Cyprus provides a very simplified scheme for 3rd country nationals that wish to obtain a Permanent Residence Permit in Cyprus. The Aliens and Immigration Regulations of 1972 outline the Categories under which the third country national may apply for an Immigration Permit. There are two ways to obtain a Cyprus permanent residence:
- Fast Track Procedure (Regulation 6(2)): within 2 months
- Category F (Regulation 5(f)): within 5- 12 months
The Cyprus Permanent Residence permit is granted to the applicant and his spouse and to their minor children up until the age of 18 years old (in some exceptions till the age of 25 years old) for life. The holders of this permit are not allowed to work in Cyprus, but they can own a business in Cyprus from which they will be receiving dividends.
The permit is revoked when the holder is granted permanent residence in another country and/or when he/she did not visit Cyprus for a period longer than 2 years continuously.
Under this procedure, the applicant must:
- Purchase one or more new residential (or combination) property(ies) of at a value of at least €300,000 (not including VAT)
- At least €200,000 (not including VAT) should be paid to the Vendor
- Proofs of transfer of €200,000 (not including VAT) from abroad must be provided
- The contract of sale must be deposited at the relevant District Land Registry
- Maintain a bank deposit of €30,000 in a Cypriot Bank, blocked at least for 3 years. It must be proven that €30,000 was transferred to Cyprus from abroad.
- The applicant should be able to prove at least €30,000 of annual income for himself and an additional €5,000 for each dependent family member (such income must be sourced from abroad)
- The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.
Under the decision of the Minister of Interior of the Republic of Cyprus, dated on 07/05/2009, when a non EU Member buys a residence in Cyprus for himself and his family worth €300.000 or more, his application for Permanent Residence, Category F will be examined favourably.
This type of permit is granted to those 3rd country nationals, who possess and have fully and freely at their disposal a secured annual income of a minimum of €9,568.17 for a single applicant and €4,613.22 for every dependent person. The Civil Registry and Migration Department reserves the right to demand additional amounts.
Moreover, the Immigration Authorities will examine the stability and reliability of annual income during a long period of time.
Key Benefits of Cyprus Permanent Residence
- Excellent prospects for the future as Cyprus will soon enter the Schengen Zone of Europe allowing all Cyprus Permanent Residence holders to travel freely through Europe. At the moment it is very easy to receive a Schengen Visa once you have Cyprus Permanent Residence, the whole process takes approximately 30 minutes and the visa is valid for up to 2 years.
- Cyprus Permanent Residence holders have a right to much lower tuition costs in European countries because they are considered Permanent Residents of a European country.
- Children of Cyprus Permanent Residence holders are considered Chinese of Diaspora and are accepted into Chinese universities with lower credits.
- Cyprus Permanent Residence applies to the wife and husband as well as all children under the age of 18. However if the children are over 18 they are also allowed to reside in Cyprus under the Family Reunification Act.
- Freehold Property
- No inheritance tax
- One of the lowest property taxes in the world