Cyprus residency and citizenship: comparison of requirements and benefits

Wealthy individuals can obtain a Cypriot residence permit for financially independent persons or acquire permanent residency as investors. It is no longer possible to get Cyprus citizenship directly by investment; investors can now be naturalised in Cyprus after 8 years of living in the country.

Cyprus permanent residence by investment, often referred to as Cyprus Golden Visa, is granted to those who contributed at least €300,000 to the country’s economy. For example, they may purchase an apartment or an office in Cyprus.

Cyprus Golden Visa Program

To obtain a Cyprus residence permit as a financially independent person, foreigners must confirm a monthly income of at least €2,000 from sources other than salaries earned in Cypriot companies. They must also rent housing in the country.

Requirements to stay in Cyprus. Permanent residents are not required to live in the country to maintain their status. It is sufficient to visit the island once every 2 years.

Residence permit holders, however, must spend at least 183 days in the country and not leave for more than 3 consecutive months.

As for Cyprus citizens, their stay or absence in the country does not affect their nationality.

Family inclusion. Cyprus investment visa holders can extend the status for their family. A spouse and children under 25 can be added to the application.

For a residence permit, spouses and minor children can be included in the application.

If a foreigner obtains a Cyprus passport through naturalisation, their children under 18 can also apply for citizenship. Relatives over 18 must submit separate passport applications.

Status validity. The validity period of a residence permit depends on the specific grounds of its issuance. For example, financially independent persons typically receive a permit valid for one year with a possibility to renew. In contrast, permanent residence and citizenship are granted for life.

The timeframe for obtaining status varies:

• residence permit — at least 3 months;

• permanent residency — at least 9 months;

• citizenship by naturalisation — at least 8 years.

Travel possibilities. A Cypriot passport allows visa-free travel to 168 countries.

Cyprus residency offers limited freedom of movement, as the country is not part of the Schengen Area. However, Cypriot residents can quickly get a Schengen or US visa by applying from the island.

High-quality education is available in Cyprus to both citizens and foreigners with residence permits. The country hosts branches of American and British international schools and universities.

Healthcare. Access to medical services in Cyprus is open to citizens and residents alike. Foreigners can use the services of public and private clinics, register with the National Health System of Cyprus, and receive European Health Insurance Cards. This card entitles the holder to access medical services within the EU free of charge or at reduced prices.

Foreigners can obtain Cyprus permanent residence by investing €300,000 in the country’s economy.

Applicant requirements. Applications for Cyprus PR are accepted from applicants over 18 with legal income and an impeccable reputation. The key requirements are:

• no criminal record;

• no entry bans to EU countries or the UK;

• not included in sanctions lists.

A spouse and children under 25 can also apply if they depend financially on the investor.

The investor’s minimum annual income must be at least €50,000. An additional €15,000 is required for a spouse, and €10,000 for each child. Annual income is confirmed by tax returns from the investor’s country of tax residency.

The funds for the investment can come from the applicant’s personal bank account or the account of a company in which they or their spouse is the sole shareholder.

Investment options. The minimum investment requirement is €300,000. Investors may choose to purchase one of the following:

• residential property;

• commercial property;

• shares in a Cypriot company;

• investment fund units.

Most investors prefer to buy property. Residential units must be bought from a developer, while commercial properties are available on both primary and secondary markets. Real estate can be rented out but not sold during residency. Once Cyprus citizenship is obtained, properties can be sold.

If a foreigner chooses an option other than purchasing residential real estate, they are also required to rent or buy housing in the country.

Examples of Cyprus real estate to obtain permanent residency

Cyprus, Larnaca

€685,000+

Apartments in a residence near the sea

192 m²

4

3

Cyprus, Limassol

€695,000+

Apartments in a residential complex near the sea

78 m²

2

1

Cyprus, Paphos

€1,560,000 — €1,900,000

Turnkey premium villa with smart home system

230 m² — 326 m²

3—4

3—4

Costs. The cost of obtaining permanent residence in Cyprus includes the property value, taxes, and fees associated with buying real estate. For example, buyers of new properties are required to pay 19% VAT, which is usually included in the property price.

