Thankfully Cyprus has a number of schemes designed to cater to foreign nationals looking to reside and work in the country. One of the most popular of these is the Cypriot Residence Permit for Non-EU Citizens.

What is the Cypriot Residence Permit For Non-EU Citizens?

If you’re looking to purchase a holiday home in Cyprus, then you needn’t worry about the issue of residency: your property automatically entitles you to 180 days a year in Cyprus for holiday purposes. If you’re looking to reside and work in Cyprus on a permanent basis however – and looking to gain the advantages of EU citizenship – then you’ll want a Residence Permit.

Other benefits of a Cypriot residence permit include:

• A pathway to permanent citizenship after seven years
• No obligation to live in Cyprus – just return once every two years
• Visa-free entry and residency in Cyprus
• Freedom of movement within the Schengen zone
• Permit extends to spouse, parents and financially dependent children
• Tax liability in Cyprus is unaffected
  If you’ve purchased a property in Cyprus, you may find that you already qualify for residency.The application process is straightforward and has an average approval time of two months, meaning there is little reason not to apply if eligible. Qualification criteria include:
• A new property worth €300.000 or more
• Payment of at least €200.000
• Annual global income of €30.000 or more
• Annual income of €5000 for dependent children and €8000 for parents
• A minimum of €30.000 deposited in Cyprus for 3 years
• No criminal record
• Visit at least once every 2 years
  While you do not need to spend a lot of time in Cyprus to fulfil the requirements of the Residence Permit, you do need to stay permanently if you wish to fulfil the pathway for Cypriot citizenship. Qualifying residents must have spent at least 7 years of a 10 year total living in Cyprus in order to obtain Cypriot citizenship, as well as fulfilling certain other criteria.

The scheme was introduced in 2017 to encourage starting up of innovative businesses.

The Visa Application has be made by the startup founder for an individual startup visa; or by the founder and up to four senior executives for a group startup visa.

Applicants profile has to match the following criteria :

• Non-EU nationality
• Start-up capital of €50.000 or more
• An innovative business or business plan
• Plans for a business HQ in Cyprus
• Effective management in Cyprus
• Tax residency in Cyprus
• An undergraduate degree or equivalent
• Fluency in either Greek or English

Details on the Cypriot Citizenship by Investment scheme

Cyprus is one of only two nations in Europe to offer a citizenship by investment scheme.

Criteria for Applicants for the Citizenship By Investment scheme must invest €2 million in one or more projects and personal properties across the island.

The Investment can be any of the following :-

• Buildings, infrastructure or land
• Alternative Investment Funds & other licensed assets
• Buying or opening a Cypriot business
• Investing in an existing Cypriot business
• Purchasing government bonds (max €500,000)

The Cypriot government introduced the “citizenship by investment” to attract Foreign Investment.

The new minimum capital required for an individual is €2 million, and can be invested in:

• The purchase or construction of buildings, infrastructure or other land development projects
• Alternative Investment Funds, or other assets of companies & organization’s licensed by CySec
• The purchase or creation of a Cypriot business
• Participation in an existing Cypriot business
• Purchasing government bonds*
• A combination of the above
• * maximum €500,000 as a proportion of total investment

The investments must be retained for at least three years to guarantee citizenship.

The benefits of citizenship can be passed down to children, parents and other benefactors, provided that the investor also purchases a house in Cyprus of at least €500,000 value plus VAT.

At Immigration2Europe our tailor made packages include visa applications, business plan,company formation services, bookkeeping and virtual offices

Advantages of having a Cypriot passport

• Time taken is ONLY three months for the Council of Minister in Cyprus to make a decision after they’ve received the application
• No need to pay local tax if you stay less than 183 days in Cyprus each year
• After you’ve become a Cypriot citizen, you can purchase properties in any EU country.
• Visa Free Travel to 157 countries.
• Minimum Requirement to visit is once every seven years!
• Investors can bring their children of up to 28 years old as long as they’re in full time education
• There are no language requirements.

Bank Deposits

The applicant or company, of which the investor is the main beneficiary, was previously required to maintain a fixed deposit of $5 million in a Cypriot bank for three years. As of September 2016, this requirement has been abolished.

Purchase or creation of a Cypriot business

The individual applicant may opt to invest in the purchase or creation of a Cypriot business. This must be located within the Republic and should employ at least 5 Cypriot citizens.

Real Estate

With a robust financial services sector with added Oil & Gas industries , it is an ideal time for investors in Real Estate to take advantage and qualify for a Cypriot passport, simply by investing in any Real Estate projects of apartments, houses, villas and even infrastructure projects.

• Investors are allowed to sell properties after three years and only need to keep one residence worth
  $500,000 to keep their Cypriot passport and citizenship.
• Investing in real estates is relatively easy to maintain and manage
• You may choose to purchase one for more properties, as long as the total value exceeds the minimum
  investment requirement