Cyprus Permanent Residency
Cyprus Permanent Residency entitles Non-EU citizens and qualifying dependants to enter and stay as permanent residents in Cyprus with no limitations. It does not expire; therefore, the holder does not need to renew it. It is also known as a Cyprus immigration permit or unlimited residency.
A holder of such a permit has no right to work but it allows the individual to do business in the Republic and receive dividend income instead. Additionally, the individual is eligible for Cyprus citizenship after five years of residing in the country.
Cyprus Permanent Residency (PR) by Investment
According to Regulation 6(2) of the Aliens and Immigration Regulations, third-country nationals are eligible for an Immigration Permit, in cases of investments that meet certain conditions. This category is often called the expedited procedure or simply Fast Track.
Cyprus Permanent Residency – Investment Option 1
Investment in a house/apartment
i. Purchase of 1 or 2 properties (houses or apartments or a combination of the two) from a development company, which concerns a first sale of at least €300,000 (plus VAT 19% or reduced VAT at 5% for own use).
ii. The title deed or sale contract of the property shall be in the name of the applicant and/or in the name of the spouse and shall be officially filed at the Department of Lands and Surveys.
iii. Before filing the application for Permanent Residency, the applicant shall pay at least €200,000, (plus applicable VAT) towards the property value, regardless of the delivery date of the property.
iv. The applicant’s payments to the development company must be transferred from abroad and provide a relevant swift transfer receipt to the Immigration department.
Cyprus Permanent Residency – Investment Option 2
Investment in real estate (excluding houses/apartments)
i. Purchase of other types of real estate such as offices, shops, hotels, or related estate developments or a combination of these with a total value of €300,000 (the transaction can also be a resale, in which case VAT does not apply)
ii. The title deed or sale contract of the property shall be in the name of the applicant and/or in the name of the spouse and shall be officially filed at the Department of Lands and Surveys.
iii. Before filing the application for Permanent Residency, the applicant shall pay at least €200,000, (plus applicable VAT) towards the property value, regardless of the delivery date of the property.
iv. The applicant’s payments to the development company must be transferred from abroad and provide a relevant swift transfer receipt to the Immigration department.
Cyprus Permanent Residency – Investment Option 3
Investment in Cyprus Company’s share capital
i. Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, that employs at least five (5) people and has a physical presence and operations in the Republic of Cyprus.
ii. The applicant is also required to submit the following documents:
a. Share Purchase Agreement
b. Shareholders Certificate and Certificate of Incorporation
c. Business profile (e.g. Business objectives, Business plan, etc.)
d. Evidence regarding the personnel employed by the Company, issued by the Social Insurance Services.
Cyprus Permanent Residency – Investment Option 4
Investment in units of Cyprus Investment Organization of Collective Investments
i. Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments, in the forms of AIF, AIFLNP, RAIF.
ii. The applicant is also required to submit the following documents:
a. Titles or other proof of the purchased units.
b. Confirmation by the Cyprus Securities & Exchange Commission “CySEC” on the setup of the Fund.
c. Memorandum of the Fund or Investment Fund
Requirements of the Cyprus Permanent Residency by investment
Authorization from the Council of Ministers
In the case of investment options one (1) and two (2), the applicant shall first apply for authorization and/or written permission to buy a Cyprus property from the Cyprus Council of Ministers. This step is essential before proceeding with any engagement with the Development Company.
In addition to the above, the application to the Council of Ministers must also include the building permits of the property to be bought, the passport of the investor, a draft of the sale agreement (if it applies), an introduction of the investor, and the reason of the investment.
Annual Income
The applicant must prove yearly income from abroad of a minimum of €30.000, which is increased by €5.000 for each dependant (spouse and children). It can be any income and usually includes salaries, pensions, dividends, fixed deposits, rental income, etc.
Family members
Children
The Cyprus Permanent Residency permit also covers the spouse and children up to 18 years old.
Children between the ages of 18 and 25 years old, can also apply provided that the applicant proves an additional annual income of €5.000 for each child and the children are financially dependent on the applicant and they are not married.
In the case where the children are university students studying abroad, they are eligible to apply provided that a minimum remaining study period of six months is left, from the date of submitting the application
Once granted, the children can keep the Permanent Residence for life even if they exceed the age of 25 or do not continue to fulfill the above conditions. However, their future spouse or child cannot be added as dependents on their Permanent Residence.
Parents & Parents-in-law
The parents and parents-in-law of the applicant can also apply for Permanent Residence without buying additional property. The only requirement is to show an additional annual income of €8.000 for every such parent.
Required documents for the Cyprus Permanent Residence
i. Valid passport copy of the applicant
ii. Curriculum Vitae for the applicant
iii. Marriage Certificate duly certified and translated (if the spouse will apply with the applicant)
iv. Children’s Birth Certificates duly certified and translated (if the children will apply with the applicant)
v. Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation)
Cyprus Permanent Residency Procedure & Processing time
The application to obtain a Permanent Residency will be prepared by our firm, and we will be handling the collection of the required documents, assist with the necessary authorizations, provide appropriate advice and guidance according to the chosen investment option, and handle the submission of the application to the Civil Registry and Migration Department in Nicosia.
After the submission, the applicants are required to provide their biometric data (photo and fingertip scan). When approved, the residency cards will be issued, and once we are authorized, we can collect the Permanent Residency cards on behalf of our client.
The fast-track Cyprus Permanent Residency by investment is obtained in about three months. On approval, we can be authorized to collect the cards on behalf of the applicants.
