Cyprus Permanent Residency
Overview of the Process for Cyprus Permanent Residency
The Cyprus Government as part of the European Union encourages investors and their family to obtain a Permanent Residency Permit via investment in Cyprus through residential and/or commercial Freehold investment property.
- The applicant’s investment will be a minimum of €300,000 in Freehold residential or commercial property.
- Submission of an application can include approval for the applicant’s spouse and children less than 18 years of age.
- The applicant must have a clear criminal record
- The applicant must have proof of a secure income.
- A deposit in a financial institution in Cyprus of an amount of €30,000 which will remain for three years. After the expiration of this period, the money will be released without restrictions.
- The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for every additional child and EUR 8,000 for each dependent parent. This income may include salaries from employment, rents, pensions, and dividends from shares, etc.
Benefits and Advantages:
- Fast Track applications with processing times of 60 – 70 days for final approval.
- There is no requirement to live permanently in Cyprus to maintain the permit.
- A permit is granted for an indefinite duration, with the one-off application, no renewal.
- Cyprus is a Full member in the EU since 2004.
- High Standard of International schooling and universities
- Second secure family home investment.
- Excellent Modern medical facilities
- Direct flights to and from many countries inside and outside Europe from the 2 main international airports of Cyprus.
- Travel more freely to other European countries
- Permanent Resident holders are exempt from any taxes payable in Cyprus from overseas income.
- Popular touristic Mediterranean island offers good investments.
- Low Corporate Tax and Double Tax Treaties.
- The English language widely is spoken.
- Very high level of safety and political stability.
- Permanent Residents of Cyprus can establish business in the European Union and expand business opportunities.
- Safe environment with very low crime.
- Multicultural society
- Consult on the requirements of the application process
- Advise on questions or any issues that need to be clarified
- Assistance in drafting of relevant required documents
- Continuous review of the application documentation with the authorities
- Monitor the status of the review by the authorities
- Act as a liaison with authorities during the examination of the application
Frequently Asked Questions (FAQ)
1. Is it possible for relatives (i.e. siblings) to purchase a property of a market value of €600.000 and both apply under Regulation 6(2) for P.R. Permit?
No. This is not possible as the policy specifies that a P.R. Permit is granted to the main applicant and spouse, to the children of the applicant (up to the age of 25 years) who are single and financially dependent on the applicant, and to the parents of the main applicant and spouse.
2. Can an applicant purchase a resale property of a market value of €300.000 and apply Regulation 6(2)?
No. In order to apply under Regulation 6 (2) the property has to be sold for first time.
3. What is the difference between the permit issued under Regulation 6(2) and Category F?
There is no difference between the permit issued under the two procedures. It has exactly the same effect. What differs are the criteria of each procedure and the examination period under each procedure and the fact that the applicants that obtain a P.R. Permit under Category F cannot even be shareholders in Cyprus company.
4. What is the time frame for the approval under both procedures?
Category F: 6 to 9 months
Regulation 6(2): up to 2 months
5. How much is the fee for the submission of an application?
The fee payable to the government for each application submitted is €500.
6. Does the applicant need to show at any time that he/she took actual possession of the property?
It is not necessary for the applicant to show that actually took possession of the property as after the approval of the P.R. the Ministry does not require any further information regarding applicant.
7.Is it possible for an applicant to purchase an off-plan property and apply for a P.R. Permit?
Of course, it is possible. The necessary documents that we need to provide to the Migration are the stamped contract and receipts that the applicant has paid at least €200.000 by the time of submission of the application.
8.How much does the applicant need to pay for the property before he/she submits the application?
Under Category F: The full amount of the purchase price has to be paid by the time of submission.
Regulation 6(2): at least €200 plus VAT