YL Luxury Homes Guide to Cyprus Permanent Residency Program 2023
If you’ve ever dreamt of making Cyprus your permanent home, YL Luxury Homes is here to guide you through the latest updates in the Cyprus Permanent Residency Program. As of the 4th Revision on May 2nd, 2023, the program offers a fantastic opportunity for non-European Union (EU) citizens to obtain permanent residency through strategic investments. In this article, we’ll break down the key guidelines, investment criteria, and quality criteria for you to understand this program better.
Investment Criteria (Section 2.1):
A. Investment in Real Estate: The primary requirement is to invest a minimum of €300,000 in a residential property. You can purchase a house or apartment from a development company, with the total investment meeting the €300,000 threshold. This is a great opportunity to acquire your dream home in Cyprus. The funds for this investment should be transferred from abroad.
B. Investment in Non-Residential Real Estate: Another option is to invest in non-residential real estate, such as offices, shops, hotels, or related developments, with a total value of €300,000.
C. Investment in Cyprus Company’s Share Capital: You can invest €300,000 in the share capital of a Cyprus company operating within the country, employing at least five people.
D. Investment in Cyprus Investment Organization: This option allows you to invest €300,000 in units of Cyprus Investment Organization Collective Investments.
Additional Financial Requirements (Section 2.2): Apart from the investment, you must demonstrate an annual income of at least €50,000, which can include various sources like salaries, pensions, or dividends from shares. This income should come from abroad, except when investing under Section 2.1(A).
Quality Criteria (Section 3):
Clean Criminal Record: Both the applicant and their spouse must provide a clean criminal record certificate from their country of origin and residence.
Employment Restrictions: Applicants cannot engage in any employment in Cyprus, except for being directors in a registered Cyprus company under investment Category (C).
Accommodation Proof: If your investment does not involve company share capital, you should provide evidence of accommodation in Cyprus.
Maintenance of Investment: You are required to maintain your investment annually and provide evidence of this maintenance.
Health Insurance: All family members must have health insurance certificates covering inpatient and outpatient care.
Regular Visits: Applicants must visit Cyprus at least once every two years.
Property Requirements: The property used for the investment and permanent residence must have enough bedrooms to accommodate the main applicant and their dependents.
Dependent Persons (Section 4):
Dependent persons include spouses and children under 18. Unmarried children between 18 and 25 who are financially dependent can apply separately. For children studying in Cyprus, there’s a separate process.
Higher Value Investment for Adult Children (Section 5):
If you wish to include adult children who aren’t financially dependent, you can do so through a higher-value investment, with each child requiring an investment of €300,000. The investment can be made jointly or exclusively in the name of the applicant.
Application Timeline (Section 6):
Once you meet all criteria and there are no legal issues, your application is typically processed in about two months.
Maintaining Permanent Residency (Section 7):
To maintain your permanent residency, you must become a Cyprus permanent resident within a year from approval and not be absent from Cyprus for more than two years.
Please note that while we’ve made every effort to provide accurate information, it’s always a good practice to consult with a legal expert to ensure you meet all requirements and to address any potential errors or omissions.
The Cyprus Permanent Residency Program offers an excellent opportunity to make Cyprus your permanent home. With a wide range of investment options and clear criteria, you can take a significant step towards securing your future in this beautiful Mediterranean destination.
Contact YL Luxury Homes today to start your journey towards Cyprus permanent residency.