Cyprus Permanent Residency (Cyprus immigration permit or unlimited residency) is a lawful status that allows qualified non-EU citizens and eligible dependents to enter and stay as permanent residents in Cyprus with no restrictions. It does not expire; consequently, the holder of the Cyprus PR card does not need to renew it.
The legal basis of the permanent residence program is Regulation 5 and 6 (2) of the Aliens and Immigration Regulations.
CYPRUS GOLDEN VISA – HOW TO GET PERMANENT RESIDENCY AND CITIZENSHIP
PERMANENT RESIDENCE (PR) PROGRAMS
A PR in Cyprus is divided into several main categories.
CYPRUS PERMANENT RESIDENCY BY INVESTMENT
Cyprus residency by purchasing a real estate type of permits is for investors who buy property in Cyprus and have sufficient income from abroad:
CATEGORY F REGULATION 6(2) (FAST TRACK PROCEDURE) : Can be attained by investing at least EUR 300,000 (plus VAT) in a brand-new house or apartment in Cyprus.
CATEGORY F (NORMAL PROCEDURE): Permanent Residency Category F needs an investment in property of at least EUR 100,000 (plus VAT) and yearly income from abroad which covers living expenses while residing in Cyprus, without working or doing business. The required annual income starts from EUR 9,568 for one applicant plus EUR 4,613 for each dependent person.
FIRST: FAST-TRACK PROCEDURES FOR OBTAINING A PR
(1) Purchase a property in Cyprus for EUR 300,000
The applicant must purchase a new house or apartment or any of the combinations mentioned below, from a development company for the minimum amount of EUR 300,000 plus VAT (VAT is 19% or 5% for the first property bought for own use).
The applicant should register her/his sales agreement at the Land Registry and pay at least EUR 200,000 plus VAT to be able to apply. The payment should be made in the bank account of the developer (seller) in Cyprus, and the money should be transferred from overseas.
The delivery date does not matter, so properties under construction can be included.
The Real estate 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 applicant may buy up to two properties provided the total sales price is as indicated above and can be any of the following combinations:
Two residential properties (houses or apartments);
Residential real estate and a shop (up to 100 sq.m);
Residential real estate and office (up to 250 sq.m);
If the applicant wishes to sell the real estate, she/he must swap it with another of the equal or higher value and to follow all the conditions mentioned above.
(2) Yearly Income
The applicant, together with his/her spouse, should demonstrate annual income from overseas of minimum EUR 30,000, which is increased by EUR 5,000 for each dependent (spouse and children). It is also increased by EUR 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 generally includes salaries, pensions, dividends, fixed deposits, rents etc.
(3) Family members
The Cyprus Permanent Residency permit includes the spouse as well as children up to 18 years old.
Furthermore, children between 18 and 25 years old can apply provided they fulfil the following:
Financially dependent on the main applicant;
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 EUR 5,000 for each.
The Cyprus 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).
Yet, their future spouse or child cannot be added as dependents on their PR. If children want to study at the University of Cyprus, they should 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 EUR 5,000.
(4) Parents & Parents in law
The parents and parents-in-law of main applicant can similarly get PR without purchasing additional real estate. The only condition is to show an additional yearly income of EUR 8,000 for every such parent. Besides, to provide the application documents as mentioned in the list below.
(5) Other conditions
Investors 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.
SECOND: PERMANENT RESIDENCY IN CYPRUS CATEGORY F
To be eligible for this type of permit, the main applicant primarily needs to demonstrate:
(1) Purchase a property in Cyprus
Category F residency is flexible and does not have a firm condition of property purchase. Though, it is suggested to purchase 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 overseas.
(2) Yearly Income
The main applicant should show an annual income of at least EUR 9,568 for one applicant plus EUR 4,613 for each dependent family member. This income must be from overseas and can be from salaries, pensions, stock shares, rents.
(3) Bank deposit in Cyprus
The main applicant must deposit in his bank account in Cyprus an amount of EUR 15,000 to EUR 20,000 which is not pledged, it is a simple deposit, the money can be used after applying.
(4) 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.
It is also possible to apply for the PR category F with a rented property. Nevertheless, the application could be declined by the Migration department. Based on our experience, we recommend applying after purchasing a property.
CONDITIONS AND RESTRICTIONS OF THE PERMANENT RESIDENCY PROGRAM
The holder must visit Cyprus once every two years or the Cyprus residency permit would be cancelled automatically. You cannot have several stays that total two years or more during a four-year period.
The holders are not allowed to work in Cyprus. Yet, 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 to obtain the PR is about 18 months;
The children of the applicant will lose it once they become 18 years old.
HOW TO GET A PERMANENT RESIDENCE PERMIT?
To get a permanent residency permit in Cyprus, the main applicant provides the following required documents:
Copy of valid passport of the main 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 demonstrate yearly income from abroad;
Title deed or contract of sale of property in Cyprus;
Bank Swift for the payment of the purchase price and receipts of payment;
Category F only: Original Letter from a bank in Cyprus OR Bank Statement to show the balance of EUR 15,000 –EUR 20,000.
Please note that Criminal Record Certificate, marriage and 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.
The application to attain a permanent residency in Cyprus can be submitted by the attorney of the main applicant who does not need to be present at the submission. Those applications are only provided at the Civil Registry and Migration Department at Nicosia, not at district immigration units of each city.
After the submission, the main applicant as well as the family members are required to give a photo and fingertips so that on approval, the residency cards can be issued. This can be done at any time before the final approval at any migration district unit in any city.
On approval, the lawyer will collect the PR cards.
The fast-track Cyprus residency by investment is attained in about two months. On approval, the lawyer can collect the cards on behalf of the applicants.
It is predictable that the time frame for the examination of the application for permanent residency under category F shall be 18 months.
CYPRUS GOVERNMENT FEES
The cost of the fast-track permanent residency program is EUR 300.
The fees are the same for Category F permits.
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. This is the naturalization scheme based on years of residence (M127).
Residency card is obtained within two months through the fast-track process.
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.
PR Category F is a flexible procedure which allows the holder to get a permanent residency in a European country with a minimal investment.
BENEFITS ACQUIRED WITH THE PERMANENT RESIDENCY
Once acquired is for life.
Exempts you from immigration entry procedures for Cyprus.
Family can obtain it also.
No inheritance taxes.
Easier access to EU countries.
Access to high quality education system.
Excellent standards of living.
Low crime level and family safe country.
Visa to Schengen zone countries easily obtained.
Once acquired, the right of permanent residence shall be lost only through absence from the Republic of Cyprus for a period exceeding two consecutive years.
We at QICMS are ready to advise and prepare any the above permanent residency applications. We will support you through all the procedure from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications, collection of the PR cards.
Contact us to receive a free personal consultation and learn about our competitive fee services.