Introduction

The Cyprus minister of interior recently introduced an improved, simplified and accelerated procedure for the grant of a permanent residence permit through investment, thus establishing Cyprus as an ideal destination for non-EU individuals wishing to acquire permanent residence in an EU country.

As this scheme targets retirees and high-net-worth individuals, it does not allow the visa holder to take any form of paid or unpaid employment in Cyprus and further provides that he or she may be absent from Cyprus for up to two years.

The scheme also provides for the grant of Cypriot permanent residence for the visa holder's spouse and family. This means that his or her spouse and minor children under the age of 18 can also be granted permanent residence. Unmarried dependent children aged 18 to 25 may submit their own separate application for a residence permit only if they are students and their parents present an additional annual income of €5,000 per dependent child. The permit will be valid until the dependent child reaches the age of 25.

Further, Cyprus – a member of the European Union since 2004 – is striving towards the implementation of the Schengen Agreement; once the agreement is implemented, its citizens will be able to move freely among other Schengen countries.

Conditions for permanent residence

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Application procedure

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Comparison of residence programmes

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For further information on this topic please contact Georgia Georgalla at G Georgalla Law Firm by telephone (+357 22 35 32 90) or email (gogo@georgallalaw.com). The G Georgalla Law Firm website can be accessed at www.georgallalaw.com.

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