Permanent residence in Cyprus

Cyprus issues investors an immigration permit under regulation 6(2) of the Aliens and Immigration Regulations. The decision is taken by the Minister of the Interior, having notified the Council of Ministers; the criteria in force are the fourth revision, which came into effect on 2 May 2023.

The right of residence under such a permit is indefinite. But the residence card itself is valid for ten years from the date of issue and has to be replaced, and a minor's card is valid until they turn 18.

The money for the investment has to reach Cyprus from abroad — from the account of the applicant or their spouse, or from the account of a company in which they are the sole shareholders. Funds from local borrowing are not accepted.

A residence permit is the right to live in a country lawfully for a limited period, with renewal. It gives no passport, no right to vote and is almost always tied to a ground: once the ground falls away, the status is not renewed.

The applicant and their spouse confirm that they do not intend to take up employment in Cyprus. There is one exception to this rule: the position of director in the company they invested in under this programme.

Being a shareholder in Cypriot companies is nevertheless allowed, and dividends from them are not treated as an obstacle — in such companies an unpaid director's position is permitted as well.

Once the permit has been granted, ongoing monitoring begins. Every year the maintenance of the investment and the existence of medical insurance are confirmed — the latter if the person has ceased to be a beneficiary of the state healthcare system GESY.

The applicant and adult family members submit a criminal record certificate from their country of origin and their country of residence once every three years: the fourth revision of the criteria relaxed this from annually. The requirement to confirm income every year was dropped at the same time.

The permit is issued to the applicant and covers the spouse and children under 18. Spouses may, if they wish, be issued two separate permits — on a separate application and fee, without having to meet the criteria again.

Unmarried children aged 18 to 25 who, as at the date of filing, are studying at a university abroad and are dependent on the applicant file their own application. Their permit remains valid even when they turn 25, marry or cease to be dependent. But their own future spouses and children can no longer be added to it.

Adult children who are not dependants are included only with an investment of increased value — it is multiplied by the number of such children.