Cyprus Permanent Residency by Investment Program

Cyprus has recently expanded the types of qualifying investments for non-EU nationals to obtain PRP status from residential real estate to include commercial real estate, Cyprus company shares and investments in Cyprus funds.

As of 24 March 2021, an applicant is required to invest €300,000 (excluding VAT) from funds received from sources outside Cyprus in one of four options:

• New residential real estate – up to two units of residential property (apartments or houses) that are being sold by a developer for the first time (or resale if the purchase of the dwellings took place before 7 May 2013);
• Non-residential real estate, including offices, shops, hotels or a combination of these;
• Shares of a Cypriot company that has operations in Cyprus and a minimum of five employees; or
• Qualifying Cypriot Investment Funds

An applicant must provide evidence that they have an annual income from abroad in the form of wages, pensions, dividends or rents of at least €30,000 per year if they opt for the residential real estate investment option. In all other cases income can be generated in Cyprus.

The previous requirement for an applicant to leave a deposit of €30,000 in a Cypriot bank account for three years has been removed.

An applicant and his/her spouse are required to certify that they did not intend to work in Cyprus and must submit a clean criminal record certificate issued by the police authority of their country of residence.

PRP status gives the applicant and his/her dependent spouse, dependent minor children and unmarried children in tertiary education or parents/in-laws the right to reside in Cyprus. Additional funds need to be demonstrated for dependents included on the application – €5,000 per year for a dependent spouse or child and €8,000 per year for a parent or an in-law.

The maximum period for granting PRP under the simplified procedure is two months. PRP status does not impose any restrictions to the period of stay in Cyprus. The only exception is that a holder must visit Cyprus at least once every two years to maintain PRP status. PRP holders are free to enter and live in Cyprus without the need to obtain a visa.

Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalisation, currently after seven years of staying in Cyprus within 10 calendar years.