- A European Union (EU) member country
- Spouse, and any dependent children up to 18 years old can be included
- Safe living environment, a beautiful location with a high standard of living
- Permanent residency holders can get a multi-entry Schengen visa from 6 months to 5 years, depending on passport held and frequency of travel to Schengen countries
- Can apply for citizenship after 7 years permanent residence
- Can own companies in Cyprus and receive dividends
- Opportunity to own Freehold property
- No inheritance or wealth taxes
- Low annual property taxes
- Must purchase a qualifying property in Cyprus
- Must have an overseas annual income of atleast €30,000 plus €5,000 per year for each dependent
- Must deposit at least €30,000 in a Cyprus bank
- May not take up employment in Cyprus
- Must visit Cyprus at least once every 2 years
- No criminal record
- In good health
- Must have acceptable Medical Insurance
- An investment of at least €300,000 + VAT in a single residential property used as a permanent residence; or
- Two residential properties providing the total value exceeds €300,000 + VAT; or
- One residential property, plus a shop unit not exceeding 100 square meters providing the total value exceeds €300,000 + VAT; or
- One residencial property, plus an office unit not exceeding 250 square meters providing the total value exceeds €300,000 + VAT
- The investment may be made personally or through a wholly owned company, or through a company owned jointly with the spouse of the applicant
- Application submitted to the Civil Registry and Migration Department of Cyprus
- Submission of supporting documents plus evidence of intended investment
- Decision made within 2 months of completed application. Applicant and dependents must visit Cyprus to obtain permit
Costs of Cyprus Permanent Residency
Applicants must prove that they have made the following investments:
1) Purchase or ownership of a residence
Minimum investment EUR 300,000 + VAT
2) A Bank deposit in a Cypriot Bank, pledged for 3 years
Minimum amount EUR 30,000
3) Proof of income
The applicant should prove at least €30,000 income for himself and plus €5,000 for each dependent on:
- An applicant may purchase up to 2 residential units (apartments or houses), or 1 residential unit and 1 shop with an area of up to 100m² or 1 residential unit and an office with an area of up to 250m²
- Residences or apartments may be independent of each other but both must be sold by the same company
- The property must be new (not a resale)
Minimum amount income (main applicant) EUR 30,000
Minimum amount income (each dependent) EUR 30,000
- All investment funds must be proved to have emanated from abroad.
- A Declaration is signed by the applicant/spouse that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders and directors in a company registered in Cyprus.
- All applicants must visit Cyprus at least once every 2 years.
- All applicants must have a clean criminal record.
- Unmarried children between the ages of 18 and 25, provided they are students and financially dependent on the applicant, can submit their own application to obtain the Permanent Residency Permit on the basis of the main applicant’s investment.
Steps of Cyprus Permanent Residency
We will pre-screen your passport copy for government pre-approval. A down payment of the professional fees is required to open your application. The response is in 24-48 hours.
We will provide assistance and advice with regards to the collection of the documents required in the checklist for the Cyprus Visa application.
A Meeting is then set up with dedicated Attorneys in Cyprus so that a “Power of Attorney “mandate is signed in the presence of a certifying officer.
We will assist in the opening of a Cypriot bank account.
We will guide you to the Cypriot property that fully satisfies your requirements (€300,000) and start preparing the property purchase documentation required to be presented for the Permanent Residency application. An initial payment of at least €200,000 must be made
Once the sale agreement for the purchase of your property is signed and all other relevant documents gathered, the Permanent Residency application will be filed with the Migration Department.
Approval can be expected within two months, and Permanent Residency is granted provided all requirements have been met.
Once the Permanent Residency Permit has been granted, the applicant must visit Cyprus within one year to obtain the actual permit and passport stamps.
The remaining professional fees are paid at this stage.