A Cyprus Permanent Residency entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. It does not expire and has unlimited duration; therefore, the holder does not need to renew it. It is also known as a Cyprus immigration permit or unlimited residency.
The legal basis of it are Regulations 5 and 6(2) of the Aliens and Immigration Regulations.
Cyprus immigration permit overview
A PR in Cyprus is divided into two main categories.
Permanent residence by investment
It is also known as "Cyprus residency by buying a property". This type of permits is for investors who purchase property in Cyprus and have sufficient income from abroad:
- Category 6.2 (Fast Track Permanent Residency) – for investors who purchase a brand-new house or apartment valued at least €300.000 plus VAT.
- Category F – for those who have enough annual income from abroad which covers their living expenses, without working or doing business in Cyprus. The required yearly income starts from €9568 for one applicant plus €4613 for each dependent person.
Here is an example of the Cyprus permanent resident card:
Residency with the right to work
This type of permits is for owners and employees of companies of foreign interests:
- Category C: Investors who work for their own company provided they bring from abroad a capital of about €260,000 which will be used for the purposes of their company activities in Cyprus.
- Category E: Persons who have been offered permanent employment.
To find out more about this type of permits read about Employment Visas.
Fast-track procedure for obtaining a PR
Permanent residence requirements
Purchase a property in Cyprus for €300.000
The investor must buy a new house or apartment or any of the combinations mentioned below, from a development company for the minimum amount of €300.000 plus VAT (VAT is 19% or 5% for the first property bought for own use).
The investor must register his sales agreement at the Land Registry and pay at least €200.000 plus VAT in order to be able to apply. The payment must be made in the bank account of the seller in Cyprus, and the money should be transferred from abroad.
The delivery date does not matter so properties under construction can be included.
The property can be bought in the name of a company in which the absolute owner or ultimate beneficiary will be the investor and/or his/her spouse.
The investor may buy up to two properties (bought from the same development company) provided the total sales price is as mention above and can be any of the following combinations:
- Two residential properties (houses or apartments)
- Residential property and a shop of a surface (up to 100 sq.m)
- Residential property and office (up to 250 sq.m)
If the investor wishes to sell the property, he must replace it with another of the equal or higher value and to follow all the conditions mentioned above.
The investor together with his/her spouse must prove annual income from abroad of minimum €30.000 which is increased by €5.000 for each dependent (spouse and children). It is also increased by €8.000 for each dependent parent or parent-in-law and provided this is satisfied they can also apply and get the permanent residence permit.
It can be any type of income and usually includes salaries, pensions, dividends, fixed deposits, rents etc.
Bank deposit in Cyprus
The investor must transfer from abroad to his Cypriot Bank account the amount of €30.000, which will be pledged for three years.
The Cyprus Permanent Residency covers the spouse and children up to 18 years old.
Also, children between 18 and 25 years old can apply provided they fulfil the following:
- Financially dependent on the investor
- University students abroad with a minimum of six months remaining study period from the date of the submission of the application
- To prove additional annual income of €5.000 for each
The PR is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above (unmarried, financially dependent, students).
However, their future spouse or child cannot be added as dependents on their PR. If children want to study at the University of Cyprus, they must apply for a temporary residence permit as students. When they finish their studies regardless of their age, they will be able to apply for PR with the only condition of the extra annual income of €5000.
Parents & Parents in law
The parents and parents-in-law of investor can also get PR without buying additional property. The only requirement is to show an additional annual income of €8.000 for every such parent and also to provide the application documents as mentioned in the list below.
Applicants must also comply with the below:
- Provide a clean criminal record from their country of residence
- Should not be regarded as a danger to the public order/security of Cyprus
Permanent Residency in Cyprus Category F
In order to be eligible for this type of permit, the applicant mainly needs to show:
- Property purchase
Category F is flexible and does not have a strict requirement of property purchase. However, it is recommended to buy a property in Cyprus of any amount, it can even be a resale property. The money for the purchase does not need to be transferred from abroad.
