Permanent Residency in Cyprus through Investment in 2024: A Guide to Obtaining PR

The Republic of Cyprus offers the right to permanent residency (PR) for non-EU citizens who meet certain conditions. This legal status also grants the right to unlimited entry and exit from the country. The status is granted indefinitely, and the holder does not need to regularly renew or extend their residency permit. Those who have held PR status for five years may apply for Cypriot citizenship through naturalization.

Permanent Residency Through Investment in 2024

Cypriot authorities offer the opportunity for non-EU citizens to obtain PR by investing in new real estate in Cyprus. The “PR through Investment” procedure is fast-tracked, currently taking around three months for consideration.

The visa for PR, officially known as a Category F visa under the Fast Track scheme, requires the investor to meet the following conditions:

• Provide a certificate of no criminal record;
• Confirm an annual income of at least €50,000;
• Purchase primary real estate (property value must exceed €300,000 + VAT).

Key Requirements for Submitting Documents to the Cyprus Migration Department

Applicants must provide the following documents as per the approved list:

1. Proof of funds transferred from abroad directly to the developer’s account or to a personal Cyprus bank account.If the investor or their spouse is the sole shareholder of a Cypriot company, the real estate purchase contract can be signed by the legal entity.
2. Bank statement and receipt confirming payment of over €200,000 to the developer.
3. Application for PR (Category F – Fast Track visa) and title documents. This includes the real estate purchase contract, with the property value stated in the contract exceeding €300,000 + VAT. The purchase can be made in the name of the applicant or their spouse.

Applicants or a couple (if married) may purchase one or multiple properties with the following restrictions:

• 1 or 2 residential units (houses or apartments);
• 1 residential unit and 1 commercial unit with an area of up to 100 sq.m.;
• 1 residential unit and 1 office with an area of up to 250 sq.m.

The market value of any property purchased must comply with the minimum amount requirement.

An important condition: All residential properties purchased must be new and subject to VAT.

In 2021, a legislative amendment was passed allowing a citizen to purchase two housing units from different developers.

PR may be revoked if the property is sold and not immediately replaced with another of equal or greater value.

All bank transfers for property purchases must be made from abroad to Cyprus bank accounts.

Verified Income Requirements for Applicants

Applicants seeking PR through investment must have an official income originating from abroad, exceeding €50,000 per year. This annual income increases by €15,000 for a spouse and by €10,000 for each minor child.

These incomes may include: wages from employment, interest from foreign bank deposits, rental income from overseas properties, pensions, dividends from shares and companies, alimony payments, and social benefits. The family income is calculated based on the combined income of both spouses.

PR for Dependents

Dependents of the applicant can include children under 18 years of age. If the applicant seeks PR through investment, they have the right to include their spouse and minor children in the application. Each spouse may apply for a separate PR permit, provided the necessary application is submitted and an additional fee is paid.

Children aged 18-25 can be considered dependents if they meet the following conditions:

• Financially dependent on the parents and not financially independent;
• Enrolled in a foreign university, with the course completion date no less than six months from the application submission date;
• Unmarried.

Upon confirmation of the above conditions, each child must submit their own application for PR status in Cyprus and pay the corresponding government fee.

Children who receive PR status in Cyprus do not lose it when they turn 25, graduate, or get married. The PR status is maintained even after the child becomes financially independent, but it does not extend to the children or spouse of the immigrant.

PR Application for Parents

Following program changes on May 2, 2023, parents cannot apply for Cypriot PR using their children’s income and investments in Cyprus real estate.

Processing Time for Fast Track PR Visa F 6.2

Obtaining PR status in Cyprus is an important step for those wishing to establish themselves in a new country and enjoy its benefits. The laws of the Republic of Cyprus allow for the consideration and approval of a PR application within 60-180 days from the date of submission of a complete application (provided all conditions are met and there are no grounds for refusal). However, current processing times have increased:

• From 3 to 8 months. Typically, the process takes 3 to 8 months from the date of application submission to the final decision. However, specific timelines may vary depending on factors such as the workload of immigration authorities and the accuracy of the provided documents.
• Professional consultation. To ensure a smooth and efficient process, we recommend consulting with specialists in our company. We will help you understand the requirements and prepare all necessary documents.

