Cyprus Permanent Residency Program

The Republic of Cyprus is considered by many people as an ideal and attractive country to live and retire primarily due to the warm weather throughout the year, the safety, the stability of its economy and all other privileges that any European state provide to its residents. 

The Cypriot government’s intention over the last years to increase foreign direct investment, in order to boost the country’s economic development. The Cyprus government has modified the relevant “Aliens and Immigration Regulation” into a more simplified one in order to approve and issue Residence Permits to a non-European applicants and qualifying dependents that would like to stay as permanent residents in Cyprus provided that the certain requirements and criteria are met and are outlined further down. The Cyprus Permanent Residency does not expire and there is no need for renewal. In essence, it is an unlimited Cyprus residency permit.

Cyprus Residency by Buying Property

Setting up also and parallel a Fast Track procedure; the Cypriot Government has made the relevant program vary favorable and flexible, and one of the easiest to be obtained, with the permits being issued within maximum two months provided that applicant keep his property (don’t sell) and visit Cyprus one time every two years.

Permanent Residence Permit in Cyprus for Non-EU Citizens

BASIC CRITERIA OF THE PERMANENT RESIDENCY IMMIGRATION POLICY

Regulation 6(2) of the Aliens and Immigration Policy:

  • The Applicant or his spouse must purchase a property in Cyprus which is worth at least €300,000 plus VAT
  • clear criminal records to be presented
  • fixed deposit bank account of the applicant of €30,000 for 3 years
  • proof of annual income of applicant of at least €30,000 per annum
  • It is possible to buy two properties from same developer company.

CHILDREN ABOVE THE AGE OF 18 (BASIC REQUIREMENTS)

Children Financially Dependent on Parents

Children above the age of 18 and under the age of 25, who are single, are financially dependent upon the Applicant and are students can get a Permanent Residence Permit.

PR PERMIT FOR PARENTS/ PARENTS IN LAW OF THE MAIN APPLICANT ( BASIC REQUIREMENTS)

  • The parents and parents in law of the main applicant can now submit a PR application and obtain the ‘for so long’ status WITHOUT ANY SEPARATE INVESTMENT
  • A separate PR application is submitted for EACH parent
  • The main applicant must show an additional annual income of €8,000 per dependent parent or parent in law
  • Applicants should produce a no criminal record certificate together with the Birth Certificate of the applicant’s child or any other official document that proves the relationship between the applicant and the holder of the immigration permit under Reg.6(2)

BENEFITS OF CYPRUS PEERMANENT RESIDENCY

Fast Approval Process For Permanent Residency In Cyprus 

  • Permanent Residence Permit is granted for life and there is no need for renewal. 
  • The PR Holder does not need to reside in Cyprus; a short visit to Cyprus once every two years is sufficient. There is no minimum time or days required
  • Approval under any of the above mentioned categories does not give the right to the Applicant to work in Cyprus. However the law does give them the right to establish Cyprus limited liability companies and enjoy the profits through dividends
  • PR Holders can qualify to apply for Cypriot Citizenship and a Cypriot passport after residing in Cyprus for a total period of 365 days x 6 years within any time period and 365 days being continuous in the 7th year