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Cyprus permanent residency guide in 2022

Cyprus permanent residency

Cyprus Permanent Residency, also known as Cyprus Golden Visa, entitles non-EU citizens and their families to reside in Cyprus as permanent residents with no visa limitations.

In this comprehensive guide we will cover the following topics.

  • What is Cyprus permanent residency.
  • Types of permanent residency in Cyprus

  • Cyprus permanent residency by investment

  • Residency with the right to work.

  • Cyprus permanent residency benefits

  • Cyprus permanent residency requirements

  • How to get permanent residency in Cyprus?

  • Cyprus permanent residency cost and processing time

  • Cyprus permanent residency documents

  • How do I become a permanent resident of Cyprus?

What is Cyprus permanent residency

Cyprus Permanent Residency, also known as unlimited residency, is a legal status that allows non-EU citizens to reside permanently in Cyprus with no limitations and visa requirements.

Permanent Residency also allows eligible dependents (spouses and family members) to enter and stay in the country as permanent residents.

The greatest benefit of Cyprus Permanent Residency is that it does not expire. Therefore, the residency holder does not need to renew it annually as the temporary residency, aka pink slip

In addition, after five consecutive years of living in the country, the residency holder can apply for Cyprus citizenship. After which time the person will be recognized as a Cypriot citizen.

Can I get residency in Cyprus if I buy a house?

Yes, purchasing a property (apartment or house) in Cyprus makes you eligible to apply for Permanent Residency. Nevertheless, there are different types of permanent residencies and different requirements for each of tnem.

We cover this issue in greater detail below.

Types of permanent residency

A Cyprus Permanent Residency is divided into several main categories.

The main two categories fall under the general category of "acquiring residency by investment": 

  • Category 6.2 (Cyprus permanent residency fast track). This method requires that you buy a new house with minimum value of 300,000 euro + VAT

  • Category F Permanent Residency. Buying a new or a resale property with minium value of 100,000 euro and prove that you have adequate income to reside in Cyprus without working.

There are also the following categories:

  • Residency with the right to work

  • Category C

  • Category E

  • Other types of permanent residency in Cyprus

Cyprus permanent residency by investment

The type of residence permit which is considered "Cyprus residency by buying a property" is for investors.

These investors have sufficient income from abroad and purchase property in Cyprus. There are two categories with this type of residence permit.

Category 6.2 (Fast Track Permanent Residency) - Buying a house of 300,000 euro

  • Category 6.2, also known as Fast Track Permanent Residency, requires a minimum investment of €300,000 (plus VAT).
  • The VAT can be 5% or 19% depending your status. 
  • A brand-new house or apartment must be purchased in Cyprus.

Category F Permanent Residency - Buying a property of 100,000 euro and proving that you have an adequate income 

  • This residence permit can be obtained by investing a minimum of €100,000 (plus VAT) in real estate.
  • The applicant must also prove their annual income from abroad will cover living costs comfortably while residing in Cyprus.
  • Per applicant the required income starts from €9.568 per annum plus an additional €4.613 for each eligible dependent person (spouses and family members).

Residency with the right to work

The residency with the right to work type of permit is specifically for owners and employees of foreign interests companies (international business companies).

These types of permits are in categories C and E.

Category C Permanent Residency

  • Category C residence permits are specifically for investors who work for their own companies
  • A capital of €260,000 must be brought from abroad to be used for their company activities in Cyprus.

Category E Permanent Residency

  • Category E residence permits are offered to persons who have been offered permanent employment.

Other types of permanent residency in Cyprus

Living in Cyprus for 5 years PR

  • Non-EU citizens who have legally resided in Cyprus for five consecutive years are entitled to apply for a long-term residence permit
  • Must have a valid Cyprus temporary residence card and live in Cyprus for 5 years
  • This is the naturalization scheme (M127, you can find this form here) based on years of residence.

Marriage to Cypriot PR

  • Persons married to a Cypriot citizen are eligible for residency rights. They are allowed to apply for a residency permit with an unlimited duration
  • In addition, their minor children from a previous marriage and parents of the Cypriot citizen (or parents-in-law) can also be granted the residency permit.

Permanent residency in Cyprus for EU citizens

Permanent Residency for EU citizens

This type of permit for EU citizens allows European Union citizens and their EU/EEA family members the right to permanent residency.

After 5 continuous years of legal residence in Cyprus, they can access this permit.

Cyprus permanent residency benefits

There are many benefits involved in having a permanent Cyprus residency. To a large extent, having the same rights as Cypriot citizens is one of the main benefits.

You will have access to the following perks:

  • PR in Cyprus is an unlimited residency, therefore it is permanently valid
  • Living in Cyprus legally for five years allows persons to apply for Cyprus Citizenship
  • Dependents are welcome to apply to get a permanent residence permit
  • Entitled to free healthcare with the newly established general healthcare system
  • There are fast-track options that can grant Cyprus PR in two months
  • PR holder can apply to become a Cyprus tax resident (exempt from passive interest income, worldwide dividend and from the sale of securities profit)
  • PR Category F allows permanent residency in a European country with minimal investment and without complicated processes.

