Permanent Residency in Cyprus

Understanding Permanent Residency in Cyprus

Securing permanent residency in Cyprus represents a significant opportunity for individuals and families seeking a stable and long-term presence in one of Europe’s most appealing destinations. This legal status, formally known as the Cyprus Immigration Permit, provides indefinite residency rights without the need for renewal, offering a pathway to enjoying a prosperous life in Cyprus. With its strategic location, favorable climate, and high standard of living, Cyprus combines Mediterranean charm with modern amenities. Whether drawn by the robust healthcare system, excellent education opportunities, or vibrant cultural scene, permanent residency in Cyprus affords residents and their families a host of benefits and a promising future in this dynamic European nation.

Benefits of Permanent Residency

Holding a permanent residency permit in Cyprus comes with numerous benefits:

1. Validity: The residency does not expire and does not require renewal.
2. Family Inclusion: Spouses and children up to 18 years old can be included in the permit.
3. Path to Citizenship: After eight years of residency, permit holders can apply for Cypriot citizenship.
4. Healthcare Access: PR holders are entitled to free healthcare under the General Healthcare System (GESY).

Legal Pathways to Permanent Residency

There are several legal routes to obtaining permanent residency in Cyprus. These include:

1. Permanent Residency by Investment

One of the most popular ways to acquire permanent residence is through investment. This method is quick and can cover the whole family.
The main categories in this option are (a) Category 6.2 – Fast Track Permanent Residency and (b) Permanent Residency Category F. 

1.1. Category 6.2 – Fast Track Permanent Residency

This option is a fast track, which can be completed within 2-3 months. To qualify for Cyprus permanent residency through investment, applicants must meet specific criteria:

1. Property Purchase: Buy a new house or apartment from a development company worth at least €300,000 (plus VAT). Commercial properties, such as offices or hotels, can also qualify.
2. Payment and Registration: Register the sales agreement at the Land Registry and ensure the payment is made from an overseas bank account to the seller’s bank account in Cyprus.
3. Annual Income: Demonstrate a secure annual income of €50,000 from abroad, increased by €15,000 for a spouse and €10,000 for each child.
4. Clean Criminal Record: Provide a clean criminal record from the country of residence.
5. Family Members: Include the spouse and children up to 18 years old in the application. Children between 18 and 25 can apply separately for a student immigration permit.

It is noted that, If you want to invest in Cyprus with a view to obtaining a permanent residence permit, but do not want to invest in real estate, then there are 2 alternative options available for investments for the amount of €300,000:

• You can buy shares or register a company and invest in its share capital. The condition is that the company must be based and operating in Cyprus, with at least five employees and an office.
• Invest in units of the Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF forms), provided you are a resident of Cyprus.

1.2. Permanent Residency Category F

Category F offers a flexible and straightforward pathway to permanent residency in Cyprus. Here are the key requirements:

1. Annual Income: Applicants must demonstrate an annual income of at least €9,568 for one applicant, plus €4,613 for each dependent. This income must come from abroad and can be derived from salaries, pensions, stock shares, and rents.
2. Bank Deposit in Cyprus: Applicants should deposit an amount between €15,000 and €20,000 in a Cyprus bank account. This deposit is not pledged and can be used after applying.
3. Property Purchase: While there is no strict requirement to purchase property, it is recommended. The property can be of any value, including resale properties. Funds for the purchase do not need to be transferred from abroad.
4. Family Members: The application can include the spouse and children up to 18 years old. The permanent residency for these children will remain valid until they reach 18. Parents of the applicants cannot be included as dependents.

1.3. Restrictions of Obtaining a Residence Permit by Investment:

• Employment Restrictions: PR holders are not allowed to work in Cyprus but can be shareholders in a Cypriot company and receive dividend income.

• Travel Limitations: The PR does not grant visa-free travel to other countries or EU member states.

• Visit Requirement: PR holders must visit Cyprus at least once every two years (even for a day).

1.4 Required Documents

The application for obtaining a permanent residence permit through investment should be accompanied by the following documents:

• Passports: Copies of valid passports for the applicant, spouse, and children;
•  Marriage certificate duly certified (if any);
• Marriage and Birth Certificates: Certified translations of marriage and children’s birth certificates.
• CV: Curriculum Vitae of the applicant.
• Criminal Record: Original criminal record certificate.
• Proof of Income: Documents proving annual income from abroad.
• Property Documents: Title Deed or contract of sale of property in Cyprus.
• Bank Statements: Bank swift for the payment of the purchase price and receipts of payment.
• Only for Category F: Letter from a bank in Cyprus or Bank Statement to show the balance of €15.000 – €20.000.

1.5 Application processing time

• Category 6.2 – Fast Track Permanent Residency: 2- 3 months
• Permanent Residency Category F: From June 2024, applications are submitted as normal but not processed until further notice by the immigration department. Therefore, the processing time of application examination cannot be estimated.

2. Other Routes to Permanent Residency

2.1 Long-Term Residency – Non EU citizens 

• Non-EU citizens who have resided legally and continuously in Cyprus for five consecutive years and held a valid temporary residence permit have the right to apply for a long-term residence permit.

2.2 Long-Term Residency – EU Citizens 

• After 5 continuous years of legal residence in Cyprus, EU Citizens, as well as their family members who are EU citizens, have the right to apply for a permanent residence permit.

2.3 Residency by Marriage

• Persons who are married to Citizens of the Republic of Cyprus, have the right to apply for a permanent residence permit in Cyprus. At the same time, their minor children from a previous marriage and the Cypriot citizen’s parents or parents-in-law can also submit a permanent residence permit.

Conclusion

Securing permanent residency in Cyprus is a pivotal decision for individuals and families seeking stability, opportunity, and a high quality of life in Europe. Cyprus offers diverse pathways to obtain this status, each tailored to meet different personal and professional aspirations. Beyond granting indefinite residency rights, the Cyprus Immigration Permit opens doors to comprehensive healthcare access, excellent educational facilities, and a welcoming community renowned for its cultural richness. Whether you are considering investment, long-term residency, or marriage as your pathway to residency, Cyprus stands ready to welcome you to its vibrant and prosperous community. Our dedicated legal team at Polycarpos Philippou & Associates LLC is committed to guiding you through every step of the process, ensuring a seamless transition and helping you embark on a new and fulfilling chapter in Cyprus. Contact us today to explore how we can assist you in achieving your residency goals in this captivating Mediterranean destination.

Frequently Asked Questions