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Cyprus Reforms Residency Program: More Options For Investments

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The Ministry of Internal Affairs of Cyprus introduced a new version of the country's Residency By Investment program with a wide range of options for investments. Under the new rules, the minimum requirement for investment remains the same — €300,000. 

 

Until now, it was only possible to invest in a newly-built property, but the reform provides an option to invest in commercial real estate, to buy shares of a Cypriot enterprise, or invest in a local fund. 

 

What are the investment options? 

 

Residential properties: 

  • Only newly-built objects with a total price of no less than €300,000. 
  • Purchase should be made directly from the developer. 
  • No donations or other hidden fees. 

 

Commercial properties:

  • Offices, retail spaces, hotels and other commercial properties with a total price of no less than €300,000.
  • Newly-built or secondary-market objects. 
  • One or several objects can be purchased. 

 

Shares:

  • Minimum sum of investments — €300,000.
  • Only shares of companies with official registration and an office in Cyprus qualify for investments.  
  • An enterprise will qualify for the residency investment program only if it created at least five new jobs in Cyprus. 

 

Investment funds:

  • Minimum sum of investments — €300,000.
  • Only mutual investment funds qualify for the residency program.

 

An investor has to have an address in Cyprus in order to participate in the residency program. In case of investing in commercial property or in shares and other financial tools an investor can rent a flat for the residency purposes.

 

What are the benefits of Cyprus residency program? 

 

Residency by investment in Cyprus provides an opportunity to become a permanent resident in the European Union and live and work in this Mediterranian country. Cyprus residency is popular among investors who are interested in optimizing their taxes, as Cyprus has a very beneficial tax regime, and for second home purposes. Residency in Cyprus doesn't require to live most part of the year on the island: it is necessary to visit Cyprus only one in two years to retain residency. 

 

Britons choose residency in Cyprus as a way to regain their rights to live in a comfortable country with world-class resorts without any restrictions. As a part of the Commonwealth, Cyprus always provides a warm welcome for Britons. 

 

Residency in Cyprus also provides an option to become a citizen in the European country after five years of holding residency and fulfilling necessary requirements. 

 

Astons is a leading global immigration advisory firm with offices in London, Beijing, Moscow, Dubai and Limassol (Republic of Cyprus) and offers residency & citizenship investment solutions worldwide including the Turkey, Vanuatu, the EU and the Caribbean

 

For further information or to discuss your personal circumstances in a private consultation, please contact Astons at info@astons.com or call +44 207 292 2977.