Category F Visa (Regular Mode, Not Fast Track)

To acquire Category F PR in Cyprus under the slower process, certain requirements must be met, and necessary documents provided. It is important to note that the processing time can take several years!

• Real Estate Investment: One of the main requirements for obtaining this status is an investment in real estate. You will need to purchase property in Cyprus (an apartment, house, or building), but the cost can be significantly lower than for PR through investment: approximately €100,000. This amount may change depending on government decisions.The property can be purchased on the secondary market. The applicant can apply for PR with rented property, but in such cases, the immigration office often refuses to grant the PR. To increase the likelihood of a positive decision, it is best to purchase property and then submit the application.
• Financial Stability: In addition to real estate investment, you must also demonstrate an official annual income of €20,000 (for the applicant and their spouse). This can include bank account statements, proof of funds, or other documents confirming your financial ability to support your living. Income sources (stocks, pensions, rent, salary, dividends, etc.) must be outside the Republic of Cyprus. If there are dependents in the family, the income should be increased by €5,000 for each.Important: In this procedure, dependent children are only those under 18 years of age.
• Passport and Other Documents: When submitting the application, you will need to provide your passport and a copy, birth certificate, and other documents proving your identity and citizenship.
• Bank Deposit: The applicant must make a deposit into a Cyprus bank account of at least €30,000.

Benefits of Permanent Residency in Cyprus

Obtaining PR in Cyprus offers several significant benefits for foreign citizens:

1. Attractive Climate and Quality of Life: The country is known for its pleasant Mediterranean climate with mild winters and warm summers. It is a place where you can enjoy the sun, sea, and numerous beaches. Additionally, the country offers a high quality of life with well-developed infrastructure, excellent medical services, and educational institutions.
   
2. Eligibility for Citizenship: PR holders in Cyprus can apply for citizenship after a certain period:
   • After 7 years, or after 2,555 days of legal residence in Cyprus based on a temporary residence permit. A required condition is the applicant’s continuous residence in the Republic during the year prior to the application submission.
   • After 5 years of legal residence in Cyprus if the applicant has a permanent residence permit at the time of application for citizenship. As in point 1, the applicant must not leave Cyprus during the year before submitting the application.
   • After 5 years of legal residence if the applicant is the parent or child of a Cypriot citizen(s).
3. Tax Advantages: Cyprus is known for its favorable tax conditions. PR holders benefit from low tax rates on income, property, and inheritance.
4. Access to High-Quality Educational Institutions: Cyprus has several prestigious universities and colleges offering high-quality education in English. Obtaining PR opens doors to higher education opportunities for your children.

PR in Cyprus gives the right to stay in the country for an unlimited time, and to enter and exit without a visa. However, PR in Cyprus does not grant visa-free access to other EU countries.

Documents Required for PR Application in 2024

• Bank Statement: Required for obtaining Category F PR.
• PR Application: The application must be accurate and include all necessary information about the applicant and their family.
• Passport and Copies: The applicant must provide their passport, as well as those of their spouse and children applying for PR, along with copies.
• Purchase Receipts: Swift or bank confirmation showing that the amount was transferred from abroad.
• Original Criminal Record Certificate: From the country of residence (processed similarly to the marriage certificate).
• Applicant’s CV.
• Proof of Financial Stability: Documents proving the necessary annual foreign income must be provided, such as bank statements and proof of funds.
• Marriage and Birth Certificates: With official translation and notarization.
• Real Estate Documents: If applying for PR through real estate investment, documents proving the purchase of a property in Cyprus for the required amount must be provided, such as title deeds or a sales contract.Important: The applicant’s documents (marriage and birth certificates, criminal record certificate) must be translated into English and certified by the Ministry of Foreign Affairs (or embassy) of the issuing country, as well as the Cyprus embassy in that country, or bear an apostille.

Government Fees of the Republic of Cyprus

When submitting a PR application, the applicant, their spouse, and their children under 18 must paygovernment processing fees of €500 for the entire family and €70 for registration for each member. Adult children pay €500 per person, plus €70 for registration.

Our company is ready to assist you with obtaining PR in Cyprus. Our team includes a highly qualified lawyer with extensive experience in immigration law, who will help make the process of obtaining Cyprus permanent residency smooth and secure.

Submit your request on our website, and our specialist will contact you to provide more details!