The Republic of Cyprus may grant the right of permanent residence (permanent residence) to citizens of countries outside the European Union, subject to a number of conditions. The legal status of permanent residence also gives the right of unlimited entry and exit from the country. The status is granted indefinitely, the holder does not need to regularly confirm or renew his residence permit. Permanent residence holders who have lived here for 5 years can apply for Cypriot citizenship by naturalization.
Permanent residence by investment
The Cypriot authorities grant the right to obtain permanent residence to a citizen of another state who purchases housing here. This procedure is called “permanent residence by investment”, it can be carried out in the usual or accelerated mode (within 60-180 days).
Fast Track provides for the fulfillment by the investor of the following conditions:
• providing a certificate of no criminal record;
• confirmation of income in the amount of 30,000 euros per year;
• Acquisition of primary real estate (the value of housing must be over 300,000 euros + VAT).
What features should be observed when submitting documents to the Migration Department of Cyprus
The applicant will be required to provide documents according to the approved list:
1) Confirmation of the fact of transfer of funds from abroad directly to the account of the developers or to a personal Cypriot account.
If the investor or his spouse d( a) are the sole shareholders of the firm, the real estate acquisition agreement may be concluded on behalf of a legal entity.
2) A bank statement and a check confirming the payment to the developer of an amount in excess of 200,000 euros.
3) Application for permanent residence (visa category F – Fast Track ) and title documents. It is a contract for the sale of real estate. Its value under the contract must exceed 300,000 euros + VAT. The purchase can be made in the name of the applicant or his spouse .
An applicant or a couple of applicants, provided that they are officially married, can buy one or more properties with the following restrictions:
• 1 or 2 living quarters (houses or apartments);
• 1 retail space up to 100 sq.m.;
• 1 living space and 1 office up to 250 sq.m.
For any property purchased, the market value must comply with the conditions of the minimum amount.
An important condition: all real estate that you plan to buy must be put on the market for the first time (be new and subject to VAT).
In 2021, a legislative change was adopted: if a citizen purchases 2 housing units, he can buy them from several different developers.
A permanent residence permit may be canceled if a citizen sells the acquired property and does not immediately replace it with property of a similar or higher price.
All bank transfers – payments for purchased property must be transferred from abroad to the accounts of Cypriot banks.
Applicant’s verified income
A citizen applying for permanent residence by investment must have official income from abroad and exceeding 30,000 euros per year.
These incomes include: wages for employment; funds received in accordance with interest rates for deposits in foreign banks; rental income from overseas property; pensions; dividends on shares and from firms; maintenance payments; social benefits. When calculating family income, the combined income of both spouses is subject to accounting.
For each additional family member declared, proven guaranteed income must be at least €5,000 per year (for minor dependents) and at least €8,000 per year for parents who are financially dependent on the applicant.
Permanent residence for dependents
Children under the age of 18 may be considered dependents of the applicant. If a citizen plans to obtain permanent residence by investment, he has the right to include his spouse and his minor children in the application. A residence permit can be issued separately to each spouse if an appropriate application has been submitted and an additional fee has been paid.
Children between the ages of 18 and 25 may be considered dependents of the applicant if they meet the following conditions:
• depend on parents, that is, they are not financially independent;
• are students of a foreign university, and the term of graduation ends no earlier than six months from the date of application;
• not married.
Upon confirmation of the above facts, each child applies for permanent residence in Cyprus personally and pays the appropriate state fee.
Children who have received the status of permanent residence in Cyprus do not lose it when they reach the age of 25, graduate or marry. The decision to grant the status does not lose force when the circumstances of the child’s financial dependence on the parent disappear. However, the status does not extend to the children and spouses of such an immigrant.
Registration of a residence permit in Cyprus for parents
Parents are required to submit an application and documentation on the list and pay applicable fees. The applicant/holder of permanent residence in Cyprus should increase their own income for each of these dependent relatives by 8,000 euros per year.
The applicant must submit:
1. Confirmation from yourself and your spouse of the lack of intention to find a job in the Republic. They are not prohibited from owning shares of companies registered in a given country and receiving dividends from them.
