If you have purchased in Cyprus new real estate properties with total purchase cost of at least €300.000 + VAT you are entitled to apply for permanent residence permit.
Foreign citizens, of third countries outside the European Union, are entitled to apply for Residence Permit in Cyprus on the basis of the Categories referred to in Regulations 5 and 6(2) of the Aliens and Immigration Regulations.
Cyprus Resident and Immigration Permits are granted according to certain provisions and criteria. Depending on the different circumstances of each Applicant, different provisions and different type of Residence Permits can be granted.
- Under regulation 6(2) for Permanent Residence Permit, for purchasers of real estate of a market value of over €300,000 + VAT. Such applicants are entitled to take advantage of a Residence Permit, issued within 3 months.
- Under regulation 5 for Long Term Residence Permits, for applicants falling into any one of the following Categories:
- Categories A, B and D: For self-employees in different sectors of trade or profession (agriculture, breeding, mining, science etc.)
- Category C: Investors who work for their own company provided they bring from abroad a capital of about €260,000 which will be used for their company activities in Cyprus
- Category E: For persons offered employment in Cyprus (advance work permit is a requirement)
- Category F: For persons who wish to reside in Cyprus, with secure annual income without the need to engage in any business in Cyprus.
WHY APPLY FOR IT:
An Immigration Permit gives a Non-EU national the right to permanently reside in Cyprus; it excludes you from any immigration entry procedures and controls. Your family can also obtain it.
The main benefit of the Permanent Residence Permit, under category 6(2), is that it is granted within 2-3 months, for an indefinite duration.
The Applicant must visit Cyprus within 1 year of the date of issuance of the permanent residency permit to provide biometrics. He must then visit Cyprus once every 2 years thereafter.
APPLICANTS MUST HAVE:
- Purchased in Cyprus one or two new real estate properties with total purchase cost of at least €300.000 (excluding VAT – can benefit from the Reduced VAT Co Efficient Scheme – 5% VAT only on Real Estate). Properties can be two residences, or one residence and one office, or one residence and one shop. At least €200.000 + VAT of the purchase cost must be paid and all funds need to be transferred from abroad. Properties under construction are included;
- A secure and steady annual income of at least €30,000, which is increased by €5,000 for each dependent, transferred on a regular basis from abroad to a bank operating in Cyprus. The income should derive from sources other than employment in Cyprus – can be salaries, pensions, dividends, fixed deposits, rents, etc.;
- Funds of at least €30,000 transferred from abroad and deposited in a Bank operating in Cyprus in a 3-year Fixed Deposit Account (the applicant may use this amount following the lapse of the 3 years);
- Clean criminal record.
The Permanent Residency permit covers the spouse and 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 investor;
- University students abroad with a minimum of six months remaining study period from the date of the submission of the application; and
- To prove additional annual income of €5.000 for each.
The 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).
However, their future spouse or children cannot be added as dependents on their PR.
If children want to study at the University of Cyprus, they must 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 €5.000.
CONDITIONS AND RESTRICTIONS OF THE PERMANENT RESIDENCY PROGRAM:
- The holder must visit Cyprus once every 2 years or the residency permit would be cancelled automatically.
- 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.
- 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.
- 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 naturalisation 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 residentwith 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.
We 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.
For further information and clarification on the above, please contact us and we will provide specific assistance upon request.