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Cyprus residency

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Cyprus has recently introduced new legislation, offering Cyprus residency permit eligibility, to non-EU nationals who purchase a property. It's a straightforward process that can commence immediately on purchasing.

Residency permits are generally unlimited in duration.

Permanent residency status means that you and your family have the right to live freely in Cyprus or continue to live in your home country and use the permit whenever you need it. It can act as an insurance policy for the future. Permit holders also have the right to own a business in Cyprus or set up a Cyprus company as an intermediary for export trading throughout Europe and the World, thus benefitting from Cyprus’ excellent business and tax advantages.

Summary of Residency program

  • Required investment: €300,000 real estate purchase
  • Time to PR: 2 months
  • Residency requirement: There is a requirement to visit Cyprus once every two years (just for one day)
  • Global tax consequences: none
  • Eligibility: all third-country nationals
  • Includes: investor, spouse, minor children, dependent adult children up to age of 25 (students), dependent adult children over even over the age of 25 provided they completed studies in Cyprus, investor’s and spouse’s parents
  • Process: very simple, no language/medical exam or interview

PERMANENT RESIDENCY KEY BENEFITS

  • Freedom to live freely in Cyprus
  • The permits for yourself and dependents are valid forever, no renewal required
  • It offers an insurance policy for the future
  • It enables you to own a business in Cyprus
  • It gives you’re the right to apply for EU Citizenship
  • It enables you to travel throughout EU with ease
  • It enables you to access first class health care and education

PERMANENT RESIDENCY FOR YOU AND YOUR ENTIRE FAMILY FOREVER

Applications can follow the standard Immigration permit process – Category F - (criteria detailed in section A) or the recently announced expedited process - under Regulation 6(2) (criteria detailed in section B) which requires additional criteria to be fulfilled. Pafilia will gladly assist you with the process & can also refer you to independent lawyers.

SECTION A

  1. Acquisition of an immovable property.
  2. The purchaser must visit Cyprus at least once every two years.
  3. Non-European citizens should possess an annual income from a legitimate source, deriving from outside of Cyprus, which is sufficient to support their family.
  4. Minimum annual income of over: €30,000 per couple and €5,000 per dependent is usually acceptable. Additional funds deposited in a Cyprus bank account are considered favorably.
  5. Τhe permit application should be submitted to the Civil Registry and Migration Department in Nicosia either by the applicant or by a duly appointed representative.
  6. All documents must be officially translated and notarised. The Cyprus Press and Information Office can arrange this service on providing the original documents.
  7. Pafilia will gladly assist you with the process and can also refer you to independent lawyers.

SECTION B

1. The criteria for application under Regulation 6(2) are listed below:
1.1. The applicant must prove that she/he has at his/her disposal a secured minimum annual income of €30,000, from sources other than employment in Cyprus. The required income of €30,000 can derive from salaries, stocks shares, rents etc from outside of Cyprus. The necessary minimum annual income is increased by €5,000 for each dependent member of the family and by €8.000- for every dependent parent of the applicant or spouse.
1.2. The applicant must submit the application form accompanied with a Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other residential property, of a minimum purchase price of €300,000 and proof of payment of at least €200,000. The contract of sale should have already been submitted to the Department of Lands and Surveys. The investment can be made either by the applicant and/or the spouse or by a company to which the applicant and/or the spouse are the sole shareholders or ultimate beneficial owners.
1.3. The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30,000 in an account, which will be pledged for at least a three year period. It is noted that the amounts mentioned in paragraphs (1.2) and (1.3) should be proven to have been transferred to Cyprus from abroad.
1.4. The applicant must submit a Criminal Record Certificate from his country of residence, , and he should not constitute in general any threat against public order or security in Cyprus.
1.5. The applicant should submit a statement that he does not intend to work or be engaged in any form of business in Cyprus.
1.6. The applicants should visit Cyprus at least once every two years.
1.7. The applicant should retain his investment in real estate at all times, however such can be substituted with another property of the same or higher value.
2. Procedure for the submission and examination of applications:
2.1. The application should be submitted on Form (M.67) to the Civil Registry and Migration Department by the applicant himself or through a duly appointed representative.
2.2. The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are usually not necessary for this category permit.
2.3. The Ministry of Interior shall inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of Interior.
2.4. The Immigration Permit shall not be cancelled, provided that the applicant visits Cyprus at least once every two years and provided the provisions of the PR Scheme are satisfied at all times.
3. Following the publication of this announcement, any third country national who has already applied for a category F Immigration Permit may submit additional documents to the Civil Registry and Migration Department in order to fulfill the above mentioned criteria and have the application examined according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.
4. Provided that the criteria described in paragraph 1 are fulfilled and no further questions arise with respect to the Criminal Record of the applicant, or Public Order, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit shall be granted.
5. The period for the examination of the application described above shouldn’t exceed 1-2 months.
 

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