CYPRUS UNLIMITED PERMANENT RESIDENCE
Foreign citizens, of third countries outside the European Union, are entitled to apply for Residence Permit in Cyprus on the basis of Categories referred to in Regulations 5 and 6(2) of the Aliens and Immigration Regulations.
Due to Cyprus’ small size and geographical position, combined with low crime and low tax on income, its’ cosmopolitan city style and international business establishments, combined with unique nature, Mediterranean Sea and bright sun that shines over 300 days a year, makes Cyprus a popular destination .
Cyprus Resident and Immigration Permits are granted according to certain provisions and criteria. Depending to the different circumstances of each Applicant, different provisions and different type of Residence Permits can be granted.
Cyprus Permanent Residency (PR) is a legal status which entitles Non-EU citizens and qualifying dependents to stay as permanent residents in Cyprus with no limitations. It does not expire – the holder does not need to renew it.
A PR in Cyprus is divided into several main categories:
- PERMANENT RESIDENCY BY INVESTMENT
This type of permits is for investors who purchase property in Cyprus and have sufficient income from abroad:
Category 6.2 (Fast Track) can obtained by investing at least €300.000 (+VAT) in a brand-new house or apartment in Cyprus.
Category F requires an investment in real estate of at least €50.000 (+VAT) and annual income from abroad which covers living expenses while residing in Cyprus. The required yearly income starts from €9568 for one applicant plus €4613 for each dependent person.
- RESIDENCY WITH THE RIGHT TO WORK This type of permit is for owners & employees of companies of foreign interests:
Category C: Investors who work for their own company provided they bring from abroad a capital of about €260,000 to be used for their company activities.
Category E: Persons who have been offered permanent employment.
- OTHER TYPES OF PR IN CYPRUS
Permanent Residence by 5 years of stay – Non-EU citizens who had resided legally and continuously in Cyprus for five years before the filing of the application and had for the entire pre-mentioned period valid Cyprus temporary residence card are entitled to apply for the so-called long-term residence permit.
Permanent Residency for EU citizens – This type of residency can be applied by European Union citizens and their family members also Citizens of EU, after 5 years of continuous legal residence in Cyprus.
Permanent Residency for investors of the Cyprus Investment Programme – The applicants of the Cyprus Investment Programme immediately upon submission of their application are entitled to receive within five days a Cyprus PR. The CIP provides a Cyprus Citizenship with an investment of 2 million euros and an additional donation of €150.000, to an investor and his family (wife & children up to 28 years old).
Permanent Residency by marriage to Cypriot – Applicants married to Cypriot Citizen, their minor children from a previous marriage and also parents of the Cypriot citizen or parents-in-law are allowed to apply for residency permit with an unlimited duration which entitles them to residency rights.
PERMANENT RESIDENCE PERMIT (Regulation 6(2))
In accordance to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has decided to issue a Residence Permit (“Permit”) toapplicants from third countries, in cases where the conditions listed below are satisfied.
To qualify for a Permit under the policy, the investormust satisfy:
(a) one of the investment criteria referred to in paragraph 2.1 below as well as
(b) the criteria referred to paragraph 3 below
(c) prove that the funds used for the investment have been transferred from abroad.
The belowrevised criteria is applicable as of 24/03/2021.
2.1 The Investor must proceed with an investment of at least €300.000 in one of the following categories of investments:
(Α) Investment in a house /apartment: purchase of a house or apartment from a property developing
company, which must be a first sale of at least €300.000 (plus VAT).
(Β) Investment in assets (excluding houses/apartments): purchase of other form of assets such as offices, shops, hotels or similar type of developments or a combination of the above of total value €300.000. the said assetscan also constitute resale properties.
(C) Investment in the share capital of a Cyprus company with business activities and staff in Cyprus: The investment must be for at least €300.000 in the share capital of a company registered inthe Republic, which operates in the Republic and has a proven physical presence in Cyprus and employees at least five (5) people.
(D) Investment in Shares of the Cyprus Investment Organization of Collective Investments (Type AIF, AIFLNP, RAIF):
Investment of at least €300.000 in shares of the Cyprus Investment Organization of Collective Investments. The disposal of the Investment without the immediate replacement of the investment with another investment of the same or larger value, which must also satisfy the criteria of this policy, will result inthe initiation of proceedings for the cancellation of thepermit which has been issued pursuant to regulation 6 of the Aliens and Immigration Regulations
2.2 The Investor must, in addition to the investment made in accordance to paragraph 2.1 above, be in apositon to prove that he/she has at his/her disposal a secured annual income of at least €30.000. The said annual income shall be increased by €5.000 for each dependent member of the family and by €8.000 for each dependent parent (either of the Investor or his/her spouse). The source of the income can be from salaries, pensions, dividend, fixed deposits, rentsetc derived from abroad for the cases whereby the Investor elects to invest as per paragraph 2.1 (A). In the calculation of the total income of the Investor the income of the spouse can also be taken into account. In the cases where the Investor elects to invest as per paragraphs 2.1 (B), (C) or (D), the total income or part of the income can be derived from sources within the Republic.
