In a globalized economy where multinational companies are expected to offer quality while cutting costs, Cyprus has become one of the most attractive places for third country citizens to acquire immigration permit through investing.

Being a European Member State, Cyprus provides the advantages of European economic zone and at the same time it has the lowest corporate tax rate in the EU of 10%. Having a strategic location at the crossroad of three continents it functions as a key outpost in the Eastern Mediterranean for partnerships from Europe Africa and Asia. Τhe island’s location also makes it an ideal transhipment centre, with Cypriot companies operating independently and with foreign partners to ship goods into and out of the EU via Cyprus.

Furthermore acquiring immigration permit in Cyprus, provides third countries’ citizens the opportunity to enjoy most of the benefits of a European citizen. Cyprus will soon enter the Schengen Zone of Europe allowing all Cyprus Permanent Residence holders to travel freely through Europe. At the moment it is very easy to receive a Schengen Visa once you have CY Permanent Residence.

Cyprus is one of the easiest countries to attain European Permanent Residence (PR). With a minimum property purchase of 300,000Euro investors are entitled to begin the application process.

According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue Immigration Permit to applicants, who are third country nationals, provided that they fulfill the following criteria:

1. The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
2. The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
3. The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period. It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
4. The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
5. The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
6. The applicants should visit Cyprus at least once every two years.

As of October 2011 the government released a decision of the Council of Misters allowing all company owners that set their business up in Cyprus and trade more than 10 Million euro per year in turnover to receive a Cyprus Passport and become citizens of Europe, giving them freedom to live in any European country. According to the above mentioned decision the criteria of acquiring Cyprus Citizenship are alternatively the following:

Direct Investments: The applicant should have direct investments in the Republic of Cyprus amounting to a minimum of €10 million. Direct investments include among other things purchases of immovable properties, business/companies, shares, financial assets (e.g. securities registered and issued in the Republic of Cyprus)

OR

Entrepreneurial Activities: The applicant should have established/ registered in the Republic of Cyprus a Company/Companies controlled by him, with a total minimum turnover, in accordance with the company’s /companies’ Audited Accounts, of €10 million per annum, on average, over the last 3 years preceding the year of the application and at least 1/3 of the applicant’s employees are citizens of the Republic of Cyprus

OR

Introduction of new and innovative technologies, Research Centers: The applicant should prove that he has introduced on a large scale new and innovative technologies in vital/major sectors of Cyprus’ economy or that he has established an important Research Centre for the conduct of research locally, on a large scale

OR

Bank Deposits: The applicant should have personal deposits in Cyprus banks or deposits of privately owned Companies or of a trust (in which he is a shareholder) in the Republic of Cyprus amounting to a minimum of €15million, spanning a five year fixed period.

It should be noted that the above mentioned deposits must be held in a banking institution within the Republic of Cyprus for a period no less than five (5) years. In the case where following a periodic inspection it is ascertained that the condition is being violated, the naturalization may be revoked;

Combination of Direct Investments, Entrepreneurial Activities and Deposits in Cypriot banks:The applicant should have a combination of the above mentioned assets amounting to €15 million

OR

Direct Income / Remuneration for Services: The applicant should have established a company or companies, the management of which is in the Republic of Cyprus, and in the last 3 years preceding the year of the application to have paid into the Cyprus economy either in the form of income tax payment / VAT and/or in the form of remuneration for the purchase of business services (legal, accounting, auditing, banking and others) at least €500.000 on average per annum.

CONDITIONS

1. Age: The applicant should be at least 30 years old.
2. Clean Criminal Record: A clean criminal record from the country of origin and/or from the Cyprus Police.
3. Confirmation that the applicant’s name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
4. Residence in the Republic of Cyprus: The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, the value of which must exceed the amount of €500.000 at current prices

1. M67 Cyprus Immigration Application Form
2. Copies of valid passport
3. Copy of Birth Certificate of all members of the family
4. 2 Passport Photographs for each applicant.
5. C.V (including academic qualifications).
6. Bank Accounts Statements in Cyprus and abroad.
7. Confirmation from Cypriot banks of the applicant’s fixed term three (3) year deposits.
8. Title Deed and/or Contract of Sale filed at the Land Registry, showing the house purchase of amount to be over €300,000 and receipts to prove the amount that has been paid on the property (at least €200,000 paid).
9. Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from his country).