The preferential VAT rate of 5% applies to the first 130 m² of a property, provided the property’s value does not exceed €475,000, and its total area is 190 m² or less. This reduced rate is only available if the property is the investor’s sole residence and intended for personal use, not for rental purposes.

Status maintenance. Cyprus permanent residence is granted for life. Investors must confirm annually that they maintain the investment and have medical insurance for all family members. Every three years, all family members over 18 must also submit certificates of no criminal record from their country of citizenship and their country of residence. ID cards must be renewed every five years.

Immigrant Invest is an official representative of the Cyprus Golden Visa Program. We assist investors in obtaining resident status, choosing and purchasing property in Cyprus, opening bank accounts, and applying for tax residency.

Individual cost calculation of the Cyprus permanent residence

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1. Living in a safe country. Cyprus is known for its political stability and safe environment, making it a secure place to live and raise a family. The county is also attractive for business and residence due to its warm and stable climate and convenient geographical position.

2. Access to high-quality education and healthcare. Cyprus has reputable educational institutions and universities, making it an appealing destination for students. Residents have access to quality education for themselves and their family members.

Cyprus ranks 35th out of 110 countries in the ranking of the best healthcare systems. It ranks even higher in terms of medical infrastructure level and availability of professionals.

The largest higher education institution in Cyprus, the University of Nicosia, is ranked among the top 600 universities in the world.

3. Favourable taxation for business. Applicants for the Cyprus Golden Visa can buy shares in local businesses, open their own companies, or transfer operating companies to the island’s jurisdiction. The corporate tax rate, at 12,5%, is one of the lowest in Europe.

4. Life-long status. Cyprus PR holders can live in the country without restrictions and additional registration. Once granted, the Cyprus permanent residence permit does not need to be renewed; only the ID card must be renewed every five years.

5. Opportunity to get citizenship. Eight years after receiving a Cyprus Golden Visa, an investor may apply for citizenship by naturalisation. The applicant must pass an interview and take a test on their knowledge of the Greek language and Cypriot culture.

Cyprus allows second citizenship, so the applicant will not have to renounce their original passport.

A Cypriot passport allows holders to travel visa-free to more than 160 countries, including the Schengen Area, the UK, and Canada, and to live, work, and study freely in any EU country.

6. Developed housing market. Investors participating in the Cyprus PR Program through real estate investment can choose properties suitable for living or renting out.

Cyprus immovable property is a profitable investment. Apartment prices are rising faster than other types of real estate. As of the first quarter of 2024, apartment prices in Cyprus have increased by 6,3% year-on-year, while offices have risen by 3%. Investors are allowed to sell the property once they obtain a Cypriot passport.

7. Pleasant lifestyle and rich culture. The island enjoys a Mediterranean climate with hot, dry summers and mild winters, providing year-round outdoor living. Cyprus is renowned for its stunning coastline, with numerous Blue Flag beaches, such as Nissi Beach and Fig Tree Bay, which are famous for their crystal-clear waters and fine sand.

Cyprus has a rich cultural history dating back to ancient times, influenced by Greek, Roman, Byzantine, and Ottoman civilisations. The island is home to numerous UNESCO World Heritage Sites, including ancient cities like Paphos and beautiful Byzantine churches.

The city of Paphos boasts UNESCO World Heritage sites and stunning beaches

To apply for Cyprus permanent residency, an investor must collect the following documents:

1. Originals and copies of valid passports for all applicants.

2. The main applicant’s biography.

3. A declaration confirming an annual income of at least €50,000 earned outside of Cyprus. A foreigner may provide a tax report or a bank statement.

4. A confirmation of investment.

5. Proof of a registered address in Cyprus.

6. A statement confirming the absence of employment in Cyprus.

7. A certificate of no criminal record for the main applicant and their spouse.

8. A marriage certificate.

9. A birth certificate.

10. Medical insurance for the whole family

11. A completed MIP1 application form.

The Immigrant Invest lawyer assists in translating and apostilling the documents and filling in application forms. If an applicant is not present in Cyprus, a visit to the Cypriot Consulate will be required to sign the documents.

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Foreigners with a stable income outside Cyprus can obtain an Autonomous Visitor Permit. Main applicants can provide international and Cyprus-earned income as proof of their financial solvency. Eligible income types include rental or dividend income.

