Cyprus Permanent Residency is a legal status, which entitles non-EU citizens and their qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. The status of permanent residency does not expire. Cyprus residency by buying a property type of permits is for investors who purchase property in Cyprus and have sufficient income from abroad.
1.Fast-track procedure for obtaining a Permanent Residency
Fast Track Permanent Residency can be obtained by investing at least €300.000 (plus VAT) in a brand-new house or apartment in Cyprus.
The procedure is as follows:
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.
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
- Declare their intention not to be employed in Cyprus
- Declare they have a secured annual income from abroad
- Ensure the applicant’s name is not included in the list of persons whose property is ordered to be frozen by the EU
- Normal-track basis (known as Permanent Residency Category F )
Permanent Residency in Cyprus 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.
To be eligible for this type of permit, the applicant mainly needs to show:
Category F residency is flexible and does not have a strict requirement of property purchase. However, it is recommended to buy a property in Cyprus of any amount. It can even be a resale property. The money for the purchase does not need to be transferred from abroad.
The applicant must show a yearly income of at least €9568 for one applicant plus €4613 for each dependent person. This income must be from abroad and can be from salaries, pensions, stock shares, rents.
Bank deposit in Cyprus
The applicant should deposit in his bank account in Cyprus of approximately €15.000 to €20.000, which is not pledged it is a simple deposit, the money can be used after applying.
Only children up to the age of 18 years old can apply as a dependent, and their permanent residency will be valid until they become 18 years old. The parents of the applicants cannot apply as dependents.
Conditions and restrictions of the Permanent Residency Programme
- 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.
Category F only
- The processing time is about 18 months
- The children of the applicant will lose it once they become 18 years old
- 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.
- Residency card is obtained within two months through the fast-track process.
- Permanent residency holder might be eligible to apply for becoming Cyprus Tax Resident
- Permanent residency holder benefits by the newly established General Healthcare system and is entitled to free healthcare.
- Permanent residency Category F is a flexible procedure which allows the holder to get a permanent residency in a European country with a minimal investment.
We offer support through all the procedure from initial property purchase, advice on required documentation, preparation and submission of the immigration permit applications.
Contact our lawyers to receive a free personal consultation and learn about our competitive fee services.