The applicant must proceed with an investment of min €300.000 in one of the following categories:

 

• Investment in house/apartment of at least €300.000 plus VAT from a land development company and should be the first purchase, therefore it will bear VAT. Note that the the applicant may purchase up to two (2) units (apartments or houses), that are sold by land development companies (not necessarily from the same developer) for first time.
• Investment in other types of properties (excluding houses/apartments): such as offices, stores, hotels or combination of such for a total of €300.000. These types of properties can be resales.
• Investment in the share capital of a Cypriot Company with activities and personnel in Cyprus: of at least €300.000. The company must demonstrate actual physical presence in Cyprus and employment of at least 5 (five) people.
• Investment in shares/units of AIF, AIFLNP, RAIF of at least €300.000.

For investment under (A) the property must be new, for investments under (B), concerning commercial properties no need to be brand new.

A resale is a property which was previously owned by another owner whereas in the case of a brand-new property the applicant is the first owner. A brand new property will bear VAT of 19% whereas an old property will be VAT exempt.

Yes, but the company should be legally registered in the Republic of Cyprus or in another Member State of the European Union or of the European Economic Area and the applicant and/or his/her spouse must be the sole shareholders or the final beneficiaries of the company.

Trust deeds are acceptable. The applicant could be the UBO of the company.

Regulation 6(2) concerns the information given in this fact sheet. Category F takes longer to be examined and its main provisions are:

• Examination period is approximately 1,5 year;
• Under this category you do not have to make any fixed deposit;
• Any property either new or for resale is admissible;
• Children under 18 when they become 18 lose their P.R. status and they cannot get it later unless they purchase a property and apply separately themselves;
• The parents of the applicant cannot secure permanent residency under this category;
• The holder of PRP is not allowed to be a shareholder and/or director in a Cyprus company.

If the investment is made in an apartment or house (under A above), it must be bought by a developing company. If the investment is made in commercial property (under B above), it can be from a third party.

• The applicant must provide evidence, that the investment money has come from abroad and is not a product of domestic borrowing (remittances, foreign card payment receipts, bank certificate).
• The applicant must satisfy the KYC (Know Your Client) and AML (Anti Money Laundering) requirements of the receiving banking institution (i.e the bank of the seller).

• The main applicant;
• His/her spouse;
• Minor children up to the age of 18 years;
• Adult children up to the age of 25 provided that evidence is shown that these children are not married and are students at tertiary level of education and that are financially dependent on the applicant. For this category, the adult children must apply separately for the PR (will not be included on the applicant’s application).
• His/her parents and parents-in-law. For this category, separate applications need to be submitted.

Provided that they are higher education students abroad at the time of application and that are financially dependent on the applicant (see 9(iv) above)

If the children are students in Higher Education Institutions of the Republic, they must apply for a temporary residence permit in the Republic as students under the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit. The aforementioned Permit will remain valid after reaching the age of 25 even if the child is married and/or no longer a student and/or financially independent from his or her parents, but in such case, the permit cannot be extended to the spouse and children.

No, there are no renewal requirements.

Provided that all preconditions and requirements are met, it is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.

No. The applicants of PRP must not work in Cyprus, with an exception of their employment as directors in a Company in which they have chosen to invest in (see 1C category).

In cases where the investment does not concern the Company's share capital, the applicant and / or his spouse may be shareholders in Companies registered in Cyprus and receive dividends. They may also hold the position of director (but unpaid) in such companies.

No, you will need to have a Schengen Visa. PRP holders can apply for a 1-year Schengen visa to any European Embassy in Nicosia. The application is simple and quick.

Yes, people who granted an Immigration Permit, through investment in categories 1(B), (C), or (D) above, must obtain permanent residence in the Republic within one (1) year from the date of approval of the submitted application, whether by purchase or by rent (in both cases the sale or rental agreement must be presented). In addition, the applicant and their family members mustn’t remain outside the Republic for a period of two (2) years.

No, PRP is not a passport and does not hold the same traveling rights; Cypriots who wish to travel to the United States require a visa. For information on how to apply, we refer you to the Official U.S. Department of State Visa Appointment Service for Cyprus.

No, such exams are not required.

There is no secured income of 30.000 now, so the applicant does not have to block funds to the bank.

The applicant can combine two apartments or two houses, or an apartment and a house, with the minimum value 300K and it must be the first sale.

The applicant can not rent his house or apartment, where he/she lives. If it's commercial space or if he/she has a second property obviously the applicant can rent it.