Cyprus Permanent Residency
Permanent residency permit for non-EU nationals in Cyprus
The fast track procedure for obtaining the Cyprus permanent residency
The fastest and easiest way to obtain an unlimited residence and work permit for Cyprus as a non-EU national is to apply for the Cyprus Investment Program. By investing €2,000,000, one can obtain the Cypriot nationality with all the rights that go with it. Of course, not everyone has such high investment capital, and if one does not need a work permit in Cyprus, then it is not at all necessary to invest such a high amount. Applying for a permanent residence permit through investment is sufficient. Especially also, because after 5 years you can still apply to receive the Cypriot nationality and extend your rights in Cyprus and the European Union.
What are the requirements for obtaining the Cyprus permanent residency?
The purchase of real estate worth € 300,000
For a non-Eu national to be eligible for the fast-track procedure for obtaining the Cyprus permanent residency, one must first invest in a new house or apartment. A minimum amount of €300,000 must be invested, but this may also be 2 apartments of €150,000, for example. Payment for the purchased property must be deposited from a foreign account into the seller's bank account in Cyprus. Properties that are still under construction can also be bought and it does not really matter for the application procedure when the house or apartment will be delivered.
If you are the full owner of a company, you can also purchase the property in the name of the company.
You may purchase a maximum of two properties and these must be in the name of the same seller (for example, a real estate developer) and at least one of the properties must be a residential property. 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 real estate if you replace it with other real estate with an equal or higher value than stated above.
The major difference between the Cyprus permanent residency and the Cyprus Investment Program is that people do not automatically obtain a work permit when applying for the permanent residency. Applicants must therefore prove the existence of a foreign annual income of at least €30,000. This can be your company's income, a salary or a pension, or even the rental income of a property you own abroad. For each family member that you add to the application for a permanent residence permit in Cyprus, the minimum required foreign income is increased by €5,000. This will also give your family members a permanent residence 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 in this time.
As with the Cyprus Investment Program, the applicant must have a clean criminal record.
What restrictions are there with the Cyprus permanent residency?
The advantage of Cyprus permanent residency is its low cost. However, there are some disadvantageous limitations: unlike the Cyprus investment program, it is not possible to travel freely through Europe with this permit. A separate visa is still required for this. The Cyprus permanent residency does also not imply a work permit. It is therefore not possible to work in Cyprus with this permit. However, one can buy shares from a Cypriot company and also receive dividends from it. Holders of the Cyprus Permanent Residency must visit Cyprus at least once every two years or it will automatically expire.
What are the benefits of the Cyprus permanent residency?
As already mentioned above, the low costs are the major advantage of the Cyprus permanent residency. Provided that Cyprus is visited at least once every two years, the Cyprus permanent residency remains valid for life. After five years it is also possible to apply for Cypriot nationality and then has the same benefits as with the Cyprus Investment Program, except that it takes 5 years to wait while citizenship is approved within six months through the Cyprus Investment Program.
Holders of the Cyprus permanent residency may use the free health system of Cyprus.