Cyprus residence-by-investment

The Cyprus Citizenship by Investment programme, which has for years been one of the most popular options for high nett worth individuals seeking EU citizenship, has been terminated. But you can still get permanent residency, and – if you are determined – citizenship may follow.

Why Cyprus

There is a reason Cyprus is such a popular destination – not only for residency, but also for tourism. It’s a stunningly beautiful island with fantastic scenery, weather, beaches, golf courses, culture, food and more. It’s a super-safe country with a strong and stable economy, it’s conveniently located, and – of course – it’s part of the EU. There are two routes to acquiring residence in Cyprus: the fast-track route, and – for a smaller investment – Category F.

How fast-track residence-by-investment works

In order to qualify for residence in Cyprus by investment (fast-track), you will need to:

• invest at least €300,000 (plus VAT) in a new property, which may be two properties adding up to €300,000
• supply proof of an annual income of at least €30,000 from outside of Cyprus
• supply police clearance showing no criminal record
• undertake to not work in Cyprus (other than owning a company).

The Cyprus fast-track Permanent Residency Programme:

• is the fastest way to get permanent residency in Europe (two to four months)
• covers the whole family, including children up to age 25, parents and parents-in-law
• is valid for life with no renewal necessary
• does not necessitate your actually living in Cyprus – you just need to visit at least once every two years
• allows you to start a business in Cyprus
• enables you to apply for Cyprus citizenship after five years.

How Category F residence-by-investment works

In order to qualify for residence in Cyprus by investment (Category F), you will need to:

• invest in a property of any value
• supply proof of an annual income of at least €9,570 from outside of Cyprus
• supply police clearance showing no criminal record
• undertake to not work in Cyprus, other than owning a company.

The Cyprus Category F Permanent Residency Programme:

• can take between eight and 18 months
• covers children up to age 19, but excludes parents
• must be renewed every two years
• does not necessitate your actually living in Cyprus – you just need to visit at least once every two years
• allows you to start a business in Cyprus
• enables you to apply for Cyprus citizenship after five years.

To be – or not to be – in Cyprus

Most people who choose to invest in Cyprus do so for the security and convenience of obtaining permanent residence in Europe, but it’s a pretty good investment too. As you don’t actually have to live in the country, you can rent out the property. And, of course, as you can split your investment over more than one property, you can live in one and rent out the other.

Cyprus has a transparent and business-friendly tax structure, with double tax agreements with more than 50 countries, including South Africa.

Best of all, though, it is one of the safest countries in the world, it has an excellent infrastructure, and it’s a fabulous place to live with great beaches, culture and other attractions.