Cyprus is a very popular destination for relocation and deservedly was ranked as the 5th best country in the world for this purpose. Cyprus Permanent Residency and Citizenship by Investment Programme, among other reasons, has attracted a wide range of third country nationals and proven to be highly successful.
Cyprus, an ideal destination for Permanent Residency Permits to NON-EU nationals, which combines a favourable tax regime along with 320 days of sunshine a year
A Cyprus Permanent Residency can be obtained through purchasing property in Cyprus or can be given to individuals of third countries who have legal stay in Cyprus at least 5 years.
A) Permanent residency on a “fast-track” basis
There are minimum requirements that an applicant should meet in order to apply and obtain a permanent residency permit in Cyprus by investment (“fast-track”): First he or she should acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT) and also open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
Moreover there are some other requirements which include:
- Maintain secured annual income from sources outside of Cyprus at least EUR 30K. For any extra person added in the application (wife, children), the minimum income is increased by EUR 5K. It is also possible the income to be derived from dividends of a Cyprus company (for the fast track residency applications). Please note that holders of a permanent residency permit are not permitted to work in Cyprus
- By the day of filling the application an initial payment of at least EUR 200K should be made regarding the purchase of the property.
- A confirmation letter is required from the bank that the fixed deposit of EUR 30K is maintained, indicating that the amount is pledged for a minimum of 3 years, along with a proof that funds were legally transferred to Cyprus.
- 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
Note: For this type of permit application, employment in Cyprus is prohibited. The resident’s income cannot be derived from employment, business or trading in Cyprus, but only from dividends received from a Cyprus company. Any other source from abroad is permitted. An applicant who wishes to be employed in Cyprus should proceed with a temporary residency permit.
A decision for the application is reached within 2 months after its completion.
B) Permanent residency on a “normal-track basis”
Upon renting out a home or purchase of a house/apartment with a value of no less than EUR 300K, 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 originating from abroad (increased by approximately EUR 5,000 per any new person added to the application)
- 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 certificate
- No sanction order to have been made against the applicant or any dependents.
The main benefit of this application is the lower limit 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 to have the Ministry of Interior’s decision.
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, 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 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