Permanent Residency
Cyprus has shown to be an appropriate location for non-EU nationals seeking a Permanent Residence Permit in an EU country. The Cyprus Ministry of Interior has devised a fast-track approach to permanent residency in an effort to shorten the procedure for multinational investors interested in utilizing Cyprus as a gateway for their business in Europe.
Furthermore, applicants must meet specific financial criteria to qualify for the permit. They are required to maintain a fixed deposit of at least €30,000 with a bank in Cyprus for a duration of three years. Additionally, they must demonstrate a secured income from overseas sources, which cannot come from activities or self-employment within Cyprus. The minimum income requirement for the main applicant is currently set at €30,000, with an additional €5,000 for each dependent and €8,000 for each parent (either the main applicant’s parent or spouse’s parent) who is included in the application. It’s essential to note that each application is reviewed independently, and the total amount needed may vary based on the individual circumstances of the applicant.
The Republic of Cyprus has a well-established and efficient fast-track procedure that enables citizens from third countries (non-EU members) and their families to obtain permanent residence. This is made possible through an immigration permit under section 6(2) of the Aliens Immigration Regulations of 1972, as amended. This permit grants permanent resident status to individuals who acquire a property in Cyprus for themselves and their families from a property development company. It’s important to note that the property must be purchased as a new property (initial sale) and not a resale, with a minimum price of €300,000 excluding VAT.
The Republic of Cyprus has a well-established and efficient fast-track procedure that enables citizens from third countries (non-EU members) and their families to obtain permanent residence. This is made possible through an immigration permit under section 6(2) of the Aliens Immigration Regulations of 1972, as amended. This permit grants permanent resident status to individuals who acquire a property in Cyprus for themselves and their families from a property development company. It’s important to note that the property must be purchased as a new property (initial sale) and not a resale, with a minimum price of €300,000 excluding VAT.
Furthermore, applicants must meet specific financial criteria to qualify for the permit. They are required to maintain a fixed deposit of at least €30,000 with a bank in Cyprus for a duration of three years. Additionally, they must demonstrate a secured income from overseas sources, which cannot come from activities or self-employment within Cyprus. The minimum income requirement for the main applicant is currently set at €30,000, with an additional €5,000 for each dependent and €8,000 for each parent (either the main applicant’s parent or spouse’s parent) who is included in the application. It’s essential to note that each application is reviewed independently, and the total amount needed may vary based on the individual circumstances of the applicant.
Major Benefits
Fast-track procedure within 2 months to be approved
Once Cyprus enters the Schengen zone, Cyprus PRP holders will have the right to travel freely in the zone
The residence permit is granted not only to the applicant but also to applicant’s spouse, minor children, financially dependent adult children up to 25 years, as well as the parents of the applicant and applicant’s spouse
They are not obliged to actually relocate to Cyprus – they simply need to visit Cyprus once every two years
Application Criteria
Copy of valid passport of the applicant and his dependants
Curriculum Vitae
Children’s Birth Certificates
Original Criminal Record Certificate duly certified for the applicant and his/her spouse
Marriage Certificate
Health Insurance Policy for the applicant and his/her dependants
Official Statements by the applicant and his/her spouse that they do not intent to undertake any sort of employment in Cyprus.
Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration)
The Process
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