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Cyprus Permanent Residency

 

 

A permanent residence 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:

  • Acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT );
  • Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.

Moreover, the applicant is required to meet the following additional conditions:

  • Maintain secured annual income originating from abroad of at least EUR 30,000. For each dependent person added to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by EUR 5,000 and €8,000 for the parents of the main applicant. The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit application. 
  • An initial payment of at least EUR 200,000 (excluding VAT) for the residential property to be purchased, is required to have been paid by the date of filing of the application; 
  • A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30,000 is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
  • A clean criminal record certificate issued by the applicant’s country of origin;
  • A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus;
  • The applicant must visit Cyprus at least once every two years;
  • No sanction order to have been issued against him/her or any dependent;

Once the completed application has been submitted to the authorities, a decision is reached within 2 months.

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:

  • Minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);
  • Applicant does not maintain employment in Cyprus;
  • Income is derived from legal sources abroad;
  • Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered);
  • Clean criminal record;
  • No sanction order to have been made against applicant or any dependents.

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 Resident 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 Residence Permit for non-EU citizen and family members
Non-EU family members may also apply for a Permanent Residence Card.
The Permanent Residence Card for non-EU family members is valid for 5 years and can be extended.

E)   Permanent Residence 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:

  • The procedure is initiated by the completion of the MEU1 form (available in both Greek and English), which must be signed by both the Employer and the Employee (if the EU national will be taking up employment). The following documents must also be supplied concurrently with the application:
  1. Two passport-sized photos of the applicant.
  2. Valid passport or valid Identity Card (to be presented to the authorities).
  3. Certificate of Medical Insurance in the Republic (this needs to cover inpatient and outpatient matters in the Republic of Cyprus).
  4. Rental Agreement.
  5. Payment of about EUR 20. 
  • The application must be submitted before the expiration of the 3-month period to the Civil Registration and Migration Department (a fine is applicable in case of late application).
  • It is noted that the presence of each applicant shall be required at the Immigration Department in order to file the relevant application.
  • Although not required under the application process, a copy of the employment agreement (if applicable) would also be useful for filing purposes (based on past experience, the authorities will sometimes request this).
  • On the basis of our past experience, the registration certificate (“yellow-slip”) is issued within a time period of between 2 weeks to 2 months, depending on the backlog of the Immigration Department. These time frames are given by way of an indicative reference.
  • The members of the family of a European national have the right to exercise an employment or self-employment activity in the Republic of Cyprus. This permit should be reviewed after a period of two years from the date of issue.
  • In case nationals of EU Member States wish to pursue a profession that is regulated in Cyprus such as lawyer, medical doctor, accountant, engineer, electrician etc, by legislation determining the specific necessary qualifications and the procedure for acquiring the right to pursue the profession, then such person should contact the competent body responsible for the relevant application of the specific profession in order to acquire the relevant permit, in the same way a Cypriot national would.

FAQs on applying for Permanent Residence (PR) permit