Decide Your Future
Cyprus’ pioneering Permanent Residency Program propositions those acquiring property with the opportunity to establish a Mediterranean home away from home.
You and your family will be allowed to live freely in Cyprus should you choose, and even engage in business: permit holders have the right to own a business in Cyprus or establish a Cyprus company as an intermediary for export trading throughout the world, thus benefiting from Cyprus’ excellent business and tax advantages.
Cyprus Permanent Residence – Category F
As per provisions of Regulation 6(2) 2nd Revision (February 22, 2016) of the Aliens and Immigration Regulations, a non-European who purchases one or two new properties in Cyprus of a total value of at least €300.000 + VAT, will have his/her application for Cyprus Permanent Residency, Category F examined in a favourable manner. Permanent Residence is granted to the applicant, his/her spouse, minor children and financially dependent children (e.g. unmarried overseas students) between 18 and 25 years old. An Immigration Permit may also be granted to the parents and parents-in-law of the applicant.
The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track”) are as follows:
- Property/ies should be new (not re-sale) and the minimum value must be not less than €300.000 + VAT. In the case of acquiring two dwellings, both must be purchased from the same development company. Second property can be residential or commercial (an office or a shop).
- Applicant must have a fixed deposit in a Cyprus bank of a minimum of €30.000 for 3 consecutive years.
- Applicant must have a secured annual income originating from abroad of at least €300.000 plus €5.000 for each dependent person added to the application (e.g. wife and children). The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. An additional annual income of €8.000 for every dependent parent is required in case of their inclusion in the application.
- Each applicant must have a clean criminal record certificate issued in his/her country.
- The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus. It is noted that the applicant and/or his/her spouse may be a shareholder(s) in a Company registered in Cyprus and receive dividends from such business.
- At least €200.000 + VAT must be paid towards the property purchase before the application can be processed.
- An Immigration Permit may also be granted to the financially independent children of the applicant over the age of 18, provided that the market value of the acquired real estate attributed to each such child is at least €300.000. In such event each child must submit his/her own proof of secured income of at least €30.000 and make a 3 years’ fixed bank deposit of €30.000.
- The holder of an Immigration Permit is obliged to acquire residence in Cyprus within one (1) year from the date of approval. It is not required to reside in Cyprus permanently, but the holder of such a permit, as well as his/her dependent persons who are included in his/her permit are obliged not to be absent from the Republic for more than two (2) consecutive years.
Provided that all the required paperwork has been submitted to the authorities, It is estimated that the procedure for the examination of the application shall not exceed two (2) months from the date of the submission of a complete application.
Cyprus permanent residency benefits:
- Simplified application process and fast approval
- Visa Free Entry to Cyprus
- No need to renew the permit as it is permanent
- All family members including children up to 25 year old as well as parents of the applicant and his/her spouse can apply
- No requirement of residing in Cyprus permanently, sufficient not to be absent for more than 2 years
- No language test required
- No personal Tax due to residence permit
- Access to free education for children in the government schools
- Access to the National Health System (GESY)
- Possibility of travelling to Cyprus despite the pandemic restrictions
Official Announcement:
http://www.moi.gov.cy/moi/crmd/crmd.nsf/All/6E845849175A310DC2257F7D0030F4FE?OpenDocument