2. A certificate of no criminal record provided by the applicant for a residence permit and his/her spouse. The document is issued by the Cyprus Police Department (if both of them are Cypriot residents) or by the country where they previously lived.
The period of possible absence in the Republic of the holder of a residence permit of Cyprus and the dependents included in his / her permit should not exceed 24 months. If a violation of the provisions of the rules is revealed, the Permit for permanent residence is automatically canceled by the authorities.
Deadline for obtaining permanent residence under the accelerated procedure
Obtaining the status of a permanent resident (permanent residence) in Cyprus is an important step for those who wish to master a new country and enjoy its benefits. The laws of the Republic of Cyprus allow consideration and approval of an application for obtaining permanent residence in Cyprus within 60-180 days from the date of submission of a complete application (if all conditions are met and there are no grounds for refusal). If the application is approved, then the Permanent Residence Permit is issued immediately.
One of the ways to obtain permanent residence in Cyprus is an accelerated procedure, which can significantly reduce the waiting time for a decision on the application.
- From 3 to 8 months. The expedited procedure usually takes 3 to 8 months from the date of application to the final decision. However , it should be borne in mind that specific terms may vary depending on various factors, such as the workload of the migration authorities and the accuracy of the documents provided.
- Consultation with professionals. To ensure a smooth and efficient clearance process, it is recommended that you seek the advice of professional lawyers or immigration experts. They will help you understand the requirements and prepare all the necessary documents, which will help speed up the process.
- Dependence on the provided data. It is important to note that the time frame can be significantly reduced if you provide complete and accurate information when applying. Therefore, sufficient attention should be paid to the preparation and provision of all necessary documents and information.
- Accounting for possible changes. It should be remembered that the duration of consideration of applications may vary depending on the decisions of the government or migration authorities. Therefore, it is recommended that you always stay up to date with up-to-date information and receive updates on the application process in a timely manner.
In addition to the procedure for accelerated consideration of obtaining permanent residence by investment, in the Republic of Cyprus it is possible to obtain a residence permit in category F (not fast track ). According to the deadline update in January 2023, at the moment it is not possible to estimate the time for consideration of an application for a residence permit in category F not in an accelerated mode. An application can be submitted, but its consideration can take several years.
What is required to obtain permanent residence in Cyprus category F?
To acquire permanent residence in Cyprus category F, you must meet certain requirements and provide the necessary documents.
- Real estate investment. One of the main requirements for acquiring this status is an investment in real estate. You will need to purchase property in Cyprus (an apartment, a house or a building), but at the same time, its cost can be much lower than when obtaining a residence permit for investment: approximately 100,000 euros. This amount is subject to change depending on government decisions.
Real estate can be purchased on the secondary market. An applicant can apply for permanent residence with rented real estate, but in such situations, the migration service very often refuses to grant a residence permit. To increase the likelihood of a positive decision, it is best to buy real estate, and only then apply.
- Financial viability. In addition to investing in real estate, you will also need to prove an official income of up to 20,000 euros per year (of the applicant and his/her spouse). This may include bank statements, statements of funds, or other documents showing you are financially capable of providing for your living. Sources of income (shares, pensions, rent, wages, dividends, etc.) must be located outside the Republic. If there are dependents in the family, the amount of income should be increased by 5,000 euros for each.
Important: under this procedure, only children under the age of 18 are considered dependent children.
- Passport and other documents. When applying, you will need to provide a passport and a copy of it, a birth certificate and other documents confirming your identity and citizenship.
- Having a bank deposit. The applicant needs to make a deposit to a Cypriot bank account in the amount of at least 30,000 euros.
Advantages of permanent residence in Cyprus
Obtaining a residence permit in Cyprus provides a number of significant advantages for foreign citizens:
- Attractive climate and quality of life. The state is famous for its pleasant Mediterranean climate with mild winters and warm summers. This is the place where you can enjoy the sun, the sea and the numerous beaches. In addition, the country offers a high quality of life with developed infrastructure, excellent medical services and educational facilities.
