Citizenship & Residence 

 
Alexandrou Corporate Services provides a vast spectrum of services including formalization of Citizenship and Residence Permits for non-European citizens. The following guide summarises key points of the procedures and requirements for the applicants who wish to obtain Category F (Residence permit) or Citizenship in Cyprus.

Residence Permit, Visa F

Visa category F is granted to non EU citizen and his/her family: spouse and children till the age of 18 years old (there might be exceptions) for the permanent stay in Cyprus.
The applicant should possess and have in their disposal a certain annual income, sufficient enough to secure a decent living on the island without need of employment in Cyprus.  The income must come from legal sources from abroad. This permit does not allow the applicant to work in Cyprus; but he/she can own a Cyprus company and receive dividends from its profits.
An applicant can acquire Category F status via the standard procedure within 5-12 months or via fast track procedure within 2 months. If the applicant purchases a property for him/her self and the family of €300 000 or more, the application is examined favourably. The main requirements are as follows:
  • Steady income from legal sources from abroad;
  • Sufficient income to cover the applicants and his/her family expenses.

Category F is revoked in the applicant obtains residence in another EU country or did not visit Cyprus for more than 2 years continuously.

Citizenship

Citizenship-by-Investment program commenced in Cyprus in 2011 and allows non EU citizens to obtain Cyprus citizenship from 3 months the date of the application, if he/ she complies with one of the following investment options.

Requirements
The applicant must:
  • hold a permanent privately-owned residence in Cyprus of at least €500.000, plus V.A.T.; 
  • have a clean criminal record and his/her name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
If at any point of the citizenship any of the conditions is being evaded, the citizenship may be revoked 
 
Investment Options

OPTION 1: Mixed investments and a donation to a state fund, where the applicant must have invested and donated an amount of at least €2 million for the purchase of shares and/or bonds of the Investment company of the state under formation and an amount of at least €500 000 as a donation to the Research and Technology Fund.

OPTION 2: Direct Investments, where the applicant must have direct investments in Cyprus of at least €5* million, for instance:
  • property acquisition;
  • the purchase of businesses or companies that are based and are active in Cyprus;
  • the purchase of companies registered in Cyprus;
  • the purchase of financial assets registered and issued in the Republic of Cyprus
  • involvement in a company/ consortium of companies that has undertaken to carry out a public project.

The applicant shall not dispose the said assets in his possession for a period of at least three years. 

*The required direct investment sum is reduced to €2,5 million if the applicant participates in a special collective real estate purchase scheme, which will comprise the purchase of property on the territory of the Republic of Cyprus. 

OPTION 3: Deposits in banks, where the applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in Cyprus of at least €5 million.

OPTION 4: The applicant is required to have a combination of mixed investments and a donation to a state fund, direct investments and deposits in Cypriot Banks amounting to at least €5 million.

OPTION 5: Business Activities, where the applicant must be a shareholder or beneficiary owner of a company or companies, the management of which is in the Republic of Cyprus and that over the last 3 years prior to submitting the application has paid to State Funds (corporate tax, V.A.T. or other fees and charges etc) and remuneration for the purchase of business services (legal, accounting, auditing) in the amount of at least €500.000 per annum.

For more information, please contact Alexandrou Corporate Services office. Our highly qualified team of experts is ready to assist you with any immigration issues.


Source: Civil Registry Migration Department