Cyprus offers investors the chance to get European Residency through its Permanent Residency by Investment Program that has two investments schemes: either the normal path which takes up to 12 months to issue the Cyprus PR cards, or the fast track path which grants investors their residency cards within 3 short months.
Cyprus, a magnificent country located in the eastern Mediterranean, is where the heritage of the past beautifully blends with the modernism of today. With its golden beaches, crystal clear water and great climate, Cyprus has something to offer each and every visitor.
Foreign investors will need to purchase a real estate property and meet minimum annual income requirement in order to qualify for the Cypriot Residency. Under the same investment, investor’s family can also get the Cypriot Residency and benefit from high standards of international education and healthcare.
Once Cypriot residency is obtained, investor and his family will be able to live and do business in Cyprus. Businessmen, specifically, have been favoring Cyprus Residency by Investment program over similar programs due to the country’s attractive tax environment; Cyprus has one of the lowest property tax rates globally and doesn’t impose tax on inheritance.
Cyprus Permanent Residency is a lifetime residency that doesn’t need to be renewed and will lead to Cyprus Citizenship if investor resides in Cyprus for 7 or more years. Moreover, Cyprus will soon join the Schengen Zones allowing Cyprus PR holder to travel and work freely within other EU countries.
Cyprus doesn’t have any education or experience requirements. Only requirement, apart from the investment, is to visit the country once every two years.
Unitary state, Presidential system, Constitutional republic
- Regular Track Cyprus Permanent Residency: The applicant is required to have purchased a resale
property residence for his/herself and his/her family in Cyprus at a value starting at €150,000 (excluding VAT).
- Fast Track Cyprus Permanent Residency: Under this track, the applicant is required to have
purchased a new (not resale) property residence from a developing company for him/herself
and his/her family in Cyprus at a value no less than €300,000 (excluding VAT).
Property can be purchased everywhere in Cyprus. In recent years, Bluemina has helped
applicants purchase property in Larnaca, Paphos, Limassol, and Protaras.
-Projects in Larnaca:
Situated on Cyprus’s southernmost coast, Larnaca is the country’s third largest city and
home to the second largest commercial port. Larnaca International Airport is located on the
outskirts of the city, with easy access to and from the city centre.
-Projects in Paphos:
Paphos is a charming harbor town southwest of Cyprus. Besides its golden sandy
beaches, it is one of the most culturally rich areas of the island.
-Projects in Limassol:
Limassol is the second largest urban area located on the southern coast of Cyprus.
It is a great base for travelers who want to enjoy a vibrant seaside lifestyle while
still experiencing the cultural heritage of Cyprus.
-Projects in Protaras:
Family-friendly and tranquil, Protaras is situated along the sandy coastline of
Cyprus’s Fig Tree Bay.
Cyprus offers two routes under which Cypriot permanent residency can be obtained:
1-Regular Track Cyprus Permanent Residence Permit According to the decision of the Minister of Interior of the Republic of Cyprus dated May 07th, 2009, regulation 5(F) of the Aliens and Immigration Regulations provides a unique opportunity for granting a permanent residence permit within 8-12 months to prospective non-EU individuals purchasing a new resold property at a value starting at EUR 300,000 (excluding VAT) and should also provide proof of annual income no less than EUR 24,000 for a single applicant and EUR 5000 for every dependent. This may include any source of income such as wages, salaries, and dividends or rental income.
2- Fast Track Cyprus Permanent Residence Permit In pursuance of the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior of the Republic of Cyprus on August 29th, 2012 decided to issue Immigration Permit within 3-4 months to third country nationals who acquire by virtue of sale, a self-owned and not re sale properties in Cyprus for self-residential purposes for a minimum value of EUR 300,000 (excluding VAT). Additionally, the applicant must prove that they have a secured minimum annual income of EUR 30.000 and that this income is derived from abroad and not from working in Cyprus. Moreover, the required minimum annual income is increased by EUR 5.000 for each dependent person.
The Cypriot permanent residency can be obtained in 3-4 months. Investors can opt for the fast track option.