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Residenship

PERMANENT RESIDENCE IN CYPRUS  

Permanent Residence (PR) is a type of permit aimed at investors who wish to live in Cyprus. There are two ways of acquiring the immigration permit for permanent residence in Cyprus (Category F), each with its own set of requirements. This permit concerns non-European citizens which is granted to applicant and his spouse till the rest of their lives. It is granted to their minor children till the age of 18 years old, and in some exceptions till the age of 25 years old if it can be proven that the adult child is still a dependent. Holders of this permit are not entitled to work in Cyprus but they may own a Cyprus company and receive dividends from its profit. The permit is revoked when the holder is granted a permanent residence permit in another country (other than the country of his nationality) or when he does not visit Cyprus for a period of two consecutive years. The permit is renewed every five years and exempts the holder from immigration entry procedures. However, the holder is still require a travel visa (Schengen or otherwise) to travel to other European destinations.  


THERE ARE TWO WAYS OF OBTAINING THE PR:
 
1. Category F (Regulation 5(f)): within 5 - 12 months

2. Fast Track Procedure (Regulation 6(2)): within 2 months


Category F Requirements

1.The applicant is required to have purchased a property residence for himself and his family in Cyprus of no less than €300,000 (before VAT) and have in his disposal fully and freely a secured annual income, high enough to give them a decent living in Cyprus without having to engage in any business, trade or profession. This income must come from legal sources from abroad (pensions, permanent deposits, business activities, stocks, company shares etc.)

2. The minimum annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand additional amounts as necessary. These additional amounts might consider annual maintenance expenses of the property, educational, medical and other needs of the family. It is necessary to take all needs of the family of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run. 

3. The Immigration Authorities will examine the stability and reliability of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.


Fast Track Procedure Requirements 

1. The applicant must have in his disposal fully and freely a secured annual income of €30,000 increased by €5,000 for each dependent person, from legal sources other than employment in Cyprus. It may derive from salaries of employment from abroad, pensions, rents, dividends, etc. The applicant must also submit a confirmation letter from a Cyprus bank stating that the funds were imported from abroad and have been placed in a 3-year fixed deposit account. 

2. The applicant is required to have purchased a new (not resale) property residence for himself and his family in Cyprus of no less than €300,000 (before VAT) and the vendor must be the Developer who built this property. It is possible to buy two properties, as long as they are both new and from the same Developer, such as

- House (or apartment) + house (or apartment)
- House (or apartment) + shop up to 100  m2
- House (or apartment) + office up to 250 m2

3. The applicant must not constitute in general, a threat against public order or security in Cyprus and must therefore have a clean criminal record.

4. When the application is successful the investor must come to Cyprus at least once every 2 years for the Permanent Residence visa not to be cancelled, otherwise the PR is granted indefinitely. Although Cyprus is legally bound to join the Schengen area, it has delayed implementation. For now, third national PR holders still require a travelling visa to other European destinations. 


Required Documents For Citizenship

(All documents must be original, officially translated and properly validated.)

1.Application form M.67 – completed and signed

2.Copy of a valid passport with a remaining validity of at least 2 years

3.Copy of a valid temporary residence permit (if the applicant is already residing in Cyprus)

4.Marriage Certificate (in case of spouses application)

5.Children’s Birth Certificate (in case of family application)

6.Two passport photos for each member of the family

7.Recent Curriculum Vitae

8.Statement of deposits in a Cypriot Bank account

9.Any bank accounts and their recent balance

10.Recommendation letter from a bank (certifying that the applicant is a creditworthy client and always meets the banks requirements).

11.An income declaration from business etc (original documents are required as well as an affidavit).

12.Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other building of a minimum market value of € 300,000 and proof of payment of at least € 200,000. If the property is bought from an off-plan project then the first stage payment receipt is required. If the title deed is issued then this deed is required. The contract must also be stamped and deposited at the local Land Registry Office.
13.Health Insurance Policy.

14.Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from the applicants Country or notarized).  
15.Official declaration that the applicant does not intend to work or be engaged in any form of business in Cyprus.
To find out more about Cyprus immigration permits, visit the Ministry of Foreign Affairs - Temporary/Permanent Immigration Permits or Contact Us for further information.

APPLICATION FORMS - DOWNLOAD HERE