Cyprus: New rules for the fast-track procedure of obtaining permanent residence permit

The Cyprus Migration Department has officially issued the changes to the Fast-Track Permanent Residence Permit program:

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The requirement to open a Cyprus bank account and block the deposit of € 30,000 for three years has been canceled.

Additional investment options have been introduced, including those that do not provide for real estate acquisition(!):

- Investment in a new residential property of at least € 300,000 (+ VAT) in 2 different real estate objects from different developers.

- Investment in non-residential real estate, including offices, shops, hotels, etc. for a total amount of at least € 300,000, inclusive of a combination of several properties, both on the primary and on the secondary real estate market.

- Acquisition of a share in a Cyprus company in the amount of € 300,000.

- Acquisition of a share in Cyprus investment funds (for example: AIF, AIFLNP, RAIF) in the amount of € 300,000.

The new regulations come into force on March 24, 2021.