There is some confusion about the new measures that the government has taken for foreign persons (non-EU members) to obtain a residence permit and even a Cypriot (EU) nationality through the use of the real estate.
Residents of third countries (i.e. non-EU countries such as Russians, Ukrainians, Iranians, etc.) who have shown an interest in acquiring real estate in Cyprus now have a bonus. A similar article was published a few months ago, but after consultation with the Ministry of the Interior, we believe that we now have the corrected information.
Immigration permits – which corresponds to a permanent residence permit, can be sought by people from third countries who purchase a property in Cyprus with a value of no less than € 300,000. Such persons are exempt from the time-consuming procedure, which applies to third-country nationals and who now need consular visas, extension of residence permit, return authorization and applicants are favorably viewed when buying a house, etc. however, such permits will be issued by the Minister of the Interior, provided that the applicant has no criminal record and an insured annual income of an appropriate amount (around € 20,000 / pair/year) and that is generated from abroad and not from work or self-employed in Cyprus.
This category of applicants does not automatically have the right to apply for a Cypriot passport, but can, after a stay of 7 years, apply for a Cypriot passport/nationality via an application. A permanent residence permit will be issued to eligible persons who can prove that they want to emigrate to Cyprus. For this reason, although the application can be submitted after the purchase of the property, the authorities must be “convinced” that the applicant / or his family has been living in Cyprus for at least 6 months (say 185 days/year), but this is possible not strictly applicable (so we understand that further investigation/clarification is needed). The applicant may travel abroad for his business, etc., but it is a fact. For example, he may not buy a house and then live abroad, in total more than 185 days a year. If the applicant takes his family and minor (less than 21 years old) children to Cyprus who live here permanently, this is good proof (children go to local-foreign schools, etc.).
Other parameters include:
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1. People to invest in agricultural, fishery and livestock farms, on condition that they have acquired the comparable land and have a capital of approximately € 430,000.
2. Mining company on condition that it has € 350,000 in available capital – provided that a license for mining is guaranteed.
3. Any other company that intends to invest in Cyprus for € 260,000, provided that it can obtain such a business license from the authorities.
4. Business or profession provided that the applicant has sufficient equity and is, if necessary, on Cyprus.
Employees of any company provided that they can prove that their employment will not be conflicting circumstances in the area of work that they perform.
5. This refers to foreign people who do not work in Cyprus but stay here as tourists and have an annual income of € 10,000 per person. This income can come from pensions, interest, deposits, etc.
6. Any other applicant whose Interior Minister decides and he does not fall under the above categories and provided that granting a permit does not have any adverse consequences for Cypriot residents, e.g. parents of foreign residents, who may not have enough annual income.
7. Those who are approved and live abroad must come to Cyprus within one year after the permit is issued. If an applicant obtains a permit but has been living abroad continuously for two years, he can lose his permanent residence status.
All dependents of an applicant of Cyprus passport (spouse, minor children – that is, under the age of 21) can also receive a residence permit.
A permanent resident can apply for a Cyprus passport/nationality after 7 years. In this case, he will be treated as local without restrictions.
Obtaining a Cyprus passport/nationality – This proposal has now been approved according to an exceptional procedure (naturalization) based on economic criteria, but the general proposal suggests the following:
(i) The applicant must have a direct investment in Cyprus for a minimum of € 25 million. (e.g. real estate, factories, land, businesses, etc. OR
(ii) The applicant must set up a local Co / Cos with an annual turnover of at least € 85 mil. for the year prior to his application. OR
(iii) The applicant introduces new innovative technological projects for Cyprus, including research centers. He must prove that the applicant has introduced such activities on a large scale and in those areas that are vital to the Cypriot economy, or he has set up a large research center for local research. OR
(iv) He has personal deposits with Cypriot banks (or Co’s cash deposits that he manages) for an amount of € 17 million. at least. OR
(v) A combination of direct investments and business activities and bank deposits. In that case, the applicant must prove the value of € 26 mil. in total.
(vi) Other conditions include that the applicant must be over 30 years old. No criminal record.
(vii) A permanent resident or a person who has been legally resident in Cyprus for 7 years can apply (i.e. by naturalization).
(viii) A person who is married to a Cypriot after a 3-year stay (by registration).
These financial measures are intended to attract wealthy individuals and businesses and it is a measure to help the Cypriot economy during this difficult recession period to get Cyprus passport. As such, it is not necessarily assumed that they will last forever. Measures of this kind (cash passports) have been adopted by many countries, the more well-known being that of Canada, which has issued Canadian passports for applicants for $ 500,000 deposit/business institutions.