Cyprus permanent residency requirements

Requirements for Cyprus permanent residency by investment

Also known as Golden Visa Cyprus (€300K), this permit option allows non-EU/non-EEA and non-Swiss nationals who buy property (and/or set up a business) in Cyprus to apply for permanent residency.

Applicants looking for Cyprus residency by investment must meet the following criteria. The investor must buy a new property in Cyprus from any of the combinations:

  • The investor must purchase a new house or apartment in Cyprus from a development company. The minimum amount is €3000K plus VAT (for the first property, VAT is 19% or 5% bought for use).
  • The investor must pay at least €200K plus VAT to be able to apply and register his sales agreement at the Land Registry.
  • The money should be transferred from abroad.
  • The investment payment must be made to the seller in Cyprus in their bank account.

Off-plan properties or properties under construction can be also acquired. It is extremely important that you acquire a title deed, since many developers in Cyprus sell properties without giving title deeds.  

The property can also be purchased under the name of a company. However, the beneficiary will be the applicant investor or their spouse.

Two properties may be purchased if the total sales price is within the above limits. It can be any of the following:

  • 1 residential property and 1 office (up to 250 sq.m),
  • 1 residential property and 1 shop (up to 100 sq.m),
  • 2 residential properties (houses or apartments).

The property must be replaced with another property of equal or higher value if the investor wishes to sell the property. They need to follow all of the conditions mentioned above.

Annual income requirements

  • The investor (together with their spouse) must prove an annual income of a minimum €30,000. An additional €5,000 is required for each dependent (spouse and children)
  • This income can include salaries, pensions, dividends, fixed deposits, rents, for example.
  • An additional €8,000 is required for each dependent parent or parent-in-law.
  • The dependents can also apply and get a permanent residence permit (if the above criteria are met).

Family members requirements

The Cyprus permanent residency permit also covers dependents (their spouse and children up to 18 years old).

Children between the ages 18 and 25 can also apply for a permit provided they fulfill the following criteria:

  • They are unmarried.
  • They are financially dependent on their parents.
  • If they are university students abroad they must have a minimum of 6 months of study remaining from the date of the application submission.
  • The investor has to provide an additional annual income of €5,000 for each.

If the children exceed the age of 25 or do not fulfill the above (unmarried, financially dependent, students) the PR can still be kept indefinitely.

However, future spouse and children cannot be added as dependents on their PR.

If the named children want to study in Cyprus, they must apply as students for a temporary residence permit.

Regardless of their age, when they finish their studies, they will be able to apply for permanent residency (with the extra annual income condition as stated above).

Parents (and parents in-law) requirements

The investor's parents and parents-in-law can also get PR without buying additional property.

The main requirement is the additional annual income (€8,000 as stated above) for each parent (or parent-in-law). The applicants must also comply with other conditions and provide the following documents.

  • Police checks: provide criminal record from their home country of residence.
  • They should not be a danger to Cyprus and be regarded as such by the security of Cyprus.

Category F Requirements for Cyprus Permanent Residency

To be eligible for Cyprus Permanent Residency Category F, the applicant needs to primarily provide evidence of the following:

Property purchase (flexible)

  • Category F residency does not have a specific property purchase requirement.
  • It is only recommended to buy a property in Cyprus (no set amount of money). A property with a minimum value of 100,000 euro will certainly increase the possibility to get accepted. Many applicants with simple rental agreements have successfully applied for Permanent Residency without acquiring a property. In this case, it is advisable to use the services of reputable legal consultants.  
  • The purchase money does not need to be transferred from abroad.
  • The property can be a resale property.

Annual income

  • Must have an annual income of at least €9,568 for one applicant.
  • Additional €4,613 annual income is required for each dependent (spouse and children).
  • The income must be from abroad (it can be from salaries, pensions, rents, stocks).

Bank deposit in Cyprus

  • Approximately €15,000 to €20,000 needs to be deposited in the applicant's bank account in Cyprus.
  • It is a simple deposit and not pledged, i.e., the money can be used after applying.

Family members requirements Category F

  • Only children up to 18 years old can apply as dependents. Their Cyprus Permanent Residency will only be valid until they become 18 years old.
  • Parents of the applicants are not eligible as dependents.

Unlike other permits, applying for the Cyprus PR category F while purchasing a rental property is possible.

However, it is generally recommended to apply after purchasing a property. The Migration department may decline your rental property application.

Permanent residency program conditions and restrictions

  • The PR holder has to visit Cyprus once every two years or the permit will be canceled.
  • The PR does not allow the holders to work in Cyprus. However, they can be shareholders in a Cypriot company and receive dividend income from international business activities.
  • The Cypriot PR does not allow visa-free travel within European Union member states or abroad. It is only valid in Cyprus.

Conditions and restrictions Category F only

  • The children of the applicant will lose the PR once they are 18 years old.
  • The processing time for Category F residency applications cannot be estimated at this present time (as of October 2022).

How to get permanent residency in Cyprus

Obtaining permanent residency in Cyprus

The application process for obtaining a permanent residency can involve the help of an agent or lawyer.

