On 24 May 2021, the Government of Cyprus will officially introduce updated requirements to obtain residency.

Under the new rules, there is no need to open a bank account in Cyprus into which EUR 30,000 must be deposited and remain untouched for a duration of three years, as was previously required.

Foreign investors can now choose among the following options:

1.  Purchase residential property, or other property, in Cyprus worth at least EUR 300,000 plus VAT
2.  (new) Acquire shares worth at least EUR 300 000 in a company which is registered and conducts business in Cyprus, and employs at least five people
3.  (new) Acquire a share in a Cypriot investment fund (e.g., AIF, AIFLNP, RAIF) for at least EUR 300,000

Additionally, the main applicant must have a stable source of income outside Cyprus (employment in Cyprus is not possible) of at least EUR 30,000 a year. This amount must increase by EUR 5,000 for each child or spouse included in the application and by EUR 8,000 for each parent of the main applicant or dependent person.

Cyprus is the only country that offers the possibility to obtain a permanent, rather than temporary, residence permit through investment.

Permanent residents are required to visit Cyprus once every two years, but they do not have to live in the country.

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