Cyprus is ninth in the international rating of investment programs
Cyprus took the ninth place in the world rating of investment programs for obtaining permanent residence in 2023 (Global Residence Program Index). Aphrodite Island was in second place in the category “Speed of obtaining a residence permit” and in third place in terms of quality of life and level of taxation.
The consulting company Henley & Partners included in the rating 26 countries and territories of the world, distributing them into 14 places. With 62 points, Cyprus shares ninth place with Ireland, Jersey and Panama. In addition, Cyprus remains the only EU country that gives the opportunity to obtain a permanent residence permit (permanent residence), unlike other EU countries that give the right to obtain only a residence permit.
Cyprus managed to overtake the UAE, USA, New Zealand and Monaco in the ranking.
The rating is based on 10 parameters, for each of which a country can score a maximum of 10 points. The Residency Program Index has been compiled with input from academic researchers, government risk management experts, economists, and independent lawyers specializing in immigration and citizenship issues. Cyprus results by category
The speed of obtaining a residence permit – 2nd place
Quality of life – 3rd place
Taxation – 3rd place
Total Costs – 4th
Reputation – 5th place
Investment Requirements – 5th
Time required to obtain citizenship – 5th place
Compliance – 6th place
Requirements for granting citizenship – 7th place
Visa Waiver or Visa on Arrival – 8th
INVESTMENT PROGRAM FOR OBTAINING PERMANENT RESIDENCE IN CYPRUS
Third country nationals can obtain a permanent residence permit by investing in real estate, shares of Cypriot companies or objects/projects of the Cyprus Collective Investment Organization.
What are the main requirements for obtaining permanent residence?
According to the information posted on the website of the Migration Department of the Republic of Cyprus, in order to obtain an Immigration Permit, a citizen of a third country can
1) purchase an apartment/house on the primary market from a Cypriot developer for 300,000 euros (+ VAT),
2) buy real estate (excluding an apartment or house) for 300,000 euros: offices, commercial premises, hotels, etc.,
3) invest EUR 300,000 in shares of a Cypriot company operating in the Republic of Cyprus and employing at least five employees,
4) invest in the objects of the Cyprus Collective Investment Organization located on the territory of the Republic of Cyprus.
In addition, the investor must have an annual income of at least 30,000 euros (salary, pension, income from the rental of real estate, dividends, etc.) received from abroad or in Cyprus (in the case of paragraphs 2, 3 and 4). Another 5,000 euros per year are needed for dependent family members of the investor (spouse and minor children) and 8,000 euros for each parent (investor or spouse).
The process of considering an application for an immigration permit takes from three to six months (from the date of submission of documents and until the decision is made by the head of the Ministry of Internal Affairs of the Republic of Cyprus).