Step by step guide on how to obtain a residence permit and Cyprus passport

There is some confusion about the new measures the government has taken to ensure that foreigners (non-EU members) obtain a residence permit and even Cypriot (EU) citizenship through real estate. Residents of third countries (i.e. non-EU countries such as Russians, Ukrainians, Iranians, etc.) who were interested in purchasing real estate in Cyprus now have a bonus. A similar article was published a few months ago, but in consultation with the Home Office, we believe we now have the revised information.

Immigration permits equivalent to a permanent residence permit can be obtained by third-country nationals acquiring real estate in Cyprus worth at least EUR 300 000. Such persons are not subject to the time-consuming procedure of third-country nationals who now require consular visas, extended residence permits, return permits, and applicants are welcomed when buying a house, etc.

However, such permits will be issued by the Minister of the Interior, provided that the applicant has no criminal record and has a corresponding amount (approximately EUR 20,000 per couple per year) of insured income derived from abroad and not from employment or self-employment in Cyprus.

This category of applicants is not automatically entitled to apply for a Cypriot passport but may apply for a Cypriot passport/citizenship after a stay of 7 years. A permanent residence permit will be issued to eligible persons who can prove that they wish to emigrate to Cyprus. For this reason, although the application can be made after the acquisition of real estate, the authorities must be “convinced” that the applicant (or his family) has lived in Cyprus for at least 6 months (say 185 days/year), but this may not be strictly enforced. that further investigation/clarification is required).

The applicant may travel abroad for his business, etc., but this is a fact. For example, he may not buy a home and then live abroad for a total of more than 185 days a year. If the applicant transports his family and minors (under the age of 21) who are permanently resident here to Cyprus, this is good evidence (children attend local-foreign schools, etc.).
Other parameters:

1. People invest in agricultural, fisheries, and livestock farms, provided they have acquired similar land and have a capital of around € 430,000.

2. A mining undertaking provided that it has a free capital of EUR 350 000, provided that a mining license is guaranteed.
3. Any other company intending to invest in Cyprus for EUR 260 000, provided that it can obtain such a business certificate from the authorities.

4. Business or profession, if the applicant has sufficient equity capital and, if necessary, is in Cyprus.
Employees of any company provided that they can prove that their work will not be in conflicting circumstances in the field of work performed.

5. This is the case for foreigners who do not work in Cyprus but stay here as tourists and have an annual income of € 10,000 per person. This income can be received from pensions, interest, deposits, etc.

6. Any other applicant whose decision is made by the Minister of the Interior and who does not fall into the above categories, and provided that the issue of the permit does not have any negative consequences for the Cypriot population, e.g. parents of foreign residents who may not have enough annual income.

7. Approved persons residing abroad must enter Cyprus within one year of the issue of the permit. If the applicant receives a permit but resides abroad for two years, he may lose his permanent residence status.

All the applicant’s dependents (spouse, minor children – that is up to 21 years of age) can also obtain a residence permit.

A permanent resident can apply for a Cypriot passport/citizenship after 7 years. In this case, it will be treated as local without restrictions.
Obtaining a Cypriot passport/citizenship. This proposal is now approved under an exceptional procedure (naturalization) based on economic criteria, but the joint proposal proposes:
(i) The applicant must have a direct investment in Cyprus of at least EUR 25 million. (eg real estate, factories, land, businesses, etc.) OR

(ii) The applicant must establish a local Co / Cos with an annual turnover of at least 85 million. EUR. for the year preceding his application. OR

(iii) the applicant presents new innovative Cypriot technological projects, including research centers. He must prove that the applicant has undertaken such activities on a large scale and in areas of vital importance to the Cypriot economy, or that he has set up a large local research center. OR

(iv) it has personal deposits with Cypriot banks (or cash deposits managed by Co) amounting to EUR 17 million at least.

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