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Permanent Residency Cyprus (Fast Track) offers Non – EU citizens the opportunity to a lifetime permanent residency status. All the illegible qualifying family members may receive the permanent residency status with same application.
Permanent Residency can be achieved by several ways, but the fastest route is the ‘Fast Track’ which can be achieved in 2 months from the purchase of a NEW property from €300,000 + VAT. On the 24th of March 2021 the recently amended provisions of the Regulation 6(2) of the Aliens and Immigrations Regulations came into effect.
The various Permanent Residency programs are summarized below:
Permanent Residency Cyprus - Fast Track & Slow Track (category F)
Investment Programs Explained
Fast Track - achieved within 2 months
With the purchase of a Villa or an apartment from a developer (sold for the first time), with a minimum investment of €300,000 plus vat, any illegible Non-European citizen can reside in Cyprus permanently with a lifetime permit. Vat in Cyprus for the purchase of a new property is 19% but the permanent residence (villa or apartment) is subject to 5%.
In order for the permanent residency application to be submitted and be accepted by the Cyprus Immigration authority, proof of the payment coming from abroad is required. A minimum amount of at least €200,000 plus vat must be paid into the developer’s bank account, as well as a copy of the sales contract being lodged with the Land Registry.
Besides the completed properties, under construction and off-plan properties are also eligible for the program. Upon Delivery of the property, the remaining outstanding balance must be paid to the developer’s banking institution within the country.
The investor (applicant) may wish to purchase the property under a legal entity (a company established within the EU), as long as they (he/she and spouse) have 100% of the shares. Additionally, the investors may purchase up to two properties (applies also for married couples), on the condition that the aggregate total price is at least €300,000 + vat. Investors may wish to purchase the properties from different developers.
The Investor may opt to purchase an income generating property (commercial) instead of a residential asset, such as an office, shop, hotel accommodation, and similar type investments, and they may be resale properties. In the event that the investors wish to sell their property, they must simultaneously buy another property of equal or higher value than the property they are selling. The Investors can make any of the following combinations:
- One Villa (House) or two apartments
- One residential property and one shop or office
Conditions to be met
The Investor must be able to prove an annual income of at least €30,000. For any dependant persons (children) an additional amount of €5,000 and €8,000 for each dependant parents of the applicants must be confirmed as additional yearly income.
In the calculation of the income, the spouse’s income may also be included in the calculations, as well as income from any other sources such as: salaries, pensions, dividends, savings (fixed deposits), rental income that is being generated from abroad. If an income generated property has been purchased as part of the investments made within Cyprus, such as a shop, office, second property, hotels etc, this income can be included in the total income as part of yearly income that needs to be justified to reach the total required income to support the family’s needs whilst residing in Cyprus.
Illegible Dependent Family Members
The residence permit is issued to the applicant and includes the spouse (wife or husband), as well as any children of the family up to the age of 18. Children of the family between the ages of 18 – 25 may also apply for a separate permanent residency status (permit), provided at the time of the application the following criteria are met:
- Not Married
- They are enrolled at a University abroad
- Financially dependent on the applicant
The parents must prove an additional source of income of €5,000 per dependent member. Should the children be studying within a university or college within Cyprus, they must submit the relevant evidence.
After the completion of their studies the children may apply for their own resident permit, but the parents will need to prove a further €5,000 as additional annual income. The specific resident permit of the children shall continue to be valid even after the completion of their studies and irrespective if they shall by then have reached the 25th year of their life, but they must not be married and be financially dependent on their parents.
Their residence permit shall not permit any future spouse and or children they may eventually have, to legally reside on the island under the same permanent residency cyprus permit.
Permanent Residency Cyprus Permit for Financially Independent Children under the same Application
Adult children which are not financially dependent on the main applicant may apply for a residents permit under the same application, provided that the level of the investment increases by the minimum specified amount of €300,000 plus vat per applicant.
For one additional financially independent child, the total Investment must be of €600,000.
Second additional financially independent child, the total Investment must be of €900,000 and so forth.
In such an event the applicant must provide proof of funds paid to the seller (developer) of 66% plus vat of the value of the investment. For every additional New family added to the application, the same proof of annual income of €30,000 must be provided for the married couple and another €5,000 per child.
Parents & In Laws
Parents and In laws who are dependent on the main applicant, may also apply for permanent residency cyprus permit under the main applicant’s application, provided an additional €8,000 annual income per member is proven.
If under any circumstances the resident permit of the main applicant is revoked, then all the family member’s permit is cancelled too.
