Cyprus

If you’re looking for an easy way to permanent residency in a European country, Cyprus should be one of your first options. Cyprus offers a residency program that allows you to achieve permanent residency in just 2 months.

Cyprus is a Member of the European Union and the Eurozone. The ‘Yellow Slip’ is available to EU citizens wishing to settle and work in Cyprus permanently without the need to renew. Non EU dependents may also be included in the application thus making them eligible for the same rights and benefits as EU citizens.

There are many benefits that come with the Cypriot residency program:

• Tax benefits: Permanent residents in Cyprus are exempt from inheritance tax and capital gains tax on the sale of their primary residence.
• Access to quality healthcare and education: Cyprus has a high-quality healthcare system and education system. Permanent residents have access to these systems on the same basis as Cypriot citizens.

•    To begin with, the permanent residence permit allows you to enter Cyprus freely and therein without a visa. 
•    There are no minimum stay requirements. Come and go as you like. 
•    The permanent residence permit entitles you to apply for a Schengen visa in any of the Cypriot embassies. You can obtain the Schengen visa in less than 4 working days; faster than most other embassies. 
•    The process to achieve permanent residency is extremely fast. You can become a permanent resident in approximately two months. 
•    There are no requirements with regard to language. 
•    The program is open to all non-EU nationals. 
•    You are not liable for payment of Cypriot taxes. 
•    Cyprus, due to its strategic geographical positioning, connects you to Europe, Africa, and Asia, making travel very convenient. 
•    You are entitled to pursue higher education in any of the educational institutions located in the country. Cyprus is home to many UK-based educational institutions.
•    Cyprus boasts a high-standard of living. 
•    Visas to non-EU countries are easier to access with a Cypriot permanent residence visa. 
•    Permanent residence permits are given to dependents including, spouse, parents, in-laws, and children below the age of 25. 
•    Permanent residence in Cyprus does not expire and it can be simply transferred to your spouse and children. 

Here are the conditions to be met in order to qualify for the program:

• A copy of your passport
• A copy of your criminal record certificate
• Proof of your investment
• Proof of your income
• Full cover health insurance in the Republic
• Applicant must be physically present for submitting the application
• Ultimately demonstrate the intention to reside on the Island

• Applicants must invest at least €300,000 in real estate in Cyprus. The property can be a residential property, a commercial property, or a combination of both.

• Clean criminal record: Applicants must have a clean criminal record.

• Sufficient income: Applicants must have a sufficient income to support themselves and their family members in Cyprus. The minimum income requirement is €30,000 per year for the main applicant and €5,000 per year for each dependent family member.

Investment Options

Applicants are required to enter into a rental agreement or purchase a permanent residence, and have full cover health insurance in the Republic as well as the following: 

• Secured annual income of €30,000 for yourself, and another €5,000 for every dependent (spouse and children);
• Three-year fixed deposit with a Cyprus bank of at least €30,000;
• Purchase of a residential property with a combined value of €300,000 (excl. VAT if applicable).

The cost of the Cyprus Investment Program is 2m euros plus the donation of €200.000, and it does not include the following government fees for the citizenship application:

• Which other family members are entitled to obtain citizenship of Cyprus along with an investor under the program: spouse, children, parents?

An applicant and other dependent family members – spouse, minor children (under age 18) and financially dependent adult children (students under age 28) obtain citizenship. Parents can also get Cyprus Citizenship by buying a property for a minimum €500,000 if their Children already acquired it. In other words, parents are NOT required to make a full investment of €2 million euros, only the purchase of a house or an apartment for a minimum amount of €500,000 is enough.

• Is a passport of a citizen of Cyprus a full value passport of a European Union member state?

Yes, that is precisely so.

• Is an investor required to reside in Cyprus after he/she has obtained citizenship to retain it?

No, you are not required to reside in Cyprus.

• Will my citizenship expire?

No. When you acquire Cyprus citizenship by way of investment under the program, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.

Make Cyprus your second home 

Visa-Free Countries

1,189,265
POPULATION
US$41,572
GDP nominal (per capita)
US$35.970 billion
GDP (purchasing power parity)

CAPITAL CITY
Nicosia
TIME ZONE
Eastern European Time Zone (UTC+02:00)
TOTAL AREA
9, 251 km2
LANGUAGES
Greek, Turkish, English
CURRENCY
Euro €
MAIN INDUSTRY
Tourism, Agriculture
SCHENGEN/ EU
EU Member State

KEY ADVANTAGES

• Right to reside, work, travel freely within EU
• Prospective member of Schengen
• Favorable tax regime

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Disclaimer
The materials contained in this page are provided for general information purposes only and are not intended to provide legal or other professional advice. Processing times and costs will vary depending on a number of factors. CitizenMatch is not responsible for any changes to the time and cost estimates; we can provide specific information on an individual basis. All rights reserved.