Permanent Residence Permit
Following the Decision of the Minister of Interior, dated 22nd of February 2016 and on the basis of Regulation 6.2 of the Immigration and Aliens Law, third country nationals who satisfy the requested investment criteria may apply for the granting of a Cyprus Permanent Residence Permit in a fast track process (“Cyprus PR”).
The application process takes approximately 2 months to be concluded and there is no actual residency requirement for the applicant and his/her family, other than a required visit to Cyprus once every two years. Once the Cyprus PR has been granted, it is for life.
The process is straightforward with simple investment and personal criteria to be met, and does not entail any language or medical examinations for the applicant and his/her family, making the Cyprus PR the most attractive permanent residency scheme in Europe.
Subject to certain residency requirements, the Cyprus PR can lead to the acquisition of a Cyprus (EU) passport.
The Cyprus PR can be granted to:
- The applicant and his/her spouse
- Children under the age of 18 and unmarried children, aged between 18 and 25, who are students and financially dependent on the applicant, and
- The dependent parents of the applicant and/or the dependent parents of the applicant’s spouse
- Adult financially independent children can also qualify provided that the market value of the acquired real estate attributed to each such child is at least €300.000 (Plus VAT).
- Maintain a fixed term deposit in a Cyprus Banking Institution of €30,000 for three years
- Prove a secured annual income of at least €30,000 generated from sources abroad (plus €5,000 for each dependent person and €8,000 per dependent parent or in-law parent)
- Purchase a housing unit or a combination of a housing unit and a shop/office or two housing units in Cyprus of total market value of at least €300.000 (plus VAT) for a Cyprus development company. The application can be filed if the amount of at least €200.000 (plus VAT) has already been paid.
- Have a clean criminal record
- Visit Cyprus once every two years
- Declare the intention not to be employed in Cyprus (applicants can be shareholders in a Cyprus Company and receive dividends).