Applications are accepted only from third-country nationals over 18, their spouses, and children under 18.

Income requirements. The applicant must prove an income of at least €2,000 per month. This requirement increases by 20% for a spouse and by 15% for each child. For example, a married couple with one child needs a minimum income of €2,700 per month or €32,400 per year.

Eligible income includes salary, pension, income from bank deposits, and dividends from foreign companies or Cypriot companies, provided the applicant does not receive a salary from the Cypriot company. Rental income from foreign and Cypriot real estate also qualifies.

Housing requirement. Applicants must have a registered address in Cyprus, which can be proven through a long-term housing lease or a purchase agreement. There is no minimum purchase price for the property.

The process for obtaining a visitor permit takes at least 3 months. The applicant must go through eight main stages:

1. Obtain a visa to enter Cyprus.

2. Rent or buy a property.

3. Collect, translate, and certify documents for a residence permit.

4. Pass a medical examination in Cyprus, including blood tests for infections and chest X-ray (fluorography).

5. Pay registration fees: €70 each for obtaining a residence permit and registration in the Migration System of Cyprus.

6. Apply for a residence permit and submit biometric data such as photos and fingerprints.

7. Obtain an ARС (Alien Registration Number).

8. Receive the Cyprus residence permit.

Main documents for a visitor permit:

• MVIS application form;

• passport valid for at least three months from the application date;

• certificate of no criminal record from the country of origin or residence;

• blood test results for HIV, syphilis, and hepatitis B and C, along with chest X-ray (fluorography) results and a doctor’s opinion;

• health insurance;

• a letter of guarantee from a bank for a period of 10 years to cover the possible repatriation costs;

• confirmation of a place of residence in Cyprus, such as a lease agreement or a sale and purchase contract;

• a bank statement confirming the applicant’s financial viability;

• marriage and birth certificates, if applicable.

A visitor permit is issued for one year and can be renewed up to four times, provided the applicant continues to meet the eligibility criteria. To maintain a visitor permit, one must live permanently in Cyprus. Applicants cannot leave the country for more than three consecutive months.

When applying for an extension, a foreigner must provide the same documents, except for the certificate of no criminal record. The minimum balance on the account must be at least €6,000, regardless of family composition.

Cypriot passports can be obtained by naturalisation, descent, or marriage. Previously, foreigners could also become Cypriot citizens by investing €2.2 million in the economy. However, this program was closed on November 1st, 2020.

Naturalisation. Foreigners who have lived in the country for at least eight of the past eleven years are eligible to become Cypriot citizens by naturalisation. Applicants must not leave Cyprus for one year before applying. The rule also applies to those foreigners who obtain the Cyprus permanent residency by investment.

Children under 18 can acquire Cyprus citizenship if at least one of their parents has become a Cypriot citizen by naturalisation.

Benefits. Some key advantages of Cyprus citizenship include:

1. Passport holders enjoy visa-free or visa-on-arrival access to more than 160 countries and regions worldwide. This simplifies business, leisure, and personal travel.

2. By obtaining Cyprus citizenship, individuals also become EU citizens, granting them the right to live, work, receive medical treatment and study in any EU member state.

3. Acquiring Cyprus citizenship provides individuals and their families with a secure and stable environment for living and conducting business.

4. Cyprus permits dual citizenship, allowing individuals to retain their original passports.

5. Cyprus has favourable inheritance laws which can benefit individuals and their families in terms of wealth preservation and succession planning.

1. Cyprus permanent residency can be obtained by investment of at least €300,000, such as in real estate. This investment allows a foreigner and their family to receive Cyprus Golden Visas and apply for citizenship after eight years of living there.

2. Foreigners with a stable foreign income of €2,000 can obtain a Cyprus residence permit. The resident card is issued for one year and can be renewed.

3. Cyprus citizenship can be obtained by naturalisation, marriage or descent. The Cypriot passport offers more opportunities than a residence permit or permanent residence. For example, Cypriots have the right to travel without visas to 168 countries.

4. The Cyprus Golden Visa is a solution for investors who want to move to the country and acquire citizenship or for those who want to prepare a “plan B”.