There are two ways of obtaining Permanent Residency in Cyprus. Through the regular application process - known as Regulation 5(f), or the fast track procedure - known as Regulation 6(2). Either way, you may choose to apply, you will obtain the same benefits, and residency for life. The main differences between the two options is the time you must wait until obtaining the residency and the size of the investment that will be required.
The regular application option takes approximately 12 months to complete. Although it does not have a minimum real estate Investment requirement, you are required to purchase a residence in Cyprus within one year from the approval of your application. In addition, you must have at your disposal a secured and legal annual income high enough to allow you to live decently in Cyprus without having the urge to engage in any profession, business, or trade. This revenue must come from legal sources from abroad, such as share, permanent deposits, rent, ownership of companies, or pensions.
The Fast Track option on the other hand which the preferred route of most investors, is processed within 2 months of filing, meaning that the applicant and his/her family can begin to enjoy the benefits of the scheme almost immediately. It’s important to note that the difference between the two options is that under the Fast Track option, there is a minimum real estate investment requirement of €300.000 plus VAT. As with the slow track, the fast track procedure requires that you show that you have a secured and legal annual income high enough to allow you to live decently in Cyprus without the need to be employed.
The procedures of the immigration and naturalization programs in Cyprus have recently been upgraded, resulting in an increased interest by third country nationals who are given the opportunity to make the island their new home. Cyprus PRP applicants can choose to be in Cyprus on a temporary or a permanent basis and/or structure their international activities through Cyprus. Besides ensuring free movement to Cyprus, the Cyprus PRP provides the opportunity for expanding and maintaining business activities in the European Market through the utilization of the Cyprus highly-favourable tax regime.
The PRP is permanent and once obtained, it also applies to the applicant’s spouse or dependents e.g. children. The process for obtaining a PRP only takes approximately 1-2 months, compared to the 6-9 month regime that used to exist until recently.
Cyprus is an attractive place in which to reside, has a warm and stable climate, and is located in a convenient geographical position in the Eastern Mediterranean. The island provides high standards of both public and private education, as well as European standard of health care. Cyprus is consistently rated as one of the safest countries in the E.U., and as a top relocation destination.
Benefits of the Cyprus Permanent Residence Fast Track Program
- The application procedure is highly efficient, within two months.
- There is a high approval rate if all criteria are satisfied.
- It is not necessary to reside in Cyprus, but a visit once every two years is required.
- Dependents can be enrolled in high-quality private schools, offering English language courses.
- Residence applies to the whole family (applicant, spouse, and children under 18 years old).
- Dependent children between 18–25 and parents of the applicant are also eligible.
- The whole process can be arranged without being present in the country. However, a visit is required for biometric capturing.
For further information on Cyprus Permanent Residency, please contact Mr Charles Savva at email@example.com