are entitled to freedom of movement within the Union.

These benefits can be extended to your family members. Still, you should note that only the spouse and underage children are covered. However, children above 18 but dependent on you can be covered, as well as elderly, dependent parents. If interested, you can apply for citizenship after seven years. Upon successful acquisition of Cypriot citizenship, you are not required to renounce your original citizenship, as Cyprus recognizes dual citizenship. 

Documents to be furnished

By this time, you must have a decent idea of what documents you must submit as part of the application process. To name a few, you will have to submit the application form, certified copies of birth certificates, passport, and academic credentials, statement of income from different sources, statement of financial contribution to the Cypriot economy, police clearance report, any other documents such as and certificate of ownership of the real estate in Cyprus, etc. Now, more documents may be required to be submitted depending on your candidature. 

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