Latest Changes on Permanent residency in Cyprus

1. By Investment in a House/Apartment:

   • Applicants are required to pay a minimum amount of €300,000 (excluding VAT) in advance to the land development company or companies.
   • The timing of property delivery does not matter; however, applicants must submit documentation proving that this amount has been settled to the CRMD (Cyprus Registry of Migration and Demographic) before submitting their application.
   • The investment amount must be transferred from abroad from the bank account of the main applicant or their spouse. If the spouse is included as a dependent in the main applicant’s application, their account can also be used.
   • Notably, the purchase of real estate will be accepted even when it is made by a legal entity in which the applicant and/or their spouse are the exclusive shareholders or final beneficiaries. This legal entity must be legally established either in the Republic of Cyprus or in another member state of the European Union or the European Economic Area.

2. Other Investment Options:

   • Investment in Real Estate (Excluding Houses/Apartments): Investors can purchase other forms 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 may also be subject to resale.
   • Investment in Share Capital of a Cypriot Company: Investors can make an initial investment in the share capital of a new company worth €300,000 or increase the share capital of an existing company registered in the Republic of Cyprus. The company must be based and operate in Cyprus, have a proven physical presence in the country, and employ at least five people.
   • Investment in Shares of a Cyprus Investment Organization for Collective Investments (AIF, AIFLNP, RAIF): This option involves investing €300,000 in shares of a Cyprus Investment Organization for Collective Investments. The investments should be carried out within the Republic of Cyprus.

3. Important Note:

   • Any alienation of the holder of the Immigration Permit from the investment they have made must be immediately replaced with a new investment of equal or higher value.

These changes were announced on May 2nd, 2023, and they aim to enhance Cyprus’s investment climate while maintaining the integrity of its immigration procedures.