To obtain residency in Cyprus through the Cyprus Residency by Investment Program, applicants must fulfill certain requirements. Here are the general requirements:
Eligibility: Applicants must be at least 18 years old and have a clean criminal record. They must also provide proof of the source of their funds for investment.
Investment Options: There are several investment options available to qualify for residency. The most common options include:
Purchase of a residential property: Applicants must invest a minimum of ?300,000 in a new property, which must be declared as their permanent residence in Cyprus.
Purchase of multiple properties: Applicants can invest a minimum of ?300,000 in residential properties, including one main residence and additional properties.
Investment in real estate, land development, or infrastructure projects: Applicants can invest a minimum of ?2 million in such projects.
Investment in Cypriot businesses or companies: Applicants can invest a minimum of ?2 million in Cypriot businesses or companies that have a physical presence in Cyprus and employ at least five Cypriot or EU citizens.
Combination of investments: Applicants can combine the above investment options to meet the required investment amount.
Financial Criteria: Applicants must provide evidence of stable and secured annual income originating from abroad. This can include bank statements, employment contracts, rental agreements, or other relevant documentation.
Residence Requirements: While there is no requirement to physically reside in Cyprus to maintain the residency permit, applicants must visit Cyprus at least once every two years to maintain the validity of the permit.
Medical Insurance: Applicants and their dependents must have valid medical insurance coverage in Cyprus.
Application Process: Applicants must submit the required application forms, supporting documents, and payment of the relevant fees to the Cyprus authorities. The application will be reviewed, and applicants may be requested to provide additional information or attend an interview.
It’s important to note that the specific requirements and investment options may be subject to change, and it’s advisable to consult with a qualified service provider or immigration lawyer for the most up-to-date and accurate information regarding the Cyprus Residency by Investment Program.
