Cyprus permanent residency provides a life of luxury, security, and opportunity in one of Europe's most captivating destinations. The permanent residency program offers non-EU nationals an easy and fast way to settle in this beautiful island permanently. It is very convenient in terms of having very low investment requirements and not having to move to the country permanently. This is coupled with good healthcare, education, and business opportunities. Whether for relocation, retirement, or investment purposes, obtaining permanent residency in Cyprus ensures a lifestyle enriched by sunshine, culture, and economic stability.
What is Cyprus Permanent Residency?
Cyprus Permanent Residency (PR), sometimes referred to as unlimited residency, is a legal status that permits non-EU citizens to live in Cyprus permanently without restrictions or need for a visa. As long as they meet the requirements, eligible dependents, such as spouses and family members, can also come and remain in the nation as permanent residents. The greatest advantage of Cyprus PR is that it never expires. As a result, unlike temporary residency, the residency holder is not required to renew it annually. Additionally, the resident may seek Cyprus citizenship after five years of continuous residence. The individual will then be acknowledged as a Cypriot citizen. To be eligible for permanent residency, you must:
- Marry or be married to a Cypriot
- Have a temporary residence permit
- Invest at least €300,000 in Cyprus
- Obtain a permanent job or own a business that is registered with the migration department.
Ways to Get Cyprus Permanent Residency
Permanent Residency through Temporary Residence Permit
Cyprus PR can be granted if you've had a temporary residence permit and lived in Cyprus for at least five years without spending more than three months elsewhere from the country. You need to have an open-ended or at least 18-month job contract. The temporary residence permit is often issued for employment, study, or family reunification.
Temporary Residence Permit Requirements
You need to provide the following documents in order to apply for a Temporary Cyprus Residence Permit:
- Temporary Residence Permit Application Form.
- Proof of accommodation in Cyprus
- Bank Guarantee.
- Proof of financial sustenance
- Medical certificate.
- Certificate of police clearance.
- Proof of health insurance
- A copy of your passport's pages: personal information, previous visas, expiry/issuance date.
- Work permit (if applicable)
- Marriage certificate (if applicable)
- Proof of enrollment in Cyprus institution
Permanent Residency Through Investment Options
Investing in Cyprus makes it easy and quick to get a permit for permanent residence. The permit can be authorized in a few months after the investment is made and all paperwork and biometric information has been sent to the Civil Registry and Migration Department (CRMD).
The Cyprus Investor Immigration Program offers you three investment choices. Each one requires a minimum investment of €300,000.
1. Real Estate Purchase: Residential real estate, such as an apartment or house, and commercial real estate, such as a store, company, or hotel, are both eligible for investment. The minimum investment in immovable property must be worth €300,000 + VAT (if the property is for the investor's personal use, the regular VAT rate of 19 percent can be lowered to 5 percent). For residential property, this sum can be divided between two properties, and for commercial real estate, it can
be divided among several properties.
2. Company Shares: You can buy shares of a company that is registered in Cyprus as long as it has a physical location in Cyprus and has at least five employees.
3. Mutual Fund Investment: You can buy units of an investment fund (or investment funds) registered in Cyprus.
Annual Income Requirements
The investor must demonstrate that they earn at least €50,000 a year from foreign sources. The spouse receives an additional €15,000, and each minor family member receives an additional €10,000.
It can include any type of income, such as rent, dividends, fixed deposits, pensions, and salaries. One way to calculate income is to include the spouse's income, if any.
Investment Requirements
- The source of the investment funds, whether from salary, rent, pensions, fixed deposits, or stock dividends, must be shown by the applicant's tax returns in the jurisdiction in which they reside.
- Suppose the applicant wants to invest in commercial or other real estate, excluding homes or apartments. In that case, some or all of the income may also originate from operations within Cyprus, provided that the sources are subject to local taxes.
- It is also possible to buy a property under a corporation name. Nonetheless, the investor or spouse of the applicant will be the beneficiary.
- Suppose the investor is interested in selling their property. In that case, they must replace it with another property that is at least as valuable and adhere to every one of the previously listed requirements.
Permanent Residency Through Marriage
A Cypriot citizen's spouse may apply for a permanent residence permit. This also includes the parents of the Cypriot citizen, parents-in-law, and their children from a different marriage (or different country of origin).
Family Members Requirements
The Cyprus permanent residence permit also covers dependents (spouses and children under the age of eighteen). Children who meet the following requirements can also apply for a permit if they are between the ages of 18 and 25:
- They are unmarried
- They rely on their parents for financial support
- If they are enrolled in an international university, they must have at least six months left to complete their studies after the application deadline.
