There is some confusion about the new measures the government has taken for foreigners (non-members of the European Union) to obtain a residence permit and even Cypriot citizenship (European Union) through the use of the real estate. Residents of third countries (that is, countries outside the European Union such as the Russians, Ukrainians, Iranians, etc.) who have expressed an interest in acquiring real estate in Cyprus now have a bonus. A similar article was published a few months ago, but after consulting the Ministry of the Interior, we believe we now have the correct information.
which corresponds to a permanent residence permit – can be obtained by persons from third countries who buy a property in Cyprus with a value of no less than 300,000 euros. Such persons are exempt from the time-consuming procedures, which apply to third-country citizens who now require consular visas, the extension of the residence permit, the returned permit, and applicants are considered positive when purchasing a home, etc., however, such These permits are issued by the Minister of the Interior, provided that the applicant does not have a criminal record and an annual income insured with an appropriate amount (about 20,000 euros/spouse/year) and obtained from abroad and not from work or self-employed in Cyprus. This category of applicants does not automatically have the right to apply for a Cypriot passport, but after a 7-year stay, they can apply for a Cyprus passport/citizenship via an application. A permanent residence permit will be issued to qualified persons who can prove their desire to emigrate to Cyprus. For this reason, although the application can be made after the purchase of the property, the authorities must be “convinced” that the applicant / or his family has been living in Cyprus for at least 6 months (for example 185 days/year), but this is not possible. Strictly applicable (therefore we understand that further investigation/clarification is needed). The applicant may travel abroad for his business, etc., but it is true. For example, he may not purchase a home and then live abroad, in total more than 185 days a year. If the applicant takes his family and minor children (less than 21 years) to Cyprus who live here permanently, this is a good guide (children go to local foreign schools, etc.).
Other parameters include:
1. People to invest in agricultural, fish, and animal farms, provided that they have acquired similar lands and their capital is about 430,000 euros.
2. The mining company provided that it has a capital of 350,000 euros – provided that the mining license is guaranteed.
3. Any other company that intends to invest in Cyprus in the amount of 260,000 euros, provided that it can obtain a commercial license from the authorities.
4. Work or profession provided that the applicant has sufficient justice and, if necessary, in Cyprus.
Employees of any company provided they prove that their work will not have conflicting conditions in the field of work they do.
5. This refers to foreign people who do not work in Cyprus but reside here as tourists and have an annual income of 10,000 euros per person. This income can come from pensions, interest, deposits, etc.
6. Any other applicant who decides that the Minister of the Interior does not fall under the above categories and provided that the grant of the permit does not have any negative consequences for Cypriot residents, for example, the parents of foreign residents, who may not have sufficient annual income.
7. Those who have been accredited and who live abroad must come to Cyprus within one year after the permit is issued. If the applicant obtains a permit but has been living abroad continuously for two years, he may lose his permanent residence status.
All dependents of the applicant (spouse, minor children – i.e. under the age of 21) can obtain a residence permit.
A permanent resident can apply for a Cyprus passport/citizenship after 7 years. In this case, he will be treated as a local citizen without restrictions.
Obtaining a Cyprus passport/citizenship – this proposal is now approved according to an exceptional procedure (naturalization) based on economic criteria, but the general proposal suggests the following:(I) The applicant must have a direct investment in Cyprus with a minimum of 25 million euros. (E.g. real estate, factories, land, companies, etc.)
(2) The applicant must prepare a local Co / Cos with an annual turnover of at least 85 million euros. From the year before it was applied. or
(Iii) The applicant presents new innovative technology projects to Cyprus, including research centres. It must be demonstrated that the applicant provided such activities on a large scale and in those vital areas of the Cyprus economy, or that he established a major research centre for local research. or
(4) He has personal deposits with the Cypriot banks (or the cash deposits of the company he runs) for the amount of 17 million euros. at least. or
(C) A mixture of direct investments and commercial activities