Cyprus is an appealing European jurisdiction located in the eastern Mediterranean Sea and offering a warm climate and attractive beaches. Situated off the southern coast of Turkey, Cyprus is accessible from Europe, Asia and Africa. Nicosia is the centrally located capital of the Republic of Cyprus.
The population of Cyprus is approximately 1.2 million and the official language is Greek, with English also being widely spoken.
There are two options available to non-EU nationals seeking to relocate to Cyprus.
The Citizenship by Investment Programme offers non-Cypriot nationals a "fast track" means of obtaining a Cypriot passport and freedom to travel, work and reside within the EU. There is an obligation to meet one of five economic criteria, which includes investing at least €2 million in Cyprus. In addition the applicant must own a permanent residence in Cyprus, with a minimum market value of €500,000. The application process usually takes six months.
A Permanent Residence Permit is very useful as a means to ease travel to EU countries and as a gateway through which to organise business activities in Europe. Non-EU nationals, who do not intend to be employed in Cyprus, must purchase one or two new real estate properties in Cyprus with a total purchase cost of at least €300,000. The main applicant must have a minimum annual income of €30,000 from pensions, overseas employment, interest on fixed deposits or rental income from abroad. Other criteria also apply and information can be provided. The procedure should not take longer than two months, from the date of the application.