Permanent Residency

In case you plan to live in Cyprus on more or less permanent basis you should apply for a residence permit. Cyprus offers probably the best conditions in the European Union for this.

If you have purchased a property in Cyprus for the purpose of holiday making there is no need to apply for a residence permit. The visa granted on the grounds of property ownership will allow you to stay in the Republic of Cyprus altogether 180 days a year, 90 days every six months.

Fast Track Permanent Residence Permit (PR)

The fast-track Permanent Residence Program enables the granting of a permanent residence permit to foreigners who intend to invest in Cyprus. The program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse dependent children up to age 25 and the parents of the applicant and spouse. What’s more, the permits are valid forever! The process is extremely straightforward and can even be arranged remotely.

The law was simplified and the procedure of obtaining Permanent Residency via the fast-track PR procedure started on the 22nd of February 2016. Under this modification, as mentioned before, children of the applicant over 25, who were originally dependent, retain the PR, irrespective of whether they marry, become financially independent or stop studying at a higher education institution. Additionally, dependent parents of the applicant are eligible for PR as well. That applies to parents of both spouses. In case the spouses are already in possession of the PR, then the parents can obtain the PR too.

Benefits of Fast-track Procedure

  • An express procedure – 2 monthsto be approved
  • Once Cyprus enters the Schengen zone(expected in 2017), Cyprus permanent residence (PR) permit holders will have the right to travel freely in the zone
  • The residence permit is granted not only to the applicant but also to applicant’s spouse, minor children, financially dependent adult children up to 25 years (if they are not married), as well as the parents of the applicant and applicant’s spouse
  • PR permit holders are free to enter and live in Cyprus without the need to obtain a visa
  • They are not obliged to actually relocate to Cyprus– they simply need to visit Cyprus once every two years to maintain the permit
  • The PR holder and family have a ‘second home’ in Cyprus
  • Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus
  • Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2.555 days) of staying in Cyprus within 10 calendar years