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 :
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:
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 :