PERMANENT RESIDENCE IN CYPRUS
In January 2014 the Ministry of Interior in Cyprus has revised the criteria for granting a permanent residence in Cyprus (an immigration permit) providing a new expedited procedure for third country nationals who invest in Cyprus.
To qualify for the permanent residence in Cyprus a third-party national must purchase in Cyprus one or two, new real estate properties with total purchase cost of at least €300.000 (excluding VAT) and have a secure and steady income, provisions that along with the fact that such permanent residence can be obtained within 2 to 3 months make Cyprus one of the easiest countries to attain a permanent residence.
A third-party national having obtained a permanent residence has the right to permanently reside in Cyprus along with the family who can also obtain the permanent residency (married spouse, children under 18 years old and financially dependent children up to 25 years old).
The benefits of obtaining a permanent residency as well as the detailed requirements are set below:
A third-party national having a permanent residence is exempt from the immigration entry procedures in Cyprus (i.e. no Visa required) and can permanently reside in Cyprus continuously enjoying the benefits offered by a Mediterranean Island such as warm sun, sparkling sea, welcoming people and wonderful scenery.
Cyprus is also expected to enter the Schengen Zone of Europe meaning that the holders of the permanent residence will be able to travel freely through Europe. Even though Cyprus is not currently in the Schengen Zone a holder of a permanent residence can very easily obtain a Schengen visa in a process that takes less than 1 hour.
Other benefits include amongst others the absence of inheritance tax in Cyprus, the low property taxes and lower tuition costs than in other EU countries.
In order for the permanent residence to be granted the third-party national applicant must meet the provisions as set below:
- Deposit an amount of EUR30,000 in a Cyprus bank and pledge for 3 years;
- Obtain a stable income of EUR30,000 per year together with his spouse increased by EUR5,000 for each dependent person;
- Purchase in Cyprus one or two, new real estate properties with total purchase cost of at least €300.000 (excluding VAT). Properties can be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop. At least €200.000 of the purchase cost must be settled. Obtaining property in the name of a company into which the applicant or spouse are the sole shareholders is also acceptable;
- Have a clean criminal record;
- The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner.
- The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.
The applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval with the whole process lasting for 2 to 3 months.
How We Can Assist You:
LSTS will guide you through the application process and act as your agent in submitting all the required documents successfully
We will provide clarification and advice on the matters of your concern, assist in drafting the required documents and continuously reviewing the documentation to ensure the quality and success of the process.
We will also closely monitor the status of the review of the application by the authorities and address any issues that may arise providing complete support throughout the process for a successful outcome.