About the Cyprus Residency Program
Cyprus is a dynamic business and investment hub, offering opportunities across a wide range of sectors to professionals, entrepreneurs and investors from around the world.
One of many ways foreign nationals can seek out investment opportunities in Cyprus is the through the Cyprus Permanent Residency Program. Non-EU citizens and their families can relocate to the sunny island, and take advantage of the many benefits and opportunities. Such as visa-free travel to Cyprus and easy access to a one-year Schengen visa in any European Embassy in Nicosia for travel to any country within the Schengen zone.
There are two main ways to obtain a Cyprus Residency Permit:
- By purchasing a property in Cyprus. In this case, there is a Fast-Track and a Normal option, both of which are outlined below.
- Applicants and their family members who have legally resided in Cyprus for a period of five years or more and who have previously held a Temporary Residency Permit for this period can also apply for Permanent Residency.
Fast Track Option
Unlike the Normal Route, which requires a renewal every five years, the fast track option allows applicants to acquire Permanent Residency within approximately two months, and it is valid for life.
To apply for the Cyprus Permanent Residency Program Fast Track Option, applicants must satisfy the below financial requirements:
- A minimum investment in real estate of €300,000 (plus VAT), of which €200,000 must be paid before the application. The property must be a first time sale, which means it must be bought directly from the property development company, and the investor is the first owner. It is possible to buy two properties (as long as they are both new, and from the same developer). These can be:
- One residential real estate property
- Two residential real estate properties
- One residential real estate property and a commercial space up to 100 m2
- One residential real estate property and an office up to 250 m2
- A three-year fixed deposit of €30K in a Cypriot bank coming from foreign sources.
- Annual foreign income of at least €30K (plus an additional €5K per dependent child and €8K per dependent adult).
In addition to the above financial requirements, applicants and their families must also fulfil the following conditions:
- Clean criminal record issued in the country of origin or last country of residence
- Visit the country at least once every two years.
- A personal declaration that you will not seek employment in the Republic.
- Title deeds or sale contracts for property or properties purchased in Cyprus
- Proof of payment of €200K
It should be noted that individuals who receive the Permanent Residency Permit are not permitted to work in Cyprus, though they can own a company in the country and earn dividends.
For Cyprus residency with the right to work, there is also the option of a Residency Permit. More information about this type of permit, as well as other employment visas, can be found here.
Can be completed within 12 months (approximately). The permit is renewed every five years when applied via the normal route. The benefit of the Normal Option for applying for Cyprus Residency is the fact that the required annual income is lower, and there is not a minimum amount regarding the investment. There is the added flexibility of allowing the applicant to rent a property rather than purchasing one.
- A minimum annual secured income of €9568,17 arising from sources out of Cyprus.
- A minimum annual secured income of €4613,22 for every additional applicant.
- The income is secure and provides absolute support to the applicant and his family – and support with evidence the needs of the family.
- The Immigration Control Board may demand additional amounts as necessary.
- Clear criminal record
Who is eligible to apply for the Permanent Residency Permit?
- Applicant’s spouse and children up to 17 years old
- Parents of the main applicant and/or spouse’s parents
- Applicant’s adult children between the ages of 18-24, provided they are enrolled, students.
- Applicant’s married children between the ages of 18-24, provided they are enrolled, students.
Terms and conditions:
- Upon successful completion of the Permanent Residency application, the investor must visit Cyprus within a year of the date of issuance of the Permanent Residency Permit (PRP).
- The applicant must return to Cyprus at least once every two years in order to maintain his PRP.
We help you with
- Advice on the financial criteria, conditions met, and the application procedure
- Assist in finding the right property matching the criteria of the applicant
- Drafting and assisting with the collection of all required documents; submitting the application to the relevant authorities and monitoring the status of the application and follow up, including personal meetings where deemed necessary.
Our experienced team is happy to help you and your family to obtain Cyprus Permanent Residency. Don’t hesitate to contact us for queries, without any obligation.
Would you like to know more?
Book a free consultation with us today to discuss your residency options.