The above are applicable to investments in houses / apartments or real estate:
– Investor must show a title deed or contract of sale for the purchase of a property of at least €300.000 (excluding VAT).
– The said title or contract of sale must be in the name of the Investor and/ or his/ her spouse and must be submitted at the Land Registry Department.
– must provide official receipts for the settlement of at least €200.000 of the purchase price (excluding VAT) regardless of when the property will be delivered.
– as at the time of submission of the application the Investor must provide evidence that the funds have been transferred from abroad and are not derived from a loan.
– The purchase price must be paid in the account of the Seller in a banking institution in Cyprus.
– The purchase can be made via a legal entity in which the Investorand /or his / her spouse are the sole or final UBO and which operates legally in the republic or another member state of the EU or the EU Economic Area.
– For the purposes of applying in accordance to paragraph 2, in relation to the purchase of a house / apartment it is clarified that:
(a) the Investor can buy up to two (2) residential units (houses or apartments) provided the total of the
purchase price satisfies the provision of this paragraph. In the case ofa couple, the above condition
apply jointly to the couple.
(b) the purchase must relate to property purchased from aproperty developing company for the first time, unless the purchase was made before 07/05/2013. Contracts of Sale relating to resales of properties which have been filed at the Land Registry Department, before 07/05/2013 will be accepted for the purposes of this policy.
4. OTHER CRITERIA
4.1 The Investor and his / her spouse must submit Clean Criminal records certificate from the country of
residence or the republic (if they reside in the Republic) and in general must not pose in any mannera treat
against public order or public safety.
4.2 The Investor and his / her spouse must confirm that they do not intent to engage in employment or activities in the Republic, with the exception of acting as directors in a company in which they will choose to invest in as per the provisions of this policy.
4.3 In the cases where the investment relates to investing in the share capital of a copmay, the investor and / or his / her spouse can be registered shareholders in companies in Cyprus and their income from dividends in such companies shall not eact as an estopel with regards to the obtainment of the Permit. Further, they can act (without pay) as directors of the said companies. 4.4 In the cases where the Investor elects to invest in accordance to paragraphs 2.1 (B) , (C) or (D) , he / she must provide evidence with regards to his / her place of residence in the Republic (e.g. title deed of property, contract of sale, or tenancy agreement).
5.1 The Permit is issued to the Investor. This includes theInvestor’s dependents who are the spouseand their
minor children up to the age of 18 years. If they wish, it ispossible to issue two separate Permitsone for the
investor and one for the spouse without the requirement that the spouse to meet the criteria of the
investor, provided that separate applications are submitted and the corresponding fees are paid. It is
understood that in the event that the Permit granted to the investor is canceled for any reason, it will result
in the activation of the processfor the cancellation of the Permit for the spouse, based on the provisions of
Regulation 6 of the Aliens and Immigration Regulations.
5.2 Unmarried children between the ages of 18 and 25, who are proven to be students in higher education abroad as at the time of the submission of the application and who are financially dependent on the Investor, can submit their own, separate application for a Permit with the payment of the corresponding fee. In such a case the father or mother and / or both parents together must present an additional annual income of € 5,000 for each such dependent child. If the children are students in Higher and Higher Education Institutions of the Republic, they must apply for a temporary residence permit in the Republic as students under the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for a Permit, as mentioned above with the payment of the corresponding fee, regardless of their age, provided that the parents will present an additional annual income of € 5,000. The Permit will continue to be valid after reaching the age of 25 even if the child is still not single and / or a student and / or financially dependent on his or her parents.
It is understood that the spouse (of the adult child) and their minor children will not be able to be added as dependents on the said permit. It is also understood that in the event that the Permit granted to the investor / parent is canceled for any reason, it will result in the activation of the process for the cancellation of the Permit for the adult child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
5.3 A Permit can also be granted to the Investor’s parents and his / her spouse’s parents, by submitting separate applications for each person and paying the corresponding fee, provided that theInvestor will present an additional annual income of €8,000 for each dependent parent. It is understood that their spouse and minor children will not be able to be included as dependents in this permit. It is also understood that in the event that the Permit granted to the investor / child is canceled for any reason, it will result the activation of the process for the cancellation of the Permit for these parents, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
6. ADULT CHILDREN
A Permit may also be granted to an adult child who is not financially dependent on the investor, provided an investment of a higher value investmentis made, based on the provisions of Paragraph 2, as set out below: The market value of the investment of € 300,000 must be multiplied by the number of adult children, who will apply based onthe same investment for the purpose of obtaining the Permit. For example, in case the Investor has an adult child he should make an investment worth € 600,000, if he has two adult children the total value of the investment should be € 900,000 etc. In case the investment will concern purchase of real estate, meaning where the Investor chooses to invest inaccordance to the provisions of paragraphs 2.1 (a) and 2.1 (B) together with the application the investor must submit proof of payment of at least 66% of the market value must be submitted. It is understood that, in such a case, each adult child will be able to prove that he has at his disposal an insured annual income of at least € 30,000, which will increase by € 5,000 for each dependent, as provided in Section 2.2. In addition, it is noted that the investment can be made jointly in the name of the Investorand the adult child or exclusively in the name of the Investor.