The investor/applicant does not need to be present at the application submission. Instead, the application can be submitted by the lawyer (or representative) of the investor.

Unlike other permits, these particular applications are only provided at the Civil Registry and Migration Department in Nicosia. These permits are not available in each city's district immigration units.

After the process for applying has taken place, the applicants are required to have their biometrics taken.

Passport photographs will be required and fingerprints will be taken to issue the residency cards. This can be done at any migration district unit in any city before the application is approved.

Each city's immigration unit address can be found below.

Nicosia

Civil Registry and Migration Department

Agamemnonos 6, Engomi, 2411 Nicosia

Limassol Immigration Unit

Franklin Roosevelt 223, Zakaki, Building ¨D. Nikolaou¨, 2nd floor, 3046 Limassol

Larnaca Immigration Unit

Piale Piasha 75, 6027 Larnaca

Paphos Immigration Unit

Eleftheriou Venizelou & Kaningos 22, 2nd floor, 8021 Paphos

Famagusta Immigration Unit

Eleftherias 83, Tatolos Bld, Derynia Plaza, 1st floor, 5380 Derynia

On approval, the lawyer (or applicant) will collect the PR cards.

Cyprus permanent residency cost

The Cyprus government fees are as follows:

Applicant, applicants' spouse & children under 18

  • €500 for all
  • €70 for each person for registration

Adult children & parents

  • €500 each
  • €70 for each person for registration

NB: The fees are the same as above for Category F permits.

NB: The fast track permanent residency program fees are €300,000 (cost of the property).

Processing time

  • The fast-track Cyprus residency by investment: approximately two months.
  • Upon approval, the lawyer is allowed to collect the cards on behalf of the applicant/investors.
  • .Category F: the processing time for the examination of Category F applications cannot be estimated (as of October 2022).
  • The applications are submitted normally, but not processed in a specific timeframe until further notice by the immigration department.

Cyprus permanent residency documents

How to get a permanent residence permit

The applicant needs to apply with the following required documents to obtain a permanent residency permit in Cyprus:

  • Curriculum Vitae.
  • Copy of valid passport of the applicant (and spouse & children if applicable).
  • Children's birth certificates if applicable (duly certified, official, and certified translation).
  • Marriage certificate if applicable (duly certified, official, and certified translation).
  • Criminal record certificate (original issue from the country of residence with an official and certified translation).
  • Proof of annual income from abroad (bank statements, employment contract).
  • Contract of property sale in Cyprus (title of ownership).
  • Bank swift for the proof of purchase (€300,000+ or as specified) & receipts of payment.
  • Category F residence only: official bank letter from a bank in Cyprus OR a bank statement to show the required balance €15,000 to €20,000.
  • Immigration Medical Insurance

NB: The criminal record certificate, marriage certificate, and children's birth certificates must be translated into English.

They must also be certified by the Ministry of foreign affairs (or Embassy) in the country of residence. Also by the Cyprus Embassy of that country, or bear the 'apostille' stamp.

How do I become a permanent resident of Cyprus?

Key takeaways

In summary, to become a permanent resident of Cyprus, you must follow one of the procedures specified above.

Cyprus permanent residency permit can be obtained by purchasing property or residing in Cyprus legally for five consecutive years.

Through our experience the least expensive way to acquire a property in Cyprus is to "team up" with an investment company that bulk buys properties. Investment companies can acquire 100 units at once in exchange of large discounts (more than 10% or 15%). You just need to get enlisted in their joint venture lists. The largest investment company that provides this service in Cyprus is Amazon Investments

Permanent residency in Cyprus goes by many names, which is also depending on the application category. It does not expire and does not require renewal.

Cyprus Permanent Residency is also known as unlimited residency, allowing permanent residency in Cyprus for non-EU citizens with no limitations.

The Cyprus permanent residency (Cyprus PR for short) is also known as the Cyprus Golden Visa when the applicant invests over €300K and applies through fast-track.

The Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals who buy a property or set up a business in Cyprus to acquire legal permanent residency.

Golden Visa Cyprus also increases the applicant's eligibility to apply for European citizenship and a Cypriot passport.

The Cyprus PR allows eligible dependents (spouses and family members) to enter and stay in the country as permanent residents. Specifications for each case are provided above.

Immigration insurance for Cyprus permanent residency

Immigration insurance is compulsory for non-EU citizens. Whether you are an EU citizen or not, you might face costly legal or medical fees without the correct insurance.

When applying for a Cyprus permanent residence permit, you are obliged to obtain immigration insurance.

Pitsas immigration insurance policies are one of the most competitive in Cyprus. Moreover, you can apply for insurance from the comfort of your home with our dedicated team to help you.

We provide extensive and immediate coverage of outpatient & inpatient expenses, competitive packages for families, and free legal advice.

We can also provide coverage for pensioners up to 80 years old, and our policy packages start from just €120.

You can find more details about our immigration packages on our website. See here.

See here for a free quote.

 

Pitsas Insurances

Nicosia, Cyprus

17.11.2022


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