- Annual income
The applicant must show an annual income of at least €9568 for one applicant plus €4613 for each dependent person. This income must be from abroad and can be from salaries, pensions, stock shares, rents.
- Bank deposit in Cyprus
The applicant should deposit in his bank account in Cyprus an amount of approximately €15.000 to €20.000, which is not pledged it is a simple deposit, the money can be used after filing the application.
- Family members
Only children up to the age of 18 years old can apply as a dependent, and their permanent residency will be valid until they become 18 years old. The parents of the applicants cannot apply as dependents.
Conditions and restrictions
General restrictions of the PR in Cyprus
- The holder must visit Cyprus once every two years or the permit would be cancelled automatically.
- The holders are not allowed to work in Cyprus. However, they can be shareholders in a Cypriot company, which can do business in Cyprus or abroad, and receive dividend income from this company.
- Does not give any visa-free travel to any other European Union countries, as it is only for Cyprus.
Category F only
- The processing time is about 9-12 months
- The children of the applicant will lose it once they become 18 years old
How to get a permanent residence permit
In order to obtain a permanent residency permit in Cyprus, the applicant needs to apply with the following required documents:
- Copy of valid passport of the applicant, spouse and children
- Curriculum Vitae for the applicant
- Marriage Certificate duly certified (official and certified translation)
- Children’s Birth Certificates duly certified (official and certified translation)
- Original Criminal Record Certificate (Issued from the country of residence and submitted with an official and certified translation)
- Documents to prove annual income from abroad
- Title of ownership or contract of sale of property in Cyprus
- Bank Swift for the payment of the purchase price & receipts of payment
- Original Letter from a bank in Cyprus (deposit of €30.000, pledged for three years) – Fast track Category 6.2 OR Bank Statement to show the balance of €15.000 - €20.000 – Category F
Please note that Criminal Record Certificate, marriage & children birth certificates should be translated in English and be certified by the Ministry of foreign affairs (or Embassy) of the country that will issue them and also by the Cyprus Embassy of that Country, or bear the APOSTILLE stamp.
The application to obtain a permanent residency can be submitted by the lawyer of the investor who does not need to be present at the submission. Those applications are only submitted at the Civil Registry and Migration Department at Nicosia, not at district immigration units of each city.
After the submission, the applicants are required to give a photo and fingertips so that on approval the residency cards can be issued. This can be done at any time before the final approval at any migration district unit in any city.
Below are the addresses of each city’s immigration unit.
Agamemnonos 6, Engomi, 2411 Nicosia
Franglinou Rousvelt 223, Zakaki, Building ¨D. Nikolaou¨, 2nd floor, 3046 Limassol
Piale Piasha 75, 6027 Larnaka
Eleftheriou Venizelou & Kaningos 22, 2nd floor, 8021 Pafos
Eleftherias 83, Tatolos Bld, Derynia Plaza, 1st floor, 5380 Derynia
On approval, the lawyer will collect the PR cards.
The fast-track application is examined in about 2 months and on approval the lawyer can collect the cards on behalf of the investors.
It is estimated that the period for the examination of the application for permanent residency under category F shall be between 9-12 months.
Cyprus government fees
The cost of the fast track permanent residency program is €300.000, and it does not include the following fees:
Applicant / applicants’ spouse / children under 18
€500 for all
€70 for each person for registration
Adult children & parents (each)
€70 for registration
The fees are the same for Category F permits.
Permanent residency benefits
Cyprus PR Category 6.2 is a fast track process giving the Non-EU applicant a permanent residence by investment in a European Union country in just 2 months. Opportunity for whole family and parents of the applicant to get a residence permit which will be valid for their whole lifetime. Also, it has the advantage that the children (up to 25 years old) of the investor will keep the residency for life.
PR Category F is a flexible procedure which allows the holder to get a permanent residency in a European country with a very small investment.
Our team of immigration lawyers in Limassol Cyprus is ready to advise and prepare any kind of the above permanent residency applications. We will support you through all the procedure from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications, collection of the PR cards.
Contact us to receive a free personal consultation and learn about our competitive fee services.