Cyprus Investment Programme

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Michalaki, Pitsillidou & Co LLC > Practice Areas > Cyprus Investment Programme

Permanent Residency in Cyprus By Investment - New Criteria 2023

The Cypriot government has made it easier for Non – EU citizens who want to invest in Cyprus to get a Permanent Residency Permit by using the Cyprus Regulation 6(2).

The Applicant must invest at least €300,000 in one of the following Investment Categories:

Investment Categories in Cyprus:

(A) Investment in a House or Apartment in Cyprus 

Purchase of a house or apartment in Cyprus by a land development company, which must be for a first sale of at least €300,000 (plus VAT).

(B) Investment in Real Estate in Cyprus (excluding houses and apartments)

Purchase of other forms of real estate such as offices, shops, hotels or similar developments or a combination thereof with a total value of €300,000. These properties may also involve resales.

(C) Investment in Share Capital of a Cyprus Company with activities and personnel in Cyprus 

Initial investment in the share capital of a new company of €300,000, or investment in share capital increase of €300,000 in an existing Cyprus Company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence and employs at least five people.

(D) Investment in Units of a Cyprus Collective Investment Fund (Type AIF, AIFLNP, RAIF) 

Investment of €300,000 in units of a Cyprus Investment Fund for Collective Investments whose investments should be carried out in the Republic of Cyprus.

Note : The money that will be used for the investment must be proven to come from abroad meaning outside Cyprus, from the bank account of the applicant and/or his spouse if she will also be included as a dependent person to the applicant.


The applicant must, in addition to the investment in Cyprus

(1) Be able to prove that he/she has at his/her disposal a personal insured annual income of at least €50,000.

(2) The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse.

(3) This income may derive from salaries for work, pensions, share dividends, interest on deposits, rents, etc. coming from abroad, which will be proven only through the tax return from the country in which the applicant declares  tax residency. This refers to category A,  Investment in house/apartment). The income of the applicant’s wife may also be considered.

(4) In cases where the applicant chooses to invest as Paragraphs (B), (C) or (D) as described above, its total income or part thereof may also derive from sources from activities within the Republic, if it is income taxed in the Republic.

Cyprus Quality Criteria 

(1) The applicant and his spouse must submit a clean criminal record certificate.

(2) The applicant and their dependent family members must provide a Health Insurance Certificate for medical treatment covering inpatient and outpatient care.

(3) The applicant and his wife will certify that they do not intend to be employed in the Republic of Cyprus except for their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.

(4) In cases where the investment does not concern a Company’s share capital, the applicant and/or his spouse may be shareholders in Companies registered in Cyprus and the income from dividends in such companies shall not be considered as an obstacle for the purposes of obtaining the Immigration Permit. They may also hold the position of Director in such companies without pay.

(5) In the cases where the applicant chooses to invest as Paragraphs (B), (C) or (D), applicant should present information about the place of residence and that of his/her family members in the Republic of Cyprus.

(6) In cases where the applicant chooses to invest as per Paragraph (A), but the number of bedrooms of the investment property cannot satisfy the needs of the dependent family members, then the applicant should indicate another property or properties which will constitute the place of residence of these persons.

Applicants Dependents 

The Cyprus Immigration Permit is issued to the applicant. This includes the applicant’s dependents who are the spouse and the minor children under the age of 18.

Unmarried children between the ages of 18 and 25. They can be considered as dependents only when they are proven as higher education students studying outside Cyprus on the date of application and who are financially dependent on the applicant. In this case the dependents may submit their own separate application to obtain an Immigration Permit in the Cyprus Republic. In such a case, the father or mother and/or both parents together must present an additional annual income of €10,000 for each such dependent child.

If the children are students in Higher educational institutions in the Republic then a temporary residence permit in the Republic as students should be submitted. After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit regardless of their age, with the only condition that the parents will present an additional annual income of €10,000 per child.

The Immigration Permit will continue to be valid even after reaching the age of 25, even if the child is still unmarried and/or a student and/or financially dependent on his parents. It is understood that the spouse and their minor children cannot be included as dependents in said Cyprus Immigration Permit.

Higher Value Investment to Include Adult Children  


An Immigration Permit may also be granted to adult children of the applicant who are not financially dependent based on the assumption that a higher value investment has been made by the applicant.

The market value of the €300,000 investment should be multiplied according to the number of adult children, who will rely on the same investment for the purposes of obtaining an Immigration Permit.

Examination Period 

The period of examination of the application from the date of submission of the completed application, will take approximately two (2) months.

The applicant is required to submit to the Department, on an annual basis from the date of obtaining the Immigration Permit, evidence that the applicant maintains the investment, that he/she maintains the required income determined for him/her and his family and that he/she and his/her family members are holders of a health insurance certificate in case they do not continue to be beneficiaries of GESY .

In addition to the above, the applicant and his adult family members are required to provide an annual certificate of a clean criminal record from their country of origin, as well as from their country of residence.

For more information contact us directly.

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Ioannis Michalaki

Ioannis Michalaki

CEO, Partner
Elena Pitsillidou

Elena Pitsillidou

Managing Director, Partner