There are two ways of obtaining the Permanent Residency in Cyprus. The main difference between the 2 procedures is that with the Fast Track there is a minimum Investment criteria whereas with the Slow Track there is no minimum Investment criteria. The Slow Track procedure is regulated under Regulation 5(f) which takes approximately 12 months to complete and although it does not have a minimum Real Estate Investment requirement the investor is still required to purchase a residence in Cyprus within one year from the approval of the application. The Applicant must have at their disposal a secured and legal annual income high enough to allow them to live decently in Cyprus without having to engage in any business, trade or profession. This income must come from legal sources from abroad such as pensions, permanent deposits, rent, ownership of companies, shares etc. The Fast Track procedure on the other hand is regulated under Regulation 6(2) which is a lot faster as it takes approximately 2 months to complete. The difference between the 2 procedures is that under the Fast Track there is a minimum Real Estate Investment requirement of €300.000,00 plus VAT. As with the Slow Track, the Fast Track Procedure requires that the Applicant shows that they have a secured and legal annual income high enough to allow them to live decently in Cyprus without the need to work.

With the Slow Track process the Law provides that the annual income required should be at least EUR 9.568,17 for a single applicant and moreover at least EUR 4.613,22 for every dependent person. Under the Fast Track procedure the applicant should submit a confirmation letter from a financial institution in Cyprus that they have deposited a minimum capital of EUR 30.000 into an account, which will be pledged for a period of at least three years. Additionally, the applicant should prove that they have at their disposal a secure annual income of at least EUR 30.000. This annual income should increase by EUR 5.000 for every dependent person and by EUR 8.000 for every dependent parent or parent-in law. In both cases the amounts must have been transferred to Cyprus from abroad.

The Immigration Permit issued to an applicant covers their spouse and children under the age of 18. For unmarried children of the Applicant from the ages of 18 to 25, the Law considers then as financial dependant if they are enrolled in tertiary education with at least six months of remaining study period from the date of the submission of the application. Parents and parents-in-law of the Applicant may also be considered dependants with the condition that the applicant presents an additional annual income of €8.000 for every such dependent parent.

Although there is a condition in the Regulations that the Investor must show they have sufficient financial means to support themselves and their dependants without the need to engage in any trade or profession in Cyprus, however, this condition does not restrict the Applicant from owning a Cyprus company that can provide them with a return in dividends.

Under the Regulations the Applicant must have made an investment in Real Estate. The property purchased must be new with a minimum value of at least EUR 300.000,00 (not including VAT). The Investment can either be in just residential properties or residential and commercial. It cannot just be commercial. The Investor can invest in a residence (house or apartment) or in 2 residences, or 1 residence and 1 commercial property (ie shop) of up to 100 square meters or one residence and an office of up to 250 square meters. In the event that the Investor decides to invest in multiple properties then it is a requirement that the properties are purchased from the same developer.

No, even if at the date of submission the Applicant has not fully paid up the investment amount the application can still be accepted if at the date of submission the Applicant has paid at least EUR 200.000 (not including the VAT).

Under the Regulations the Residence Permit does not expire even after their maturity at the age of 18, however, their future spouses and/or children will not be eligible as dependants for a Residency Permit.

No, the Residency Permit will not expire provided the Investor maintains their residential property. It is however possible for the investor to sell the residential property and still maintain their Residence Permit provided that the Residential property is immediately replaced by another property of the same or higher value.

Under the Slow Track procedure the Permit must be renewed every 5 years whereas for the Permits issued under the Fast Track Procedure the Permit is issued for life without the need to renew.

It is a requirement of the Scheme that the investor must visit the island at least once every 2 years for the Permanent Residence to remain in effect.

With the Slow Track process the Law provides that the annual income required should be at least EUR 9.568,17 for a single applicant and moreover at least EUR 4.613,22 for every dependent person. Under the Fast Track procedure the applicant should submit a confirmation letter from a financial institution in Cyprus that they have deposited a minimum capital of EUR 30.000 into an account, which will be pledged for a period of at least three years. Additionally, the applicant should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by EUR 5.000 for every dependent person and by EUR 8.000 for every dependent parent or parent-in law. In both cases the amounts must have been transferred to Cyprus from abroad.

The Immigration Permit issued to an applicant covers their spouse and children under the age of 18. For unmarried children of the Applicant from the ages of 18 to 25, the Law considers then as financial dependant if they are enrolled in tertiary education with at least six months of remaining study period from the date of the submission of the application. Parents and parents-in-law of the Applicant may also be considered dependants with the condition that the applicant presents an additional annual income of EUR 8.000 for every such dependent parent.

Although there is a condition in the Regulations that the Investor must show they have sufficient financial means to support themselves and their dependants without the need to engage in any trade or profession in Cyprus, this condition does not restrict the Applicant from owning a Cyprus company that can provide them with a return in dividends.

Under the Regulations the Applicant must have made an investment in Real Estate. The property purchased must be new with a minimum value of at least EUR 300.000,00 (not including VAT). The Investment can either be in just residential properties or residential and commercial. It cannot just be commercial. The Investor can invest in a residence (house or apartment) or in 2 residences, or 1 residence and 1 commercial property (ie shop) of up to 100 square meters or one residence and an office of up to 250 square meters. In the event that the Investor decides to invest in multiple properties then it is a requirement that the properties are purchased from the same developer.

A. No, even if at the date of submission the Applicant has not fully paid up the investment amount the application can still be accepted if at the date of submission the Applicant has paid at least EUR 200.000 (not including the VAT).

Under the Regulations the Residence Permit does not expire even after their maturity at the age of 18, however, their future spouses and/or children will not be eligible as dependants for a Residency Permit.

No, the Residency Permit will not expire provided the Investor maintains their residential property. It is however possible for the investor to sell the residential property and still maintain their Residence Permit provided that the Residential property is immediately replaced by another property of the same or higher value.

Under the Slow Track procedure the Permit must be renewed every 5 years whereas for the Permits issued under the Fast Track Procedure the Permit is issued for life without the need to renew.

It is a requirement of the Scheme that the investor must visit the island at least once every 2 years for the Permanent Residence to remain in effect.

There are 2 ways in which the Permanent Residence Investor can acquire the EU Citizenship. The first way in which a Permanent Residence investor can acquire the EU citizenship is after 7 years of residence on the Island with the year, preceding the Application for Citizenship, the Investor was resident on the island for a complete 365 days. The second way for the Investor to acquire the EU Citizenship is by applying under the Cyprus Investment Scheme for Naturalization of Investors by Exception. Under the Cyprus Investment Scheme the Investor will be eligible to acquire the EU Citizenship through investments of at least EUR 2.000.000,00 in Real Estate and other Assets. The assets acquired under the Permanent Residence Scheme can be used to form part of the Investor’s portfolio of investments for the Cyprus Investment Scheme for Naturalization of Investors by Exception.