- The investor must give an additional €10,000 annual income for a dependent child.
Children retain the PR for life, even if they turn 25 or cease to meet the requirements listed above (students, unmarried, and financially dependent). However, their PR does not allow them to list their future spouse or child as dependents. Children who wish to attend the University of Cyprus must apply for a student temporary residency permit. Regardless of age, people can seek permanent residence after completing their education, provided they have an annual income of €10,000 each year.
Documents Required for Permanent Residency Application
To receive a permanent resident permit in Cyprus, the applicant must provide the following essential documents:
- A valid passport of the applicant with their spouse and children (if applicable)
- Marriage Certificate duly certified
- Curriculum Vitae for the applicant
- Original Criminal Record Certificate
- Children's Birth Certificates
- Contract of sale of property
- Documents to prove annual income, e.g., tax declarations
- Title of ownership of property in Cyprus
- Bank Swift confirmation for proof of payment or bank deposits
- Original Letter from a Cyprus bank or bank statement to verify a balance of €15.000 – €20.000
Please note that the Ministry of Foreign Affairs (or Embassy) of the nation issuing the criminal record certificate, marriage certificate, and childbirth certificate must translate the document into English and certify it. The Cyprus Embassy of that nation or the APOSTILLE stamp can accomplish this.
How to Apply For Cyprus Permanent Residency
The assistance of an agent or lawyer may be required during the application procedure for permanent residency. The applicant or investor does not have to be present when the application is submitted. Alternatively, the investor's attorney or representative may apply.
These specific applications are only available at Nicosia's Civil Registry and Migration Department. Not all district immigration units of each city do not issue these permits. Following the application process, candidates must have their biometrics taken. The residency cards will be issued when fingerprints and passport photos are collected.
Processing Time
It takes roughly two months to get Cyprus residency through investing. After approval, the attorney can pick up the cards on the investors' behalf. As of November 2024, it is not possible to estimate the processing time for the other categories of applications. The cost for processing Cyprus permanent residency is €500 ($525).
Conditions of the Cyprus Permanent Residency
Investors who are granted Cyprus permanent residency should be aware of the following restrictions related to their status:
1. Cyprus prohibits employment for investors and their family members. If they own businesses in the country, they are unable to work as directors and get a salary. Holding corporate stock and earning dividends is permitted.
2. Since Cyprus is not a member of the Schengen Area, permanent residency in Cyprus does not grant visa-free access to the EU.
3. Investment money cannot be refunded until the investor chooses to become a citizen or give up permanent residency.
4. The status of the investor's minor children listed in the application expires when they turn 18. If they are eligible, they must reapply for permanent residency.
5. All applicants who reside outside of Cyprus are required to visit the nation every two years in order to keep their status.
Benefits of Obtaining Permanent Residency in Cyprus
1. Favorable Tax Climate: The tax environment in Cyprus is a shining example for both people and companies. It's one of the numerous benefits of obtaining permanent residency in Cyprus. In addition to the already alluring low personal tax rates—which can drop to as low as 5%—the complex web of double taxation agreements with more than 60 countries serves as a buffer for tax residents. These agreements promote a financially tranquil atmosphere by ensuring that locals don't experience the hardship of paying taxes twice. Financially speaking, it attracts investors, retirees, and business owners.
2. Great Lifestyle: Cyprus exudes an irresistible charm that exceeds its scenic splendor. Its everyday routine, which includes restful afternoon naps, joyous evening parties, and a culinary custom that combines health and flavor, makes it unique. Its golden dunes, the whispers of old olive trees, and the azure waters never fail to entice foreign nationals. This is why it's one of the most popular immigration destinations to relocate to.
3. Healthcare: Cyprus has a reputation for providing exceptional healthcare. Residents appreciate the system's dual nature, which combines the individualized care of private facilities with the assurance of public healthcare. The availability of medical experts, many of whom have trained in esteemed European institutions, ensures a level of care that is comparable to the best in the world.
4. Safety: Cyprus stands as a haven in a world full of uncertainty. Its continuously high scores in international safety indices reflect a society in which doors are left open, and children are allowed to play freely. This sense of security is further strengthened by the island's close-knit communities, where neighbors become extended family. Cyprus guarantees a peaceful life because it is politically stable and socioeconomically advanced.
Conclusion
Cyprus permanent residency provides a unique opportunity for individuals to secure a stable and prosperous future in an EU member state. With its favorable tax regime, high standard of living, and streamlined application process, Cyprus has established itself as a premier destination for permanent residency seekers.