- Holders of permanent residence and residence permit in Cyprus can apply for citizenship of Cyprus after the following period of time:
– After 7 years, or after 2555 days of legal residence in Cyprus on the basis of a temporary residence permit in Cyprus. Prerequisite: the applicant has been permanently resident on the territory of the Republic for 1 year before submitting the application.
– After 5 years of legal residence in Cyprus, if the applicant has a permanent residence permit on the date of application for citizenship. As well as paragraph 1, in the last year before filing, you cannot leave Cyprus.
-After 5 years of legal residence if the applicant is the parent or child of a citizen(s) of the Republic of Cyprus. - Tax advantages: Cyprus is known for its favorable tax conditions. Residents of a country with permanent residence status enjoy benefits such as low tax rates on income, property and inheritance.
- Access to high quality educational institutions. Cyprus has a number of prestigious universities and colleges offering high quality education in English. Acquiring this status opens the door to higher education opportunities for your children.
Рermanent residence permit in Cyprus gives the right to stay on the territory of the state for an unlimited time, unhindered entry and exit without an entry visa. At the same time , permanent residence in Cyprus does not provide the right to visa-free entry to other countries of the European Union.
What documents to submit when applying for permanent residence
- Bank statement indicating the amount on the account (at least 15-20,000 euros). The condition is valid for obtaining permanent residence category F.
- Application for permanent residence. The application must be accurate and contain all the necessary information about the applicant and his family.
- Passport and copies. The applicant must provide his passport, his spouse and children planning to obtain a permanent residence permit in Cyprus, as well as their copies along with the application for residency . This confirms the identity of the applicants and their nationality.
- Real estate purchase receipts. Swift or with confirmation from a Cypriot bank that the amount has been transferred from abroad.
- Original certificate of no criminal record from the country of residence (issued in the same way as a marriage certificate).
- CV of the applicant.
- Evidence of financial solvency. You will need to provide documents confirming the availability of the required annual foreign income: bank statements, certificates of availability of funds, etc.
- Marriage and birth certificates (with official translation and notarization).
- Real estate documents. If you are applying for the status of “permanent residence” through investment in real estate, you will need to provide documents confirming the purchase of a property in Cyprus for the required amount. For example, the right of ownership or a contract for the sale of real estate.
Important: The applicant’s documents (marriage and birth certificates, certificate of criminal record) must be translated into English and certified by the Ministry of Foreign Affairs (or embassy) of the country that will issue them, as well as the Cypriot embassy in this country or be with an apostille .
Government fees of the Republic of Cyprus
When applying for a permanent residence permit in Cyprus for investment, the applicant must pay state fees and duties in the prescribed amounts:
- State fee for consideration of the application: When applying for permanent residence in Cyprus, the applicant, his spouse (husband) and their children under 18 years of age will need to pay a state fee for consideration of the application – 500 euros for all, 70 euros for registration from each. The amount of the fee is subject to change, so you should check the current rates before submitting an application. Adult children and parents pay 500 euros each, 70 euros for registration.
- Government fees. Once your application is approved and you are granted permanent residence status, you may be required to pay additional government filing fees.
- Legal and Advisory Fees: In addition to government fees, you may be required to pay legal and advisory fees if you choose to hire professionals to help with the process.
It is important to note that the above amounts of government fees may vary depending on the decisions of the government and the requirements of the migration authorities. Before applying for permanent residence, it is recommended to contact the competent authorities for up-to-date information on state fees and tariffs.
Our real estate agency is ready to help you with obtaining permanent residence in Cyprus. Our team of lawyers with high qualifications and extensive experience in immigration law will help make the procedure for obtaining a residence permit of the Republic of Cyprus simple and safe.
We know the pitfalls and will help you avoid them, we are ready to accompany you at all stages: from choosing and buying a property to obtaining a residence permit. We will advise and help you fill out all the necessary documents, save your time and money during the difficult procedure for obtaining permanent residence.
To contact us, leave a request on the site. Our specialist will contact you, conduct an initial consultation and inform you about our prices and personal offers for clients.
