Cyprus Permanent Residency
Permanent residency permit for non-EU nationals in Cyprus
The fast track procedure for obtaining the Cyprus permanent residency
In order to attract foreign investment, Cyprus offers a fast-track procedure for obtaining a permanent residence permit in Cyprus. A permanent residence permit can be obtained through an investment property in Cyprus. Permanent resident holders can also apply for Cypriot Citizenship after 5 years of residence in Cyprus, with all the benefits of Citizenship of an EU Member State.
The benefits of permanent residency in Cyprus
The Cypriot Permanent Residence Permit provides non-Europeans with a permanent visa to enter, stay and live in Cyprus. With a minimum investment in real estate of € 300,000 + VAT (if applicable), you are eligible for an accelerated procedure. This means that one can obtain this much requested visa within two months. The process is quick and easy. Investor dependent children up to 25 years old, parents and spouse can also be included in the application for this residence permit in Cyprus.
The advantages at a glance:
- Valid for the whole family (children up to 25 years old, spouse and parents). Children in possession of this residence permit will retain the permit after reaching the age of 25.
- Holders of the Cypriot permanent residence permit have the right, under certain conditions, to apply for a Cypriot passport within 7 years. However, one must have lived on the island for a total of 5 years.
- The holders of this residence permit can apply for a Schengen visa through any embassy of a member of the European Schengen countries. With this visa you can easily travel throughout Europe.
- For the application it is not necessary to have the property paid off in full and real estate under construction is also eligible.
- Cyprus has a favourable tax system and double taxation treaties with nearly 60 countries.
- The holders of permanent residency are allowed to use the free Cyprus health system.
- High-quality education and care institutions.
- Cyprus has one of the lowest crime rates in all of Europe.
What are the requirements for obtaining permanent residency in Cyprus?
The purchase of real estate worth € 300,000 or more
If you, as a non-European, want to be eligible for the accelerated procedure for obtaining a permanent residency permit in Cyprus, you must first invest at least €300,000 in a new house or apartment. This may also be, for example, 2 apartments of €150,000, if they are sold by the same owner or builder.
Payment for the property purchased must be deposited from a foreign account into the seller's bank account. Real estate that is still under construction can also be purchased, and it does not really matter for the application procedure when the house or apartment is delivered.
If you are the full owner of a business, you can also purchase the properties in the name of the business.
You may purchase a maximum of two properties and at least one of the properties must be of a residential nature. For example, you can buy two houses, but also a house and a shop or a house and an office.
You may only sell the purchased property if you replace it with other properties with an equal or higher value than stated above.
The Cypriot permanent residency permit does not imply a work permit. You must therefore be able to demonstrate that you have a foreign annual income of at least €30,000. This could be your company's income, a salary or a pension. It could even concern rental income from your home abroad. For each family member you add to the application for permanent residency in Cyprus, the minimum required foreign income will be increased by €5,000. As a result, they also receive a permanent residency permit in Cyprus. As a guarantee, you must therefore deposit a guarantee of one annual income of €30,000 into your Cypriot bank account. This amount remains blocked for 3 years as a guarantee and may not be used by you. You must also be able to provide a blank criminal record for all countries where you have lived.