Residency through investment in Cyprus in 2023
Updated: June 12, 2023
The Cyprus Residency by Investment program enables successful applicants and their families to obtain an unrestricted Cyprus immigration permit within two months. After residing in the country for five years with this permit, investors can apply for Cyprus citizenship.
In 2023, applicants can acquire permanent residence in Cyprus by investing a minimum of €300,000 in real estate or securities and demonstrating an annual income of €50,000. If the investment is in residential property, the entire income must come from abroad. However, for other investment options, a portion or all of the income can also be sourced within Cyprus.
The program underwent recent updates on May 2, 2023. These updates include an increase in the required annual income, exclusion of the applicant’s parents and parents-in-law from acquiring residence together, and other changes. The new and updated requirements are detailed below.
Characteristics and advantages
The Cyprus investment visa offers the following benefits:
- Unrestricted entry and residence in Cyprus
- Eligibility for the applicant’s spouse and dependent children
- Access to healthcare through the General Healthcare System
- Limited work rights, primarily for investing in company shares as directors
- Appointment of the applicant and/or spouse as unsalaried directors of companies
Requirements for obtaining Cyprus residency through investment
In 2023, the following criteria apply to investors seeking Cyprus residency:
1. Minimum investment of €300,000 in one of the following categories:
- Purchase of a new residential property: This can be a house or apartment worth at least €300,000 plus VAT. The investment can also comprise two properties, purchased from different development companies, totaling the required amount. Off-plan properties are also included, regardless of the delivery date. If the applicant and spouse purchase jointly, the minimum amount applies to both individuals.
- Acquisition of commercial properties: This includes offices, shops, hotels, or related developments, which can also be a combination of these. Resale or used properties are also eligible.
- Investment in a Cyprus company’s share capital: This involves purchasing shares or establishing a Cyprus-based company and investing in its share capital. The company must have a physical presence and a minimum of five employees in the Republic of Cyprus.
- Investment in units of a Cyprus Investment Organization of Collective Investments (e.g., AIF, AIFLNP, RAIF): This entails purchasing units in any of the mentioned investment forms.
2. Income criteria:
- The applicant must demonstrate an annual income of at least €50,000.
- An additional €15,000 is required for the spouse, and €10,000 for each dependent child.
- The spouse’s income can be included in the calculation.
- When choosing the residential property option, the applicant’s income must be entirely from abroad.
- For other investment options (commercial real estate, company shares, or investment units), income can come from sources within Cyprus, provided it is taxed in the Republic.
Dependent persons
- The applicant can include the following dependents in their application:
- Spouse and children up to 18 years old.
- Unmarried children between 18 and 25 years old who are university students. If they intend to study in Cyprus, they must initially apply for a student visa. Upon completing their studies, they can apply for an Immigration Permit, which remains valid beyond the age of 25. The parents must demonstrate an additional annual income of €10,000 for each such child.
Cyprus citizenship
- After residing in Cyprus for five years within a seven-year period with the Cyprus residency obtained through investment, the applicant can apply for citizenship.
- The applicant must spend a total of 1825 days (5×365) in Cyprus, with the requirement of continuous presence in the country during the final year before applying.
Schengen Area or Europe Visa-Free Travel
- Cyprus residency does not grant visa-free travel to any EU country or the Schengen zone, as Cyprus is not yet a member of the Schengen zone. However, Cyprus has applied for membership, and the application is currently under consideration.
Additional information
- The permanent residency holder must personally visit Cyprus at least once every two years.
- Employment in Cyprus is not permitted, except as directors in a company invested in under this policy.
- Shareholders of registered companies in Cyprus can receive dividends and serve as directors without receiving a salary.
- The investment funds must be transferred from abroad to Cyprus.
- The application process takes approximately two months.
- The application fee is EUR 500, with an additional EUR 70 for each accompanying person.
- The final decision is made by the Minister of the Interior.
New annual obligations for verifying criteria
- Each year, applicants must provide confirmation to the Civil Registry and Migration Department that they meet the following criteria:
- Maintaining the initial investment
- Meeting the required annual income
- Holding a clean criminal record in their country of residence and origin
- Possessing health insurance if not covered by the General Health System (Gesy)
- Failure to submit or verify these documents may result in the withdrawal of the residence permit.
Required documents
To apply for a Cyprus investment visa, the applicant must provide the following documents:
- Copy of the applicants’ passports
- CVs of the applicants
- Official and certified translation of the marriage certificate
- Official and certified translation of children’s birth certificates
- Criminal record certificate from the applicant’s country of residence, with official and certified translation
- A statement declaring that the applicant and spouse will not engage in paid work in Cyprus
- Tax statements from the applicant’s tax residence country to prove income, accompanied by a sworn statement (affidavit)
- Health insurance certificates for the applicant, spouse, and underage children if not covered by the General Health System (Gesy)
- Signed and certified authorization from a representative, if applicable
- For children aged 18-25, a university confirmation and additional documents listed on the moi.gov.cy Immigration Permits for Investors website
Investment-related documents:
- – For investment in a house/apartment or commercial properties: Contract of sale and proof of payment of at least €300,000
- For investment in a Cyprus company’s share capital: Share Purchase Agreement, Certificate of Shareholders and Incorporation, Business profile, and Social Insurance documents demonstrating the company’s employment of personnel
- For investment in units of a Cyprus Investment Organization (AIF, AIFLNP, RAIF): Titles or other proof of purchased units, confirmation from CySec concerning the Fund, and the Memorandum for the Fund or Investment Plan
- Documents marked with (*) must be translated into English and carry the “APOSTILLE” stamp or be certified by the Ministry of Foreign Affairs of the issuing country and the Cyprus Embassy of that country.
