Cyprus Permanent Residency
The Cyprus Permanent Residency (PR) program offers non-EU individuals a permanent visa for entering, staying and living for a lifetime in Cyprus with a minimum real estate investment of €300,000 + VAT (if any) . The process is pretty straight forward and it covers all dependant children up to 25 years old, parents and spouse of the applicant.
What is the Cyprus Permanent Residency?
Permanent Residency in Cyprus can either be done under Category F (Regulation 5) or Regulation 6(2), which is commonly known as the ‘Fast Track’ procedure.
Category F: a more traditional route and is suitable for individuals with a secure annual income from abroad (such as investments or pensions) who intend to live in Cyprus without engaging in any employment or business.
Regulation 6 (2) is a faster and more streamlined process available to persons investing in Cyprus, typically through the purchase of a new immovable property with a minimum value of €300,000 + VAT (resale commercial properties can also qualify) among other background and financial criteria.
Each route has specific requirements and benefits, and legal advice is recommended to determine the most appropriate option for the applicant, base on individual circumstance and objectives.
When are non-EU nationals elibible and what are the main eligibility requirements?
• The Applicants under Regulation 6(2) need to proceed with the purchase of a house or an apartment of a minimum Purchase Price of €300.000 plus VAT from a development company.
• The Property must be bought from the primary market, i.e. not a resale Property, hence, the addition of VAT to the Selling Price.
• The Applicant could also invest €300.000 plus VAT in commercial real estate (excluding a house or apartment) in which case they could purchase property from the secondary market (re-sale).
• The Applicant needs to provide evidence of a secure and steady annual income emanating from abroad that should be a minimum of €50,000 which increases by €15,000 for the dependant spouse and €10,000 for each dependent child. In calculating the annual income, the income of the spouse is also taken into consideration.
• Such secured annual income of at least €50,000 (of the Applicant and/or his/her spouse) which must be remitted from abroad may emanate from: Salary, Dividend income, Pension, Deposits and/or Rental income, and needs to be proven by a tax declaration from the country in which the Applicant is a tax resident or can be proven by an official confirmation/declaration by an independent chartered accountant.
• Such funds can emanate not only from the personal bank account of the applicant/ spouse but also from a corporate account of a company in which the Applicant/ spouse are sole shareholders.
Is there an obligation to show this income yearly?
There is no obligation for the Applicant to prove the required annual income on an annual basis.
How long does the examination of the application take?
The examination and processing of applications is currently taking approximately 10 months.
Do family members of an applicant under Regulation 6(2) also qualify for a Residency Permit?
Under Regulation 6(2) the spouse of the Applicant, their children up to the age of 18, as well as any single financially dependent children aged 18-25, who are in full time education as at the date of filing of their application, can qualify for a Residency Permit provided that the Applicant can show they have adequate income emanating from abroad to support them.
It will not be possible for adults (financially dependent children aged 18-25) to add their future spouse/children to such a Permit.
New Developments
What is the validity of the Cyprus Permanent Residency Permit?
• A Residency Permit obtained under regulation 6(2) is valid for life for the main Applicant and the spouse.
• With regards to unmarried children between the ages of 18 and 25, who are students in higher education institutes abroad on the date of submission of the application, and who are financially dependent on the Applicant, their Permit remains valid throughout their lifetime provided they visit Cyprus at least once every two years.
• Such a Permit, once issued, will continue to be valid even after they reach the age of 25, even if they marry and cease to be students and/or financially dependent on their parents. The Residency Permit issued for the minor children of the Applicant will end on reaching the age of 18. They can reapply if they fulfil the relevant criteria mentioned above.
Applicants are not required to reside in Cyprus permanently in order to retain their residency status. Once granted, permanent residency is valid for life, provided the holder visits Cyprus at least once every two years.
Do Applicants need to retain the investment for life or can it be sold?
The investment needs to be retained for life. The applicant must annually demonstrate that the property investment is still held, typically through a Land Registry search, and confirm that all parties maintain valid health insurance coverage if they are no longer registered with GESY. Additionally, the applicant, spouse, and any adult children included in the permit must submit a clean criminal record from both their country of origin and country of residence every three years. Failure to comply with these requirements may result in the cancellation of both the applicant’s and their dependents’ residence permits.
Are Cyprus Permanent Residency Permit holders allowed to work in Cyprus?
The holder of a Category 6(2) Residency Permit is not permitted to work in Cyprus as an employee or receive a salary as a director of a company. However, they may own 100% of the shares in a company operating in Cyprus and may also serve as a director, provided they do not receive any remuneration for this role. This allows investors to maintain control over their business interests in Cyprus without violating the employment restrictions associated with the permit.
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