Cyprus Permanent Residency

Cyprus Permanent Residency

Benefits Of The Cyprus Permanent Residence Program

  • The entire family: parents – children – grandparents Cyprus Permanent Residence Permit covers the whole family including dependants and parents of the applicant and his/her spouse
  • Fast track method: Get Permanent Residency within two months.
  • Property investment: ONLY 300,000 EUROS Guaranteed fast track straight forward procedure. The property must be bought from a licensed development company (first sale property)
  • Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of € 300,000. These properties can also be resale.
  • Favourable tax system benefits: Can be eligible to apply for becoming   Cyprus TAX residence with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
  • Valid for life: no need for future reconsideration The Permanent Residence Permit is valid for Life (must come to Cyprus at least once every two years for the Permanent Residence visa not to be cancelled).
  • European passport: you become eligible for citizenship a Cyprus Permanent Resident has the right (under certain conditions) to apply for a Cypriot passport following their physical presence on the Island.
  • Visa requirements: no visa needed to enter Cyprus The Cyprus Permanent Residency holder and his family are free to enter Cyprus without the Cyprus Permanent Residency holder and his family are free to enter Cyprus without the need of obtaining a visa.

Criteria for accelerated procedure

The applicant must prove that he/ she has at his/ her disposal a secured minimum annual income of €30,000 from sources other than employment in Cyprus. The necessary minimum annual income is increased by €5,000 for each dependant person. The required income could derive from salaries of employment abroad, pensions, rents etc. The applicant must also submit a confirmation letter from a Cypriot Bank stating that they have deposited a minimum capital of €30,000 in an account that will be in a fixed deposit account for three years. The applicant must also buy a property in Cyprus for a minimum market value of €300,000 and proof of payment of at least €200,000 or if the property is bought from an off-plan project the first stage payment must be proved. The applicant must not engage in any work or business in Cyprus. The applicant must not constitute in general, a threat against public order or security in Cyprus and must therefore have a clean criminal record.

Documents Required for Permanent Residency

  • Copy of a valid passport
  • Copy of a valid temporary residence permit
  • Marriage certificate
  • Children’s birth certificate
  • Two passport photos for each member of the family
  • Recent Curriculum Vitae
  • Statement of deposits in a Cypriot Bank account
  • Any bank accounts and their recent balance
  • Recommendation letter from a bank (certifying that the applicant is a creditworthy client and always meets the banks requirements)
  • An income declaration from business etc (original documents are required as well as an affidavit)
  • Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other building of a minimum market value of € 300,000 and proof of payment of at least € 200,000. If the property is bought from an off-plan project then the first stage payment receipt is required. If the title deed is issued then this deed is required. The contract must also be stamped and deposited at the local Land Registry Office
  • Health Insurance Policy
  • Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from the applicants Country or notarized)
  • Official statement that the applicant does not intend to work or be engaged in any form of business in Cyprus

All documents must be original, officially translated and properly validated.