Cyprus Permanent Residency
Learn about the different residency programs, eligibility criteria, and the step-by-step process to obtain your permanent residency. Let Properush help you embark on this exciting journey and start a new chapter in Cyprus.
Criteria A
Investment in residential property/ies (excluding re-sale): The investment should be at least €300,000 (plus VAT) and must come from a foreign source. Proof of payment of €300,000 (excluding VAT) should be included with the application. The applicant can invest in up to two units. The acquired property must be suitable for the investor’s family size. If the property was acquired more than a year before the application, a recent Search Certificate issued by the Land Registry Department is required.
Criteria B
Investment in other property (including re-sale of properties), excluding residential properties: An investment of at least €300,000 (plus VAT, if applicable) can be made in the purchase of shops, offices, hotels, or similar developments, or a combination thereof. Proof of payment of €300,000 (excluding VAT) should be provided. If the property was acquired more than a year before the application, a recent Search Certificate issued by the Land Registry Department is required.
Criteria C
Investment in the share capital of a Cyprus-based company with activities and personnel in Cyprus: An investment of at least €300,000 must be made in the share capital of a company registered and operating in Cyprus. The company should have a physical presence in Cyprus and employ at least five individuals. A business plan with financial targets must be submitted.
Criteria D
Investment in shares of a Cyprus Collective Investment Organisation: The investor needs to submit a Memorandum of the Fund or a Business Plan. B. The main applicant must demonstrate an annual income of at least €50,000. This income can be from employment, dividends, pensions, rents, etc. The required income will increase based on the number and type of dependent family members included in the application: Spouse: €15,000 Underage children: €10,000 per individual Adult children (ages 18 to 25) who are economically dependent on the investor and enrolled as students in higher-education institutions: €10,000 per individual.
Other Terms And Conditions
The following documents must be submitted with the application:
•Clean criminal record for the main applicant and their spouse
•Declaration stating that the main applicant and their spouse do not intend to work or receive employment-related income in Cyprus
•Proof of accommodation in Cyprus (title deed, purchase or rental agreement) if the investment is made under criteria B, C, or D.
The property must be suitable for the investor’s family size.
Dependent Family Members
The Immigration Permit is initially issued to the main applicant and extends to their spouse and underage children. To include other family members in the benefits of the investment, separate applications must be submitted: •Adult, unmarried children ages 18 to 25 who are students abroad and financially dependent on the main applicant at the time of application. •Adult, non-dependent children of the investor: The investment amount should be multiplied by the number of these children to make them eligible for the Permanent Residence Permit. They must demonstrate a personal annual income of at least €50,000, which will increase based on the number and type of their dependent family members.
Further Information
The application process takes approximately two months to complete. The main applicant and their spouse should not plan to work in Cyprus, except if the investment is made under criterion C, in which case they can be appointed as Directors in the invested company. The main applicant and/or their spouse can be shareholders in any company registered in Cyprus and receive dividend income without any payment. They can also hold Director positions in companies. The investor must provide annual proof of compliance with the requirements.