How to acquire a Cyprus Permanent Residence Permit.

 

The government of Cyprus has put in place a fast-track procedure that allows investors from Non EU countries to obtain permanent residence in Cyprus.

The basic requirement is to purchase residential property of €300,000 plus VAT In Cyprus.

The examination period for the issuance of a Permanent Residence Permit by the Government is only 2 months.

The applicant’s spouse and financially dependent children who are students, up to the age of 25 can also apply on the basis of the main applicant’s purchase of residential property

The Permanent Residence Permit allows the applicant and his family to freely reside in the Republic of Cyprus and removes the requirement of visa upon entry into Cyprus

In addition the applicant can apply for a reduced VAT rate of 5% for the purchase of the residence instead of 20%.

What are the Economic Criteria?

Applicants must prove that they have made the following investments:

  •  A bank deposit of €30.000 in a Cypriot Bank, pledged for 3 years.
  • Purchase a residence of €300,000 (excluding VAT)

Conditions.

All investment funds must be proved to have emanated from abroad.

Declaration that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders in a company registered in Cyprus.

All applicants must visit Cyprus at least once every two years

The applicant, his spouse and any children over 18 years old must submit a clean criminal record declaration from their country of residence

Unmarried children between the ages of 18 and 25, provided that they are students and financially dependent on the applicant, can submit their own application to obtain the Permanent Residence Permit on the basis of the main applicant’s investment.

Applicant must show an additional annual income of €5,000 for each dependent child.

The Permanent Residence Permit will continue to have effect after the age of 25 for so long that the child is a student and financially dependent on the applicant

What are the benefits?

The basic advantage is that the applicant and his family can freely enter and reside in the Republic of Cyprus without any visa requirements.

 

How to acquire a Cyprus Permanent Residence Permit. by
Christophoros Christophi
About the Author
Christophoros Christophi

Lawyer and Managing Partner of Christophi & Associates LLC, Lecturer (Company Law) at the European University of Nicosia.
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