Third country nationals have the right to obtain permanent residency in the Republic of Cyprus, under the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, which allows them to reside on the island without the need of acquisition of temporary residence status or Schengen Visa.

The latest updates of the permanent residency under category 6(2) (“fast-track procedure”) include a wide range of investment choices, not limited to the real estate field and business sector.

Importantly, third country nationals are eligible to obtain permanent residence status in Cyprus under the fast-track procedure by investing in the share capital of a Cyprus Company.

Requirements to be fulfilled:

Non-Eu citizens can apply for permanent residency upon an investment of a minimum amount of €300.000 in the share capital of a company which is registered, based and operating its business in the Republic of Cyprus.

The Company must have physical presence in the Republic of Cyprus and employ at least 5 people whose nationality is not limited to EU/Cypriot citizens.

The applicant shall also submit evidence of permanent residing residence on the island and must prove secured annual income of at least €50.000 remitted from abroad or emanating from activities from within the Republic of Cyprus (provided that their income is taxed in Cyprus).

Rights of the Family Members:

Family members of the third country national can also apply for permanent residency along with the main applicant, under certain conditions, including but not limited to additional annual income of €15.000 for spouse and €10.000 for each dependent minor child.

Timeline for examination:

The permanent residency applications under the updated regulations are expected to be examined within 2-3 months from filing.

Benefits for consideration:

The obtainment of permanent residency by investment in the share capital of a Cyprus Company is significant as it enables non-EU citizens to reside in Cyprus permanently, while establishing their business activities through their own company under which they can be employed as Directors.

The advantage provided by such investment is that third country nationals can become tax residents of Cyprus and maintain their tax residency under the 60 days rule while enjoying the exemptions provided by the non-domicile regime.

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