Designed to attract foreign investment as part of the Republic of Cyprus’ economic policy, the Permanent Residence Permit Programme is extremely beneficial to non-European citizens wishing to acquire a Cypriot passport and a Pink Slip (which allows the holder to freely conduct their business from Cyprus).
On the basis of the Programme, a non-Cypriot citizen with a clean criminal record may apply for a Permanent Residence Permit, providing certain criteria are met. This Permit also covers the spouse, dependants under the age of 18, and allows unmarried, financially dependent children aged 18-25 to obtain a permanent Immigration Permit (i.e. for life). Under certain circumstances, parents and parents-in-law of the applicant may also obtain residence.
Affording a host of advantages to the investor, this unique scheme offers successful applicants a fast-track opportunity to enjoy all the benefits of the island’s unique work/life balance, including a high quality of life, the chance to conduct business as a European citizen, and a one-year Schengen visa from any European Embassy based in Nicosia.
Many of the high net worth individuals who participate in the Programme also enjoy the benefits of a high rental income, as the Programme requires the purchase of a property valued at a minimum of €300,000 + VAT.
While the Residency Programme is an attractive and a worthwhile investment for high-net worth individuals, it cannot be undertaken without specialised knowledge and the help of an authorised professional. That’s why we, at Nexus Elite, are your perfect partners: our network of government-authorised solicitors and fiduciary service providers are here to help you navigate every step of the process, ensuring a seamless journey towards your enjoyment of all the benefits of Cypriot residency and a high rental income.