PERMANENT RESIDENCY IN CYPRUS

Cyprus is widely regarded as a desirable destination for many people from outside the EU in search of a better life for their families. There are many compelling reasons for this, but ranking high in the list are: a favourable tax regime, personal safety and security, easier access to European market and the opportunity to engage in business.

Acquiring a Permanent Residence Permit to live in Cyprus is available to non-EU citizens who meet the conditions set down by the Government of Cyprus.

Once approved, a permit covers the applicant and his/her spouse for the rest of their lives subject to certain conditions. It is also granted to their dependent children up to 18 years of age, and in some cases up to 25 year of age if it can be proven that the adult child is still a dependent or in full time education.

Holders of the permit are not entitled to work in Cyprus but they may own a Cyprus company and receive dividends from any profits of that company. The permit will be revoked should the holder gain permanent residence status in another country (other than the country of his/her nationality) or if he/she does not visit Cyprus for two consecutive years. The permit is renewed five-yearly and exempts the holder from standard immigration entry procedures. Having a Permanent Residence Permit does not exempt the holder from the need for specific travel visas (Schengen, for example) in order to travel to certain other European countries.  

There are two ways to acquire the permit and each has its own criteria. By far the most popular route is to follow the Fast-Track Application Process, and our attorneys will be pleased to work with interested individuals or families to expedite their application(s) quickly and diligently.

FAST TRACK ROUTE – normally approved within 2 months (amended March 2021):

The applicant must fully meet the financial criteria detailed in one of the four following categories:

A) Investment in a house/apartment

The applicant must have purchased a new residential property for himself and his family in Cyprus valued not less than €300,000 (excluding VAT) and the seller must be the developer who built the property. It is possible to purchase two properties providing they are both new but they do not need to be from the same developer.

B) Investment in real estate (not including houses or apartments)

The purchase of other types of real estate – offices, shops, hotels or similar developments, or a combination of these – with a total value of €300,000. These can comprise resale properties.

C) Investment in the share capital of a Cyprus Company with activities and staff in Cyprus

An investment valued at €300,000 or over in the share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus, has a proven physical presence in Cyprus, and employs at least five people.

D) Investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF)

An investment valued at €300,000 or more in units of a Cyprus Collective Investment Organization.

Secure Annual Income

In addition to the prescribed investment as detailed above, the applicant must demonstrate that he/she has a guaranteed annual income of at least €30,000. This income level is increased by €5,000 for each dependent family member and €8,000 for each dependent parent or parent-in-law of the applicant.

Clean Criminal Record

The applicant must provide evidence that each person included in an application has a clean criminal record.

The above outlines the revised basic financial criteria and certain other quantitative and qualitative criteria may need to be met depending on personal circumstances.

The purchase of other types of real estate – offices, shops, hotels or similar developments, or a combination of these – with a total value of €300,000. These can comprise resale properties.

Please follow the link for further information on the ''Revisions to the Fast-Track Application Criteria for the Cyprus Permanent Residence Programme'' 

CATEGORY F ROUTE – normally approved within 5 – 12 months:

1. The applicant must have purchased a residential property for himself and his family in Cyprus.

2. The applicant must be able to provide evidence that he/she has minimum annual income of €9,568.17 (plus €4,613.22 for each dependent person) – essentially, enough to give them a decent living in Cyprus without having to engage in any business, trade or profession. This income must come from legal sources abroad (pensions, permanent deposits, business activities, stocks, company shares, etc.).

3. The Government may require further amounts that it deems necessary to cover additional outgoings such as maintenance of property, education fees, medical fees and other needs of the family.

4. The Immigration Authorities will examine the sources, stability and reliability of any income to ensure that the applicant can maintain themselves financially. A significant cash deposit into a Cyprus bank may well facilitate an application.

5. Other specific personal circumstances will apply.

Apply for Permanent Residence in Cyprus with the help and support of our skilled and knowledgeable immigration law experts.

Our team of specialised immigration lawyers will ensure your dreams of moving to Cyprus are realised. You can be confident that we will apply our in-depth knowledge to make the process as seamless and quick as possible.