Slow Track (Category F) Only – process of application requires between 12 to 18 months
Category F Permanent Residency also known as the slow track, permits the investor to purchase any property, resale of any value or a new property below €300,000 + vat. In this sub-category of the program, the funds are not required to be transferred from abroad.
The children of the holder of the permanent residency permit, lose the permission to reside legally on the island once they reach 18 years of age.
Summary Conditions and Restrictions of the Program
- The Holder of the permit is not permitted to be employed within the Country, although they may own shares in Cypriot companies and receive dividends.
- The Holder must visit the island at least once every two years, to avoid the permit being revoked.
- The Permanent Residency status does not provide VISA free travel to other European countries.
Documents Required for the Application Submission:
- A Bank Swift code and receipts for the payment of the property.
- A Contract of sale or title deed(s) of the property(ies) they are purchasing.
- Documentation for the proof of annual income from abroad.
- Recent Original clear criminal record certificate issued from the country of residence officially translated and certified in to Greek or English.
- Original Birth certificate – duly certified and translated into English or Greek.
- Original Marriage certificate – duly certified and translated into English or Greek.
- CV from applicant.
- Copy of the passports of all the members of the family included in the application for the resident permit.
- Category F Only – also requires a bank statement showing a balance of €15,000 – €20,000 or a letter from a Bank in Cyprus stating that there is a balance of the above amount in their account.
All the documents required above, must be duly signed and certified by the Ministry of foreign affairs or the Embassy of the country that issues them. They must also be certified by the Cypriot embassy in each country or be Apostilled.
Permanent Residency Cyprus application procedure
The submission of the application for permanent residency of the Investor and their family members can be submitted on their behalf by their lawyer or by the applicant themselves. These applications can only be accepted at the Civil Registry and Migration Department in Nicosia and not at any district offices in the other cities.
Once the applications have been processed, a recent photo of the applicants must be supplied in order for them to be added to the permits being issued. This step can be done at any district migration office in any of the 5 cities, at any point in time before the final approval of the residence application is given. Once the permits have been approved and issued, the applicant or their legal representative may pick up the residence permit cards.
Permanent Residency Cyprus Benefits
- All the members of the family can apply for the permits, including parents, parent in laws of both the applicant and their spouse, as well as their children.
- The Permanent residency does not expire (valid for a Lifetime).
- Fast Track PR is achieved within 2 months from the application in the Fast-track route.
- The investor can become a Tax resident in Cyprus, enabling them to being tax exempt from any dividends and passive income (rental income) from any profit made from the sale of securities worldwide.
- The holders of the PR permits are entitled to free health care under the GESY national health system.
- The Permanent resident program (Category F – Slow track – 18 months application processing) allows applicants to gain a permanent residency status with minimal capital investments.
- The Permanent residency scheme permits the holders to apply for a Cyprus citizenship (passport) provided they have been legally residing on the island for at least 1825 days (5 years).
Other Categories of Permanent Residency and ability to work
This type of PR applies for entrepreneur owners and their employees of foreign interests, which is an international company that can employ non-EU citizens in Cyprus.
Category C: these are Investors who are able to bring their own capital from abroad of a minimum amount of €260,000 to fund their operations, and who will then work for their own company.
Category E: this applies for individuals who have been offered a permanent employment contract. Further details can be found at Employees at International Companies
Category F: in theory permits an applicant to apply for a permanent residency status even if they rent a property, but most applications are generally rejected.
Other ways of receiving the permanent residency Status:
Permanent Residency can also ne acquired by residing in Cyprus for 5 years
Non – EU individuals who have been living in continually in Cyprus legally for 5 years, are able to apply for a permanent residence, provided that they are able to submit proof of their temporary visa (for the whole period), the so called Cyprus Temporary Residence Card.
Permanent Residency for EU Citizens
The same applies for EU members and their family, they can apply for a permanent residence permit for EU member who have resided in Cyprus for 5 continuous years.
Permanent Residence in Cyprus by Marriage
A permanent residence permit can also be achieved by a Non- EU member who marry a Cypriot spouse. Additionally, the parent in laws and parents of the Cypriot citizen can apply for a permanent residency cyprus. Finally, the children of the Non-EU member from a previous marriage, may also apply for a permanent residency status in Cyprus. You may find more about Permanent Residency Cyprus by Marriage in Cyprus here
We undertake both to process both your Permanent Residency application and most importantly find you the appropriate investment, whether commercial, residential or a combination of the two to suit your requirements.
For any further advice or questions you may have regarding the Permanent Residency Cyprus Program and the properties that qualify for the scheme, in any city in Cyprus we are available to be contacted by phone (Whatsapp, Viber, Telegram) +357 9995 8575, +357 23 832 882 or email on firstname.lastname@example.org.