ALL YOU NEED TO KNOW ABOUT

CYPRUS PERMANENT RESIDENCY PROGRAMME

2022

Cyprus Permanent Residency Programme is designed for non-EU citizens who purchase a brand-new residential or commercial property in Cyprus from a development company or invest in local business or investment funds, and can benefit from a fast-track procedure for obtaining a permanent residency permit.

Requirements for THE investors

  • Purchase a new property for at least €300,000 + VAT.

To become the resident the investor must purchase up to 2 new residential properties for the total amount of at least €300,000 + VAT from property development company.  The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and their spouse. They must also be sole shareholders. The other investment options include the investment in the commercial/non-residential real estate (offices, retail stores etc.); or the investment in a physical company registered and operating in Cyprus, which employs at least five people; or the investment in Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF).

  • Annual Personal Income of at least €30,000.

The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent.

  •  Place of Residence in Cyprus.

The applicant must have a residence in Cyprus to get a permanent residency permit. If the investor purchases non-residential real estate, company shares or the units of the investment funds, he still must have a place of the residence – owned or leased.

  • A clean criminal record.

The applicant will have to supply the proof of the clean criminal record of the country of origin (and residence if different) to the Cypriot authorities. 

OTHER CRITERIA

  • Possess a recent and valid passport. The investor (and family members) must possess a full valid passport at the time of your application.
  • Submit a statement confirming that you won’t be working. The applicant and family member aren’t allowed to work in Cyprus and must submit a certificate that they won’t be working in Cyprus; however, they’re allowed to own and run the locally registered company.
  • Visit Cyprus. There’s no requirement to permanently reside in Cyprus, but to maintain the residency permit, you must visit Cyprus at least once every two years.
  • Must be at least 18 years old. Main investor must be at least 18 years old at the time of the application.

 

CYPRUS PERMANENT RESIDENCY

€300 000 Investment
In real estate and proof of payment for at least €200 000

€30 000 Annual personal income
Plus €5000 for each dependant and €8000 for each parent

Place of Residence in Cyprus
The applicant must have a residence in Cyprus to get a permanent residency permit

Clean criminal record
Certificate issued by the authorities of the country of origin and/or residence

BENEFITS OF CYPRUS PERMANENT RESIDENCY

VALID FOR LIFE

Your permanent residency lasts for the entirety of your natural life, does not expire and never requires you to renew it or reapply.

DESIGNED FOR FAMILIES

This approach has been created explicitly for multi-generational families looking to start a new life without the complications.

FAST TRACK PROCEDURE

Cyprus residency by investment is obtained in about 2 months. On approval, lawyer can collect the cards on behalf of the investors.

CYPRUS TAX RESIDENT

As a permanent resident, you can apply for tax status. That will allow you to become exempt from several global levies.

FREE HEALTHCARE

With a newly introduced system (GESY) free healthcare is available to all Cyrus residents, home and right across the EU economic area.

HIGH APPROVAL RATE

There is a high approval rate for applicants for Cyprus permanent residency permit, if all criteria are satisfied.

NO RESIDENCY REQUIREMENT

While you do not have to reside continually in Cyprus, you will be asked to return for a short stay at least every two years.

EU CITIZENSHIP

Once you have been resident for five consecutive years, you will be able to apply for full citizenship of Cyprus.

COST-EFFECTIVE

Only €300 000 investment in newly built property is required for the fast track straightforward procedure.

VISA REQUIREMENTS

Cyprus Permanent Residency holder and his family are free to enter Cyprus without the need of obtaining a visa.

SCHENGEN ZONE

Cyprus along few other countries are expected to join the Schengen area soon allowing a free movement within the area.

CATEGORY F PERMIT

Category F procedure allows to apply for the permanent residency when buying a property for any amount (other criteria apply).

COMPARISON TO OTHER COUNTRIES

COUNTRY CYPRUS PORTUGAL SPAIN
RESIDENCY
EU Residency
EU Residency
EU Residency
TIME TO OBTAIN RESIDENCY
2 months
2 - 5 months
2 months
RESIDENCY REQUIREMENT
Once every 2 years
1 week per year
no residency requirement
INVESTMENT
EUR 300 000
EUR 500 000
EUR 500 000
INVESTMENT PERIOD
5 years
5 years
5 years
WORK PERMISSION
No
No
No
ASSETS
Real estate
Real estate
Real estate

ELIGIBLE DEPENDANTS WITHIN THE SAME APPLICATION

The permanent residency permit will cover you, your spouse and all dependents under 18 years old. Children aged 18-25 can apply jointly with you, as long as they fulfil the following requirements:

  • They are studying abroad at university and have at least six months until graduation at the time of submission of your application
  • You can prove they are completely financially dependent on the principal investor
  • They are unmarried, and you can add an additional €5,000 to the annual income allowance that you need to prove

It is worth noting that the permanent residency will be kept by the child for life, and does not expire when they turn 26. That makes it an attractive route for families who can fulfil the financial requirements.

If you would like to add parents, or parents-in-law, to your application, then an additional €8,000 of annual income needs to be proved.

DOCUMENTS REQUIRED FOR THE APPLICATION

Obtaining permanent residency in Cyprus is a simple and straightforward process that requires the submission of the following documentation:

  • Copies of valid passports for everyone named on your application for permanent residency.
  • The current CV of the principal applicant outlining all work undertaken to date.
  • A certified marriage certificate that proves the union between the main applicant and his or her spouse.
  • Children’s birth certificates need to be certified and officially translated to prove their relationship to the primary applicant.
  • Original criminal record histories need to be submitted by the country of origin and or country of residence.
  • All requested documentation for the proof of annual income must be dated and submitted.
  • A title of ownership or a certificate of sale must be submitted to prove your intent to invest in property in Cyprus.
  • Receipts of payment must be submitted that show the required investment level being moved in your name
  • An original letter from a Cypriot bank showing a deposit of €30,000 which they will hold on your behalf for a minimum of 3 years

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CONTACT US

    CONTACT US

    HKCY is a specialist property development company, based in Cyprus, known for innovative residential and commercial properties.

    ADDRESS:

    12 Arch. Makariou III, Zavos Christelina Tower, Office 101, 4000 Limassol, Cyprus

    Phone:

    free call: 

    +357 25 32 42 52

    8000 88 28 (Cyprus only)

    E-mail:

    hello@hkcyproperties.com

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