Provided all documents are provided and the application meets the criteria of the policy and there are no grounds of public interest of safety for which the Permit should not be granted then the applications will be examined within two (2) months from the date of the submission of the duly completed application.
8. OTHER INFORMATION
Persons who are granted a Permit must obtain a permanent residence in the Republic within one (1) year from the date of approval of the application, further, the investor and his / her family members, must not remain outside the Republic for a period of two (2) years. Otherwise the Permit ceases to be valid under Regulation 6(3) and / or may be revoked under Regulation 6 (4)
To apply for a Cyprus Permanent Residence Permit, you must meet the following requirements:
Permanent Residency in Cyprus Category F
Benefits of Cyprus Permanent Residency Cat. F
- Permanent residency in Cyprus is valid for life;
- Enter and remain to Cyprus with no limitations;
- Does not expire if the applicants visit Cyprus once every two years;
- Granted to the wife/husband of the applicant, their minor children up to 18 years old;
- 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;
- 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. This is the naturalization scheme based on years of residence (M127).
- PR holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
- PR holder benefits by the newly established General Healthcare system and is entitled to free healthcare.
Cyprus permanent residency requirements
Category F – Obtained within 12 months
- Property purchase
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 min. EUR 50 000. It can even be a resale property. The money for the purchase does not need to be transferred from abroad.
- Annual income
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 an amount of approximately €15.000 to €20.000, which is not pledged, the money can be used after applying.
- Family members
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.
- Copy of valid passport of the applicant, spouse and children
- Curriculum Vitae for the applicant
- Marriage Certificate duly certified (official and certified translation)
- Children’s Birth Certificates duly certified (official and certified translation)
- Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation)
- Documents to prove annual income from abroad
- Title of ownership or contract of sale of property in Cyprus
- Bank Swift for the payment of the purchase price & receipts of payment
- Bank Statement to show the balance of €15.000 — €20.000
*Please note that Criminal Record Certificate, marriage & children birth certificates should be translated in English and be certified by the Ministry of foreign affairs (or Embassy) of the country that will issue them. And also by the Cyprus Embassy of that Country, or bear the APOSTILLE stamp.
Cyprus government fees
|Applicant / applicants’ spouse / children under 18||€500 for all |
€70 for each person for registration
|Adult children & parents (each)||€500 |
€70 for registration
Our team of Immigration lawyers and consultants will assist you on the requirements of the whole application process. We aim in advising you on all necessary questions and to assist you on the preparation of all documents necessary for submission. We submit the complete application together will all necessary supporting documents to the authorities on your behalf, we monitor the status of the application and we act as a liaison with authorities during the examination of the application. Our target is to make this process as easy and as fast possible for our clients.
How We Can Help:
We will guide you through every step of the way to obtaining a Permanent Residence Permit in Cyprus:
- Consultation on the application requirements;
- In-depth examination of the circumstances of the case;
- Execution of all preliminary checks with the responsible authorities;
- Assistance with document preparation and drafting;
- Review of application prior to its submission to the relevant authorities;
- Submission of the application to the relevant authorities;
- Monitoring and follow-up on the status of the application.
Third country nationals (Non-European Union Citizens ) that are married to Cypriot citizens are entitled to apply for the Cyprus residency permit. This also applies for the following family members of a Cypriot citizen and his spouse:
- their children under 18 years old from a previous marriage,
- their parents in law.
A benefit of a residence permit by marriage is the right to stay in Cyprus with no limitations.
Required documents for PR by marriage:
- Passport or identity card of the Cypriot citizen and the applicant
- Marriage Certificate
- Non Marriage Certificate of the spouse (if was single before the marriage)
- Copy of divorce and Affidavit of the spouse and the Cypriot that was not married since the issuance divorce
- Health Insurance (if the Cypriot Citizen is not working)
- Proof of stable and sufficient income
- Certificate of Social insurance contributions of the Cypriot citizen(if applies)
- The title deed of a property in Cyprus, or Rental Agreement duly certified by certifying officer and stamped at the tax office(original & copy bearing two stamps worth)
- Birth Certificate (for children from a previous marriage)
The applications are submitted at the Migration District Unit of the city that the applicants live.
Citizenship application of Cypriot spouse:
The Cypriot spouse after receiving the permanent residency can apply for the acquisition of Cypriot citizenship if complies with the following:
- completing three years of marriage before the date of application
- two years of residence in the Republic
For each PR application — €120
- Advice on required documents
- Submission of PR application
- Collection of residency permits
Contact us to receive a free personal consultation and learn about our competitive fee services.