Cyprus Government Has Published New Rules For Obtaining Residency

Under the new rules, a foreign investor has several options for obtaining residency:

1. Invest in new residential property worth 300,000 EUR + VAT in two different properties from different developers
2. Invest in non-residential real estate, including offices, shops, hotels in the amount of 300,000 EUR. With this option, an investor can combine various objects, including those from the secondary market
3. Acquire a stake in a Cypriot company in the amount of 300,000 EUR
4. Acquire a share in Cypriot investment funds in the amount of 300,000 EUR (e.g. AIF, AIFLNP, RAIF)

In addition to the investment, the applicant must prove that (s)he has an insured annual income of at least 30,000 EUR at his/her disposal. The annual income increases by 5,000 EUR for each family member and 8,000 EUR for each dependent parent. This income can come from wages, pensions, stock dividends, standing deposits, rents, etc.

The requirement to open a Cypriot bank account and block the 30,000 EUR deposit for three years has been canceled.