A permanent residency permit can be obtained through purchasing property in Cyprus (the fast track or normal option outlined below) or can be granted to applicants (and their family members) who have legally resided in Cyprus for a continuous period of more than five years.
Demand for the residency scheme remains strong, as third country nationals seek to use Cyprus as a gateway for their business in Europe.
A) Permanent Residency on a "fast-track" basis (known as a Regulation 6 (2) application)
Buying a Home in Cyprus is now the Key to EU Residency
In line with the Cyprus government’s objective to attract international investments, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to Non EU citizens who wish to invest in Cyprus.
The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track”) are as follows:
Moreover, the applicant is required to meet the following additional conditions:
Please note that holders of a permanent residency permit are not permitted to work in Cyprus. Therefore, the resident’s income cannot emanate from employment, business or trading in Cyprus, but may emanate from dividends received from a Cyprus company, from entities abroad, salaries from employment outside Cyprus, pensions, or rents transferred from abroad.
Applicants looking to engage in employment by a Cypriot company should proceed with a temporary residence permit.
For further details please refer to our website’s FAQ section below.
B) Permanent residency on a "normal-track basis" (known as a Regulation 5 (f) application)
Upon renting out a home or purchase of a house/apartment with a value no less than EUR 300,000, a third-country national may apply for a permanent residency (“normal-track basis”). The minimum requirements are as follows:
The main benefit of the 5 (f) application is the lower threshold of annual income required, together with the flexibility of renting a house prior to outright purchase. It should be noted, that once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.
Prior to purchasing property in Cyprus, you need to be aware of the potential pitfalls, ensuring that you make the right investment and that your purchase runs smoothly and efficiently .
Find out more about the Top 10 pitfalls to avoid when buying property in Cyprus.
C) Permanent Residency Permit for non-EU citizens residing in Cyprus
Citizens of third countries may apply for a Permanent Resident Permit upon at least 5 years of legal stay in Cyprus and having held a Temporary Resident Permit for the entire preceding period.
D) Permanent Residency Permit for non-EU citizens and family members
Non-EU family members may also apply for a Permanent Residency Card.
The Permanent Residency Card for non-EU family members is valid for 5 years and can be extended.
E) Permanent Residency Permit for EU citizens (“Yellow Slip”)
EU Citizens entering the Republic of Cyprus to work and who will spend more than three (3) months on the island will need to register with the relevant authorities in Cyprus.
Given the above, the following matters and actions are applicable:
i. Two passport-sized photos of the applicant.
ii. Valid passport or valid Identity Card (to be presented to the authorities).
iii. Certificate of Medical Insurance in the Republic (this needs to cover inpatient and outpatient matters in the Republic of Cyprus).
iv. Rental Agreement.
v. Payment of about EUR 20.