Cyprus Permanent Residency
Cyprus Permanent Residency is a legal status which entitles non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. It does not expire; therefore, the holder does not need to renew it. It is also known as a Cyprus immigration permit or unlimited residency.
The legal basis of the permanent residence scheme is Regulation 5 and 6(2) of the Aliens and Immigration Regulations.
Permanent residence by investment programs
A PR in Cyprus is divided into several main categories.
Permanent residency by investment
“Cyprus residency by buying a property” type of permits is for investors who purchase property in Cyprus and have sufficient income from abroad:
- Category 6.2 (Fast Track Permanent Residency) can be obtained by investing at least €300.000 (plus VAT) in a brand-new house or apartment in Cyprus.
- Permanent Residency Category F requires an investment in real estate of at least €100.000 (plus VAT) and annual income from abroad which covers living expenses while residing in Cyprus, without working or doing business. The required yearly income starts from €9568 for one applicant plus €4613 for each dependent person.
Here is an example of the Cyprus permanent resident card obtained through investment:
Fast-track procedure for obtaining a PR
Permanent residence requirements
Purchase a property in Cyprus for €300.000
The investor must buy a new house or apartment or any of the combinations mentioned below, from a development company for the minimum amount of €300.000 plus VAT (VAT is 19% or 5% for the first property bought for own use).
The investor must register his sales agreement at the Land Registry and pay at least
€200.000 plus VAT to be able to apply. The payment must be made in the bank account of the seller in Cyprus, and the money should be transferred from abroad.
The delivery date does not matter, so properties under construction can be included.
The property can be bought in the name of a company in which the absolute owner or ultimate beneficiary will be the investor or his/her spouse.
The investor may buy up to two properties (bought from the same development company) provided the total sales price is as mention above and can be any of the following combinations:
- Two residential properties (houses or apartments)
- Residential property and a shop (up to 100 sq.m)
- Residential property and office (up to 250 sq.m)
If the investor wishes to sell the property, he must replace it with another of the equal or higher value and to follow all the conditions mentioned above.
The investor, together with his/her spouse, must prove yearly income from abroad of minimum €30.000, which is increased by €5.000 for each dependent (spouse and children). It is also increased by €8.000 for each dependent parent or parent-in-law and provided this is satisfied they can also apply and get the permanent residence permit.
It can be any income and usually includes salaries, pensions, dividends, fixed deposits, rents etc.
Bank deposit in Cyprus
The investor must transfer from abroad to his Cypriot Bank account the amount of €30.000, which will be pledged for three years.
The Permanent Residency permit covers the spouse and children up to 18 years old.
Also, children between 18 and 25 years old can apply provided they fulfil the following:
- Financially dependent on the investor
- University students abroad with a minimum of six months remaining study period from the date of the submission of the application
- To prove additional annual income of €5.000 for each
The PR is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above (unmarried, financially dependent, students).
However, their future spouse or child cannot be added as dependents on their PR. If children want to study at the University of Cyprus, they must apply for a temporary residence permit as students. When they finish their studies regardless of their age, they will be able to apply for PR with the only condition of the extra annual income of €5000.
Parents & Parents in law
The parents and parents-in-law of investor can also get PR without buying additional property. The only requirement is to show an additional annual income of €8.000 for every such parent. And to provide the application documents as mentioned in the list below.
Applicants must also comply with the below:
- Provide a clean criminal record from their country of residence
- Should not be regarded as a danger to the public order/security of Cyprus
Conditions and restrictions of the permanent residency program
- The holder must visit Cyprus once every two years or the residency permit would be cancelled automatically.
- The holders are not allowed to work in Cyprus. However, they can be shareholders in a Cypriot company, which can do business in Cyprus or abroad, and receive dividend income from this company.
- Cypriot permanent residence permit does not give any visa-free travel to any other countries or European Union member states, as it is only for Cyprus.
How to get a permanent residence permit
To obtain a permanent residency permit in Cyprus, the applicant needs to apply with the following required documents:
- Copy of valid passport of the applicant, spouse and children
- Curriculum Vitae for the applicant
- Marriage Certificate duly certified (official and certified translation)
- Children’s Birth Certificates duly certified (official and certified translation)
- Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation)
- Documents to prove annual income from abroad
- Title of ownership or contract of sale of property in Cyprus
- Bank Swift for the payment of the purchase price & receipts of payment
- Original Letter from a bank in Cyprus (deposit of €30.000, pledged for three years) – Fast track Category 6.2
Please note that Criminal Record Certificate, marriage & children birth certificates should be translated in English and be certified by the Ministry of foreign affairs (or Embassy) of the country that will issue them. And also by the Cyprus Embassy of that Country, or bear the APOSTILLE stamp.
The application to obtain a permanent residency can be submitted by the lawyer of the investor who does not need to be present at the submission. Those applications are only provided at the Civil Registry and Migration Department at Nicosia, not at district immigration units of each city.
After the submission, the applicants are required to give a photo and fingertips so that on approval, the residency cards can be issued. This can be done at any time before the final approval at any migration district unit in any city.
Below are the addresses of each city’s immigration unit.
Agamemnonos 6, Engomi, 2411 Nicosia
Franglinou Rousvelt 223, Zakaki, Building ¨D. Nikolaou¨, 2nd floor, 3046 Limassol
Piale Piasha 75, 6027 Larnaka
Eleftheriou Venizelou & Kaningos 22, 2nd floor, 8021 Pafos
Eleftherias 83, Tatolos Bld, Derynia Plaza, 1st floor, 5380 Derynia
On approval, the lawyer will collect the PR cards.
The fast-track Cyprus residency by investment is obtained in about two months. On approval, the lawyer can collect the cards on behalf of the investors.
Cyprus government fees
The cost of the fast-track permanent residency program is €300.000, and it does not include the following fees:
Applicant / applicants’ spouse / children under 18
€500 for all
€70 for each person for registration
Adult children & parents (each)
€70 for registration
The fees are the same for Category F permits.
- Permanent residency in Cyprus is valid for life.
- The whole family and parents can apply to get a residence permit.
- A Permanent resident of Cyprus after completing five years (total of 1825 days) of legal stay in Cyprus is entitled to apply for Cyprus Citizenship. This is the naturalization scheme based on years of residence (M127).
- Residency card is obtained within two months through the fast-track process.
- PR holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
- PR holder benefits by the newly established General Healthcare system and is entitled to free healthcare.
Our team is ready to advise and prepare any the above permanent residency applications. We will support you through all the procedure from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications, collection of the PR cards.
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