Cyprus Permanent Residency

benefit of permanent residency
  • FOR THE ENTIRE FAMILY: PARENTS – CHILDREN – GRANDPARENTS Cyprus Permanent Residence Permit covers the whole family including dependents and parents of the applicant and his/her spouse
  • PROPERTY INVESTMENT: ONLY 300,000 EUROS Guaranteed fast track straightforward procedure. The property must be bought from a licenced development company (first sale property)
  • VALID FOR LIFE: NO NEED FOR FUTURE RECONSIDERATION The Permanent Residence Permit is valid for Life. You need to visit Cyprus once every two years at least for one day
  • EUROPEAN PASSPORT: YOU BECOME ELIGIBLE FOR CITIZENSHIP A Cyprus Permanent Resident has the right (under certain conditions) to apply for a Cypriot passport following their physical presence on the Island.
  • VISA REQUIREMENTS: NO VISA NEEDED TO ENTER CYPRUS The Cyprus Permanent Residency holder and his family are free to enter Cyprus without the need of obtaining a visa
  • SCHENGEN ZONE: CYPRUS IS EXPECTED TO ENTER THE SCHENGEN ZONE SOON Cyprus along with Romania, Bulgaria and Croatia are expected to join the Schengen area soon
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Investment Criteria

An individual is eligible to apply under the Permanent Residency Program through an investment in Cyprus of €300,000 including :

(A) Investment in residential real estate – house and/or apartment: Purchase of a house or apartment from a Land Development Company- first sale Property of at least €300,000 (plus VAT). I. the applicant must submit a Contract of Sale lodged at the Lands office/title deed of the minimum value of €300,000. At least €200,000 plus vat must be paid prior to the submission of the application and relevant receipts to be presented.

(B) Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, touristic or similar developments or a combination of these with a total value of €300,000. At least €200,000 plus vat must be paid prior to the submission of the application and relevant receipts to be presented.

No obligation for a Fixed deposit. It is notable that the obligation for a fixed deposit has been abolished and the applicant is no longer required to deposit the amount of €30,000 in a fixed deposit account for 3 years.

benefit of permanent residency

Personal criteria

Personal criteria
  • The applicant has at his/her disposal secured annual income of at least €30,000 (the income of the applicant's spouse can also be taken into account).
  • Additional €5,000 for each dependent family member and €8,000 for each dependent parent (of the same and / or spouse). This income may come from: salaries for wages, pensions, dividends on shares, permanent deposits, rents, etc. deriving from abroad.
  • The applicant and his / her spouse must submit a Police clearance certificate from their country of residence or from Cyprus in case they reside here.
  • No intention to work declaration
  • Duly translated and certified Marriage Certificate.
  • Duly translated and certified birth certificates of the dependants under 18.
  • Curriculum-vitae.

Dependent Applicants

  • Under 18:The Immigration Permit is issued to the main applicant and may include the applicant's spouse and dependent children up to the age of 18.
  • Above 18 to 25: Dependent children between the ages of 18 and 25 who are proven to be higher education students abroad on the date of application and who are financially dependent on the applicant, can submit an application for an Immigration Permit with the submission 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.
  • Dependents studying in the Republic: 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. After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit, regardless of their age. This 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.
  • Dependent Parents and in-laws: An Immigration Permit can also be granted to the applicant's parents and their spouse, by submitting separate applications for each person and paying the corresponding fee, provided that the applicant will present an additional annual income of €8,000 for each dependent parent.

Dependent Applicants

Higher investment -adult children of the Investor

An Immigration Permit may also be granted to an adult child applicant who is not financially dependent, on a higher value investment. The investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant. The investment price of the €300,000 property should be multiplied by the number of adult children (i.e. in case the applicant has an adult child he should invest in property worth €600,000, if he has two adult children the value of the property should amount to €900,000 etc. and at least 66% payment should be presented during the submission of the Residency applications).

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.

APPLICATION AND EXAMINATION TIMEFRAME

It is estimated that the examination period, starting from the date of submission of the completed application will be approximately two (2) months.

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Properties eligible for Cyprus Permanent Residency

Villas
Villas
Apartments
Apartments