Cyprus Permanent Residency allows non-EU nationals and their eligible dependents to come and remain in Cyprus as permanent residents without restriction. The holder does not need to renew it because it never expires. It is often referred to as an unrestricted residence or Cyprus immigration permit.
One of the ways to qualify for a Permanent Residence permit in Cyprus under the fast-track option, the applicant must make a real estate investment of at least €300,000. The entire family may be covered by this residence, which is perpetual.
After five years of residence in Cyprus with such a permit, the individual may apply for Cyprus citizenship.
Programs for permanent residence
Permanent Residence in Cyprus is divided into several major categories, some of which are discussed below.
Permanent residency by investment
Investors who purchase real estate in Cyprus with a certain amount of foreign income may be eligible for “Cyprus residency by buying a property” type permits.
- To be eligible for Category 6.2 (Fast Track Permanent Residence), a new house or apartment in Cyprus must cost at least €300.000 plus VAT.
- Permanent Residence Category F (Slow Track Permanent Residence) requires the submission of documentation proving the applicant’s place of residence in Cyprus, and the applicant may opt to either rent or purchase a home. Furthermore, they are not required to make a real estate investment of a minimum amount in case the applicant decides to purchase a home. Additionally, the applicant must have a yearly income from sources outside of Cyprus that is adequate to cover living expenses while being in Cyprus without working or conducting business. One applicant must have a starting yearly income of €9568 plus €4613 for each dependent.
Residency with employment rights
Owners and staff of businesses with foreign interests are eligible for these permits:
- Investors who work for their own business fall under Category C as long as they bring from outside a capital of roughly €260,000 that will be used for their business operations in Cyprus.
- People who have received a permanent job offer fall under Category E.
Additional forms of permanent residence in Cyprus
By five years of residence, permanent residence
The so-called long-term residence permit can be applied for by non-EU nationals who had lived legally and continuously in Cyprus for five years before the application’s submission and had a valid Cyprus temporary residence card for the entire time.
For EU citizens, permanent residency
After five years of continuous legal residence in Cyprus, citizens of the European Union and their family members may apply for this type of residency.
Fast-track procedure for obtaining a permanent residence
Investment requirements for permanent residence in Cyprus through investment in a house or apartment
Investors seeking residency in Cyprus must meet the criteria below:
- The investor must purchase a brand-new home or apartment from a development company for a minimum of €300.000 plus VAT (VAT is 19%).
- To apply, the investor must register his/her sales agreement at the Land Registry and pay at least €200.000 + VAT. The payment must come from outside the country and be sent to the seller’s bank account in Cyprus.
Properties that are still being built can be included because the delivery date is irrelevant.
The investor or his or her spouse may purchase the property in the name of a Cyprus company in which they would serve as the absolute owners or ultimate beneficiaries.
If the investor wants to sell the property afterwards, he must do so in accordance with all the requirements outlined above and replace it with a different asset of equal or greater value.
Annual Income
The investor and his or her spouse must demonstrate an annual foreign income of at least €30.000, which is increased by €5.000 for each dependent (spouse and children). For each dependent parent or parent-in-law, the amount is increased by €8.000, and if all requirements are met, they may also apply for and be granted a permanent residence permit.
Any type of income is acceptable; common examples include wages, pensions, dividends, fixed deposits, rent, etc.
Family members
The spouse and children under the age of 18 are covered under the Permanent Residence permit.
Additionally, minors between the ages of 18 and 25 may apply if they meet the requirements listed below:
- Dependent on the investor for financial support;
- Unmarried;
- To demonstrate an additional yearly income of €5,000 for each applicant;
- To be international university students with at least six months of their study time remaining as of the application deadline;
Even if they reach the age of 25 or stop meeting the aforementioned requirements, the children retain their permanent residence for life (unmarried, financially dependent, students).
However, their prospective partner or kid cannot be listed as dependents on their Permanent Residence. Children who wish to enroll at the University of Cyprus must apply for a student-only temporary residence permit. Upon completion of their education, regardless of age, they will be eligible to apply for permanent residence with the sole requirement of an additional €5,000 yearly income.
Parents & Parents-in-law
Without having to purchase additional property, the investor’s parents and parents-in-law can also obtain permanent residence. The sole condition is to provide proof of an additional €8,000 yearly income for each of these parents as well as submit the necessary application documentation.
Additional requirements
Moreover, applicants must adhere to the following:
- Present proof of a lack of criminal history in their country of residence
- Should not be viewed as a threat to Cyprus
Permanent Residency in Cyprus Category F
To be eligible for this type of permit, the applicant mainly needs to show:
- Accommodation in Cyprus (either purchased or Rented property)
Cyprus permanent residency category F is flexible and has no strict property purchase requirement. However, it is recommended to buy a property in Cyprus for any amount. It can even be a resale property.
- Annual income
The applicant must demonstrate a minimum annual income of €9568 for one applicant and €4613 for each dependent. This income must originate overseas and may come from salaries, pensions, dividends, or rental income.
- Bank deposit in Cyprus
The applicant must deposit between €15,000 and €20,000 into his or her bank account in Cyprus; this money is not being pledged and can be utilized after the application has been submitted.
- Family members
Only minors under the age of 18 are eligible to apply as dependents, and they will retain their permanent residency until they turn 18. The applicants’ parents are ineligible to be listed as dependents.
Program requirements and limitations for permanent residence
- The residence permit will be automatically cancelled if the person does not visit Cyprus once every two years.
- The holders are not permitted to work in Cyprus.
- The Cypriot permanent resident card does not provide visa-free travel to any other country or European Union member countries since it is just for Cyprus.
Category F only
- The children of the applicant will lose it once they turn 18;
- The application processing time at this point cannot be determined.
Application procedure
The applicant(s) does not have to be present, as the application for permanent residence can be filed by the lawyer on behalf of the applicant(s). These applications are not available at district immigration offices in each city, only at Nicosia’s Civil Registry and Migration Department.
Following submission, the applicants must provide a photo and their fingerprints for the residency cards to be issued after approval. This can be done at any moment before the final approval at any immigration district unit in any city.
Processing time
As of November 2022, Fast-track Cyprus residency through investment can be acquired in three to five months depending also on the authorities’ workload. Upon approval, the lawyer may acquire the cards on the applicant’s behalf (s).
As of November 2022, it is currently impossible to forecast how long it will take to examine a Category F application.
Benefits
- The entire family, including parents, may apply for a residence permit
- Permanent residency in Cyprus is valid for life
- A person who has been a permanent resident of Cyprus for five years (a total of 1825 days) is eligible to apply for citizenship in Cyprus. This naturalization process is based on residency years (M127)
- Using the fast-track procedure, a residency card can be issued in about 3-5 months
- The Permanent Residence holder benefits from the recently established General Healthcare system and is entitled to free healthcare
- The Permanent Residence holder may be eligible to apply to become a Cyprus Tax Resident, which has many advantages including being exempt from worldwide dividends and passive interest income etc.
- Permanent Residence Category F is a flexible process that enables the holder to get permanent residency in a European country for a relatively low investment