Cyprus Permanent Residency (PR) - a popular program where, in exchange for investments, the applicant receives a host of privileges: the opportunity to apply for European citizenship, access to quality healthcare and education, investment in liquid assets, and more.
The popularity of the Cyprus PR program began to rise among Russians after similar programs in Malta, Latvia, and Lithuania were closed. A month ago, Grenada's investment program closed, and demand for Cyprus PR increased again. If you plan to obtain a new migration status for money, you should be aware of the new requirements introduced by the Cypriot authorities. On May 2, 2023, amendments to the rules for issuing immigration permits to investors from third countries come into effect. The decision was approved by the Cabinet of Ministers of the Republic of Cyprus on April 21, 2023. Let's consider the updated conditions point by point.
Main Requirement
The main requirement for obtaining Cyprus PR remains unchanged - to invest in the budget of the island country from €300,000. Available entry options:
- Purchase of one or two real estate properties on the primary or secondary markets.
- Acquisition of shares in Cyprus companies for the same amount.
- Purchase of a stake in investment funds.
Investments are refundable; after obtaining citizenship, the applicant can sell them. Important! Funds for the investment contribution must come from abroad. It is not possible to obtain a loan from a local bank and conclude a sale-purchase transaction with these funds.
Income Amount
Changes have been made to this point. Previously, the minimum annual income amount per applicant was €30,000 + €5,000 for the spouse and €5,000 for each child. Now the minimum annual income amount per applicant starts from €50,000 + €15,000 for the spouse and €10,000 for each child under 18.
Applicant's Family Members
Investor's children aged 18-25 can also obtain PR status if they are students at universities outside Cyprus. If a child over 18 is receiving education at a Cypriot university, he/she must obtain a student visa. PR status is available to financially dependent adult children. The relocant must confirm that for each such child, he/she will receive an annual income of at least €10,000. The PR card validity period can be extended for children who have reached the age of 25, but they must not be married and must be financially dependent on their parents.
Confirmation of Status
An additional new requirement for PR holders. Starting from May 2, 2023, every year, the migration department must provide confirmation of the following information:
- Full ownership of shares, stakes in funds, or real estate acquired to participate in the PR acquisition program.
- Receiving income in the required amount for oneself, spouse, and children.
- Confirmation of the validity of the medical insurance certificate.
- Update of the certificate of no criminal record from the country of origin and country of residence.
If the submitted documents contain false information, are not submitted as part of the annual control, or if the applicant fails to meet at least one of the requirements, he/she and his/her family members lose their immigration status.
Term of Status
The term of validity of the PR status for investment is indefinite, but the card confirming the status must be replaced every 10 years. Minor family members who obtained status together with the main applicant lose their PR upon reaching the age of 18.
What tasks do investors solve with the help of Cyprus PR?
Obtaining Cyprus PR for investment is a popular service among relocants. But not only the affordable investment threshold makes it so popular. PR status provides the holder with a number of privileges:
- "Backup" location. Alternative status allows the applicant to leave and return to Cyprus at any time.
- Quality education. With PR status, you can enroll in any European university or study in the country on par with other citizens.
- Obtaining European documents. Immigration status allows you to open accounts in European banks, freely transfer and receive large sums, and conduct international business.
- Favorable program conditions. The invested funds can be returned over time; these are not non-refundable investments. After 5 years of residence in Cyprus, the applicant can obtain Cyprus citizenship, sell the investment contribution, and move to another country.
- The main stages of obtaining the status can be completed remotely. It is allowed to purchase real estate and submit documents online. After receiving a favorable verdict, the applicant must come to Cyprus to provide biometric data.
Can Cyprus PR be obtained quickly? Of course, if you entrust the work to professionals from the migration agency GARANT.IN.
Obtaining a new status is a complex multi-stage process that is not limited to buying real estate. We offer a full range of services capable of quickly leading the client to the desired goal.
