Cyprus developers urge the government to make the residency program more attractive.
Κυπριακή άδεια διαμονής
PERMANENT RESIDENCE PERMIT BY INVESTMENT
For many years Cyprus has been a favourite place for permanent residency and holidays among foreigners from all over the world. Due to its pleasant Mediterranean climate, warm sea, clean beaches, as well as a safe and comfortable lifestyle, Cyprus is often chosen as a country of permanent residence for young couples, families with children and retired people. Cyprus is a member of the EU and has a high standard of living, excellent medical and educational systems, great investment opportunities and favourable conditions for business.
Benefits of Permanent Residency in Cyprus:
- Valid for lifetime.
- Applicable for the whole family: the main applicant and spouse, their parents and their children under 18 years old and financially dependent children up to the age (and including) 24 (who must be enrolled students and cannot be working for their professional degree).
- Fast track application procedure – approval granted in 2 months from the date of filing.
- Lifts travelling restriction and elaborates visa requirements (i.e. Visitor’s Visa) across the EU facilitating access to the Schengen zone.
- Application can be processed in the applicant’s absence and submitted on his / her behalf.
- Allows ownership of your company in Cyprus, however, excludes the right to maintain the employment in Cyprus.
- PR holder might be eligible to apply for becoming Cyprus Tax resident with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
- No requirements for residing in Cyprus permanently, however, a visit to Cyprus once every 2 years is required.
A permanent residency on a “fast-track basis”
- the applicant is required to purchase one or two new residential properties for a total amount of €300,000 (plus VAT). By submission of the application the payment of €200,000 (plus VAT) is required to be settled and the sale agreement has to be registered in Land Registry Department.
- the applicant is required to deposit at least €30,000 to any bank in Cyprus for a period of 3 years. The source of funds should be located outside of Cyprus.
- the applicant is required to provide proof of permanent annual income of at least €30,000, plus €5,000 for each family member and €8,000 for each parent. The source of these funds should also be located outside of Cyprus.
The processing time: 2 months from the date of submission of the application.
A permanent residency on a “normal-track basis”
- the applicant is required to purchase a residential property with any value lower than €300,000;
- the applicant is required to provide minimum secured annual income of €10,000 (plus €5,000 for each dependant) from sources outside of Cyprus;
- the applicant needs to deposit about €30,000 to a bank account in Cyprus. The source of funds must be outside Cyprus.
The processing time: 12 – 16 months from the date of submission of the application.
- Copy of valid passport of the applicant, spouse and children
- Curriculum Vitae of the applicant
- Marriage Certificate duly certified (official and certified translation into English or Greek)
- Children’s Birth Certificates duly certified (official and certified translation into English or Greek)
- Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation into English or Greek)
- Proof of annual income from abroad
- Title deeds or a sale agreement of a property in Cyprus
- Proof of payment of the purchase price & receipts of payment
- Original Letter from a bank in Cyprus about the deposit of €30,000, pledged for three years (for a “fast-track basis” application) or Bank Statement to show the balance of €15,000 - €20,000 (for a “normal-track basis” application).
Once the PRP has been granted the applicant must visit Cyprus within one year to obtain the actual permit and have biometrics taken by the Authorities for issuance of Permanent Residency card.
We offer legal assistance throughout the procedure of obtaining the Permanent Residence Permit - from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications to collection of the PR cards.