What is the Cyprus permanent residency programme?
The Cyprus Permanent Residence Program offers eligible individuals and their families the opportunity to reside indefinitely in Cyprus in exchange of an investment of at least EUR 300,000.
- Direct access to Permanent Residence in Cyprus
- Dependents included:
- Children under 25
- EU Member
- Right to live and study in Cyprus
- Cyprus Permanent Resident may be granted Multiple-Entry Schengen visa valid for up to 5 years
- Pathway to obtaining Cypriot citizenship after 7 years of residence in Cyprus
- No language requirements
- No education or management experience required
- Residential Properties
- Purchasing up to 2 residential properties providing that the total value exceeds EUR 300,000 + VAT (19%)
- Residential & Commercial Properties
- Purchasing a residential property plus a commercial unit space up to 250 sqm providing that the total value exceeds EUR 300,000 + VAT (19%)
- Invest at least EUR 300,000 in real estate properties located in Cyprus
- Provide evidence of a secured annual income of at least EUR 30,000 sourced from outside Cyprus
- Additional secured income requirements apply in case the dependent spouse, children, and parents are included in the application
- Visit Cyprus every 2 years (no minimum residency requirements)
- Applicant must travel to Cyprus to provide biometrics
- Submit the completed application forms and required documents
- The Civil Registry and Migration Department of Cyprus will grant successful applicants with the Cypriot Permanent Residence status
- Processing time: 2 months
What is the CYPRUS PERMANENT RESIDENCE Programme?
The Cyprus Permanent Residence Programme (“PR Programme”) offers eligible individuals and their families the opportunity to obtain a permanent Residence Permit to reside indefinitely in Cyprus.
The investment requirements are as follows:
Investment (investment amount is exclusive of VAT)
- EUR 300,000 for purchase of a new single property or two new properties
- EUR 30,000 fixed deposit held at a Cyprus bank for 3 years
- Applicant must provide evidence of a secured annual income of at least EUR 30,000 sourced from outside Cyprus, plus an additional EUR 5,000 per dependent and EUR 8,000 per parent included on the application
- Applicant and dependents must declare intention not to work in Cyprus
- Applicant and/or spouse may be shareholder in a Cyprus-registered company and receive income from the dividends of the company
- 1 visit to Cyprus every 2 years (no minimum stay)
- Clean criminal record
- Medical insurance for applicant and family
Who is eligible to apply for RESIDENCE?
To qualify for residency, the primary applicant must be over 18 years old, of good character, without a criminal record, and make an investment in one of the qualifying investment options.
Who qualifies as a Dependent on the application?
- Spouse of the main applicant
- Dependent children of the main applicant or spouse up to 25 years old (proof of full-time attendance at a recognized educational institution required for children between 18-25 years old)
- Parents of the main applicant/spouse
What are the benefits of RESIDENCY in CYPRUS?
The Cyprus Residence Permit is valid indefinitely and provides access to high-quality and affordable Cypriot healthcare and education.
Residence Permit holders are eligible for Cypriot citizenship after 7 years of actual residence.
What is the usual processing time?
The processing time is approximately 6 months.
Do I need to travel or reside in CYPRUS as part of the residency application process?
Yes, the applicant is required to travel to Cyprus at least once to provide biometric data for the Residence Permit. The applicant is required to visit Cyprus once every 2 years (no minimum stay).
DO I NEED TO SHOW THE SOURCE OF FUNDS FOR MY INVESTMENT?
Yes, applicants are required to show that they have enough funds to make the investment. The type of documents required will vary depending on the source of the investment funds.
The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.