Exploring the Nuances of Cyprus’ Permanent Residency by Investment Program
In an era where migration is a common pursuit for betterment, Cyprus emerges as a beacon for those seeking permanent residency through investment. The Mediterranean island has been recognized for its attractive investment program, designed to welcome non-EU nationals to invest in the local economy and, in return, gain the right to reside.
The Cyprus permanent residency by investment program, regulated under the Aliens and Immigration Regulation, offers various investment avenues. For instance, one can opt for real estate investments, such as purchasing a new apartment or house with a minimum value of €300,000 (plus VAT), or delve into commercial properties, including offices or hotels. Alternatively, investing in the share capital of a Cyprus-based company or in units of Cyprus Investment Organisation Collective Investments are viable routes.
These investments come with additional financial prerequisites. Applicants must demonstrate a secure annual income from abroad, starting at €50,000 and increasing with dependents. This income can stem from diverse sources like pensions, dividends, or rents.
Quality criteria also play a crucial role in the application process. Clean criminal records and health insurance policies covering both inpatient and outpatient care are mandatory for applicants and their families.
The program’s emphasis on real estate is undeniable, yet it extends benefits beyond property markets. It bolsters local businesses and regional development through foreign capital infusion. Moreover, it grants investors and their families enhanced mobility within the EU, without the right to work in Cyprus—although they may maintain business interests and receive dividends.
Evi Pilavaki, Chief Legal Officer at bbf:, brings her expertise to the forefront of this program. With a comprehensive legal background and an MBA from the University of Limassol, Pilavaki offers legal counsel across bbf:’s diverse operations. Her responsibilities span from managing legal risks to overseeing plot acquisitions and investment structures. Pilavaki’s leadership ensures that bbf: navigates the complexities of investment deals with precision and foresight.
As Cyprus continues to attract global citizens through its residency by investment program, it stands out not merely as a gateway to real estate opportunities but as a holistic destination for investors seeking growth, stability, and a gateway to Europe.
