Citizenship and Immigration Services | Interstatus - Group of Companies Citizenship and Immigration Services – Interstatus – Group of Companies

Cyprus Permanent Residence Permits and Citizenship Schemes:

The Republic of Cyprus is an island state situated on the third largest island of the Mediterranean with a harmonious combination of natural beauty, cultural jewels, an unique economic environment, a wonderful climate and safe and comfortable living conditions.

Cyprus legislation recognises dual citizenship and provides effective mechanisms for the issue of residence permits and citizenship. A Cypriot passport offers visa-free travel to over 150 countries.

Cyprus has the third largest foreign national community in the EU compared to the native population and the crime rate is lower than the majority of European countries. The total area of the country is 9,250 sq km with a population slightly above 1,000,000 according to 2015 figures.

Cyprus is a presidential democracy and, according to the Constitution, the President is the head of the executive elected for a 5 year term with the powers to form a Council of Ministers. A single chamber Parliament is elected through the direct vote of its citizens and forms the supreme legislative authority (59 seats).

The capital city is Nicosia and other major towns are Limassol, Larnaca and Paphos.

Cyprus joined the EU on 1st May 2004 and the official currency is the Euro.

The official languages are Greek and Turkish but English is widely spoken, especially for business communication.

The main sources of national income are tourism, financial and banking sectors, a services sector and property.

The Republic of Cyprus enjoys an advanced transportation system including 2 international airports and 2 major sea ports and the land transportation network is one of the best in the EU. Telecommunications networks are at an advanced level.

In contemporary Cyprus two major developments have a potentially positive impact on the improvement of the standard of living of Cypriots:

  • the discovery of natural gas deposits in 2011, the development of which may promote an economic boom and strengthening of the energy sustainability of the state;
  • a breakthrough in negotiations of the key issues in the settlement of the Cyprus problem in 2015.

The Interstatus Group of Companies offers assistance in the issue of documents for:

  • a residence permit in the Republic of Cyprus;
  • acquiring Cypriot nationality through naturalisation.

Residence permit:

According to Regulation 6(2) of the Aliens and Immigration Law, a residence permit is issued to a private individuals in possession of an adequate income which may provide a decent standard of living in Cyprus without engagement in any business or professional duties. To obtain a residence permit, such obligations, along with a number of other conditions (see below), are to be documented and submitted to the Department of Civil Registry and Immigration together with a relevant questionnaire application form and set of documents.

List of mandatory documents submitted for the issue of a residence permit:

  • Documented verification of a steady annual income from abroad of at least €30,000 from sources outside of Cyprus. For instance: savings, remuneration or retirement benefit, rent, certificates of dividends, term deposit contracts, etc. Compulsory income increases by €5,000 per dependant.
  • A letter from a Cypriot bank with the confirmation of a minimum deposit of €30,000 for the period of at least 3 years. Such amount should be transferred to a bank in Cyprus from abroad.
  • Property title deeds or a sale agreement for residential property in the name of the applicant. The minimum market value of the property must be €300,000 plus VAT, provided that a payment of €200,000, net of VAT, has been documented.

List of additional documents for the issue of a residence permit:

  • A notarised statement of income of the applicant.
  • A statement that the applicant does not intend to engage in any business or employment in Cyprus;
  • An apostilled certificate of good character issued in the country of origin.
  • A certificate of medical insurance covering the costs of in-patient and out-patient treatment.
  • An apostilled certificate of birth.
  • A copy of the applicant’s passport.
  • A resumé.
  • Documents pertaining to dependants (if any).

The applicant must have visited Cyprus at least once in the previous two years.

Applications for the issue of residence permits are reviewed within around three months from the date of submission of the required set of documents.

Cyprus citizenship:

To apply for the citizenship of the Republic of Cyprus, a third party national must have a residence permit and reside in Cyprus for at least 7 years. However, the citizenship may be acquired by exemption. Such exemption is provided by the naturalisation by exemption scheme offered to investors.

Cyprus nationality acquired through this scheme provides the following benefits:

  • free residence and employment within the EU;
  • citizenship for family members;
  • free movement of capital within the EU;
  • prime education in almost any country.

By the terms of this scheme investors are provided with certain benefits in comparison with similar schemes offered by other countries:

  • the acquisition of citizenship through investment rather than donation (endowment);
  • fast and straightforward processing of the application;
  • a high level of success.

Anyone can qualify for Cyprus citizenship by meeting just ONE of the following conditions:

  1. A minimum €5,000,000 investment in government bonds.
  1. A minimum €5,000,000 investment in financial assets of Cypriot companies (securities, debentures and bonds registered and issued in Cyprus).
  1. A minimum €5,000,000 investment in the acquisition or development of residential or commercial property or other infrastructure projects.
  1. Acquisition, setting up or interest in the capital of companies situated or operating in the Republic of Cyprus for a minimum of €5,000,000, provided that such companies employ at least 5 Cypriots.
  1. A minimum €5,000,000 in personal deposits in banks of Cyprus with at least 3 years fixed term or deposits of private companies or trusts in which the applicant is the beneficiary.
  1. A combination of the above 5 paragraphs subject to investments in excess of €5,000,000.
  1. Collective investments (based on paragraphs 1-4 above) subject to a minimum investment of €2,500,000 for each member of the collective investment scheme with the total minimum sum of investment being €12,500,000.

Cyprus citizenship qualification is also extended to individuals with deposits in the Cyprus Popular Bank (Laiki Bank) who suffered losses of at least €3,000,000 as a result of the 2013 bail-out measures.

If the losses amounted to less than €3,000,000 the effected person may still qualify for Cyprus citizenship through additional investments to reach the minimum threshold of €5,000,000.

Additional requirements, conditions and documents:

  • A property sale agreement with a minimum market value of €500,000 (plus VAT). The funds used for the purchase must originate from a foreign bank to a Cypriot bank and the payment of the qualifying sum must be verified by relevant documents. Property title certificates must be issued in the name of the applicant;
  • Receipts for the payment of government duties and levies;
  • Documents including passport, certificate of birth, certificate of marriage, certificate of good character, resumé, etc., plus similar certificates pertaining to dependants (if any).

The decision for the issue of Cyprus citizenship by exemption is an absolute prerogative of the Council of Ministers.

As a general rule, citizenship by exemption is processed within 3 months.