Cyprus Permanent Residency Program - A Brief Overview

by Ajmera Law Group Leading team of immigration lawyers

The third-largest island in the Mediterranean Sea, Cyprus, has attracted numerous investors across the globe. In Feb 2009, the earliest Cyrpus Investment Program was initiated. The purpose of this program was to get people to invest in Cyprus properties.

However, Cyprus citizenship by investment is closed in 2020 instead, a permanent residency program is introduced by the government. This article will let you leaf through the details of this program.

Let’s begin.

Program Highlights

The applicant needs to maintain the property investment to avail of permanent residency for life.
A visit to Cyprus every 2 years is mandatory.
Cyprus citizenship can be applied by permanent residency permit holders unless they have lived in Cyprus for five years and the application is made within an eight-year period. Further, the applicant requires to stay in Cyprus for a year prior to application.
Children of the applicant, if aged between 18 and 25 can also be covered in the application given that they are not married, pursuing education, or are dependent on the main applicant for living.
Under the permanent residency permit, the applicant or their family cannot avail of job opportunities but can establish their business.

Investment criteria

A purchase of residential property is the basic criterion for the Cyprus investment residency program. The property requirements are as follows:

The property value should be a minimum of 300,000 Euros.
Investment in old properties is not applicable.
The purchase can be made of land building such that one or more units of housing property are purchased or one commercial property or a combination of the two.
Multiple properties with the same builder.
Old property investment can be replaced that matches with minimum value requirement.

Benefits of PRP

Applicants are not required to live in Cyprus post-investment.
Language is not a criterion.
Obtaining a Schengen visa becomes easy for PRP status holders.
Family members can also be included in the application if age requirements are met.
The program allows applicants to run a business and allow the family members to take education in Cyprus after residency permit.
Upselling or further investment after profit is allowed for applicants.
More investment is also permitted to applicants.
Zero tax, no dividends, and no inheritance tax for immigrant residents.

Final words

As long as the applicant is 18 years old, Citizenship by Investment Programs are the most straightforward to process. It offers maximum flexibility and an ease to live in Cyprus while making a good living and investment.