- July 7, 2021
- Posted by: Stephane Tajick
- Category: Competitive Research Analysis
To give you an idea, it’s an expansion of the program.
Cyprus’ Permanent Residency Program (CPRP) is a scheme designed for non-EU citizens. One of its key principles is openness a wide market. As a result, the program has seen a fair share of success, where it hasn’t been amended since early 2016, until now.
The program does come with a few changes. They apply to an applicant and their family members, including spouses and unmarried children (below 25 years of age – and must be studying for a bachelor or master’s degree).
They also apply to extended members, such as parents and in-laws of parents.
But First – Quick Review of the Program
CPRP has a minimum requirement of EUR 300,000 (not including VAT, which is charged if needed).
The investment requirement hasn’t changed. However, the program modification allows applicants expansions into multiple types of residential properties.
Those include hotels, shops, and offices (commercial property in general). Properties acquired can be new or resold.
Besides real estate, there’s a share capital option. It allows applicants to invest in a Cyprus enterprise with a local physical presence and scope of activities.
The selected company should employ 5 people minimum.
The final extra option is the Cypriots UCITS. Those funds should be sourced from abroad. Also, to keep their permits, investors should either maintain the investment, or replace it with one of a greater value.
What About Applicant Financial Status?
Applicants should prove that their stable annual income is a minimum of EUR 30,000. That income can include employment salaries, dividends, pensions, rentals, and fixed deposits.
For each dependent person with the applicant, they’ll need an extra EUR 5000 to their annual income.
Parents and in-laws have greater requirements, with an extra EUR 8000 required per dependent parent-in-law or parent.
Similar to the UCITS requirements, the income should be sourced from abroad (if the investor chooses residential property to invest in). For other investment options, the applicant can prove their income from local sources.
The spouse’s income can also be factored into the required amount.
Financials aside, applicants and their spouses require clean criminal records. They must be issued from their current residency country. But, if the applicants already reside in Cyprus, they’ll need a Cypriot clean criminal record.
Finally, applicants shouldn’t be seen as a threat to Cyprus’ public security or order.
Other Changes to Note
Applicants don’t need to pledge a deposit in their bank accounts. But, they should prove that they’re not intending to work or be employed in Cyprus.
The only allowed employment positions for the program is being a company director (for the investments they’ve selected).
Changes to Real Estate Program.
If applicants choose to invest in a category that isn’t new residential estate, they’ll need to show documented proof of their local residence place (through a title deed, rental, or sales agreement).
An applicant should conclude their investment before submitting their application. They should show documents to prove the fund settlement.
For residential property investments, applicants must prove that they’ve invested EUR 200,000 (in addition to VAT) to a developer. Other options require EUR 300,000 minimum.