On the 2nd of May 2023, the Ministry of Interior of Cyprus has released updated eligibility requirements for non-European Union nationals seeking to acquire a residency permit via the expedited procedure.
The applicant should make an investment of at least €300,000 in one of the following investment categories:
- Investment in a house/apartment:
Purchase of a house or apartment from a land development company, which should be considered a first sale of at least €300,000 (plus VAT)
- Investment in real estate (excluding houses/apartments): Purchase of another form of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000. These properties in question can also be resales properties
- Investment in share capital of a Cypriot Company with activities and personnel in Cyprus:
Initial investment in share capital of a new company worth €300,000 or increase of share capital worth €300,000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.
- Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF):
Investment worth €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments should be carried out in the Republic of Cyprus.Provided that, any alienation of the holder of the Immigration Permit from the investment he has made without immediately replacing it with another of the same or greater value, which should meet the conditions set in this procedure, will entail activation of the procedure cancellation of the License based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
In addition to the investment above the applicant must be able to prove that:
- Has at his disposal a personal insured annual income of at least €50,000.
- The annual income is increased by €15,000 for the spouse.
- For each minor the annual income is increased by €10,000.
The applicant’s income sources may include wages earned from employment, pension payments, stock dividends, interest earned from deposits, rental income, and income from foreign sources. Furthermore, the income of the applicant’s wife may also be considered in some of the investment criteria. However, it is important to note that the individual must provide evidence of these income sources through their tax returns from the country in which they declare their tax residency.