Fast-Track procedure for obtaining a Permanent Residency in Cyprus Now
The Permit
- Concerns NON-EU citizens
- It is granted to the applicant and his spouse for the rest of their lives
- No right to work in the Republic of Cyprus
How to Obtain
- Fast Track Procedures (Regulation 6(2)): within 2 months from submission date
- This Permit is also granted to the spouse, minor children, and financially dependent adult children.
Investment Criteria
A Permanent Residence Permit can be obtained through an investment in one of the following categories:
- Category A – Investment in a House or Apartment:
Purchase of a first-sale house or apartment from a development company with a minimum value of €300,000 (plus VAT).
- Category B – Investment in Real Estate (Excluding Houses/Apartments):
Purchase of other types of real estate, such as offices, shops, hotels, or related developments, or a combination thereof, with a total value of €300,000. These purchases may be resales.
- Category C – Investment in a Cyprus Company with Business Activities and Personnel in the Republic:
An initial investment of €300,000 in the share capital of a newly registered company in Cyprus or an increase of €300,000 in the share capital of an existing company registered in Cyprus, provided the company has a physical presence in Cyprus and employs at least five (5) people.
- Category D – Investment in Units of a Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF):
An investment of €300,000 in units of a Cyprus Investment Organization of Collective Investments, whose investments are held in Cyprus.
Annual Income Requirements
The applicant must demonstrate an annual secured income of at least €50,000. This income is increased by €15,000 for the spouse and €10,000 for each underage family child.
- For investments under Category A, the applicant must provide evidence that their annual income originates from abroad.
- For investments under Categories B, C, or D, the applicant’s annual income may be derived from activities within Cyprus.
The applicant’s income can be substantiated through tax return declarations from their tax residency country or official certificates from an independent Certified Accountant.
Key Amendments
- All adult applicants must provide a clean criminal record from both their country of origin and country of residence.
- Submission of a health insurance certificate covering inpatient and outpatient care is mandatory.
- If investing in a house or apartment (Category A), the property must have adequate space for all dependent family members. Otherwise, an alternative residence must be presented with supporting documents (title deeds, sales agreements, or rental agreements).
- The applicant and spouse must confirm via declaration that they do not intend to work in Cyprus or receive any salary. However, they may hold the position of Director in the company in which they invest, provided they do not receive a salary.
- For investments under Categories B, C, or D, the applicant and spouse must provide proof of residence in Cyprus (e.g. rental agreement, title deeds).
Family Members
The permanent residency permit covers the spouse and children up to 18 years old.
Also, children between 18 and 25 years old can apply separately for a student immigration permit, provided they fulfil the following:
- Financially dependent on the investor.
- Unmarried.
- University students abroad on the date of submission of the application.
- The parents have an additional annual income of €10,000 for each child.
The Permanent Residency is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above (unmarried, financially dependent, students).
However, their future spouse or child cannot be added as dependents on their permanent residence. If children want to study at the University of Cyprus, they must apply for a temporary residence permit as students. When they finish their studies, regardless of their age, they can apply for PR with the condition of an extra annual income of € 10,000.
Duration of Immigration Permit
- The residence right of such permits is of unlimited validity, for the holder and his/her adult dependents. The residence permit, however, has an expiry date of ten years from the date of its issuance and must be replaced with its expiration.
- The residence permit which is issued to the underage dependents is valid until the age of 18.
Compliance and Annual Review
To maintain Permanent Residency status, applicants must annually submit proof to the Migration’s Department that:
- The investment is maintained.
- The applicant and their family members hold valid health insurance (unless covered under GESY).
- The applicant provides an annual certificate of a clean criminal record from their country of original and residence.
Our Services
If you are interested to apply for a Permanent Residency, our legal team is ready to support you though all the procedures, from initial property purchase, preparation and submission of the immigration permit applications and manage the process of liaising with the authorities during the application processing period and until the Permanent Residence Permit is granted.
Contact us for more information.
