Cyprus Permanent Residence Permit

Benefits of obtaining Permanent Residence Permit

• Right to Live in Cyprus Permanently

  Enjoy the charming beauty of the Island as local.

• The Permit is Provided for Unlimited Period of Time

  It is a lifelong experience, which is granted for you and your family for unlimited duration.

• Residence Permit for Your Family

  Your spouse and your dependent children up to 25 years old (providing that they are full time students) can also obtain a residence permit. Your parents and parents of your spouse can also apply for the Permanent Residence Permit as your dependents (as of February 2016).

• Visa-Free Entrance to Cyprus

  You do not need to apply for any visas when entering Cyprus.

• Easier Traveling across the EU

  A 1-year visa to the Schengen zone’s countries can be easily obtained by a permanent resident of Cyprus in any EU Embassy in Nicosia. Moreover, Denmark, Ireland, Latvia and Slovenia recognize the status of Cyprus Permanent Resident.

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Requirements for acquiring the Residence Permit

1. Purchased one or two new real estate properties in Cyprus (one or two residences or the combination of 1 residential property with a shop or office) for the total amount of minimum €300,000 without VAT.
2. Stable income of €30,000 for an applicant and extra €5,000 for each child and €8,000 for each parent per annum generated abroad and transferred from abroad on a regular basis to any bank in Cyprus (employment in Cyprus is strictly prohibited for the applicant, spouse and dependents).
3. Minimum of €30,000 or equivalent in another currency deposited in any Cyprus Banking Institution for the period of three years.
4. All the amounts mentioned above must be transferred to Cyprus legally from abroad.

The five steps process

To obtain a Cypriot Residence Permit it is enough to follow these simple steps.

1. Purchase a new residential property of minimum €300,000 without VAT in Cyprus

   An initial amount of only €200,000 can be paid. A purchase can be made by your legal representatives, so your presence at the moment of purchase is not required. You need to sign the Purchase Agreement to submit it at the Migration Department.

2. Submit the documents to the Migration Department

   Permanent Residency application and all the documents proving the above listed requirements (the documents must be officially translated into Greek or English and apostilled) must be delivered to the Migration Department. This can be also done by your representatives.

3. Get the Cyprus Permanent Residence permit in two month

   Provided that all necessary conditions have been met, you can receive your Cyprus Permanent Residence Permit in two month after the property purchase and application submission.

4. Visit Cyprus within one year

   It is necessary to visit Cyprus within one year after the Permit has been granted to obtain the actual paper and to make the stamps in your passport.

5. Keep your Residence Permit valid

   You residence permit is of unlimited duration, however it is required to possess your €300,000 real estate, maintain a stable income of €30,000 derived from abroad and visit Cyprus once every two years.

Additional requirements

In addition to investing in Cyprus economy, the applicant, the spouse and the dependents is obliged to:

• Have a clean criminal record
• Travel to Cyprus before applying for the Residence Permit (at least once in the last two years)
• Visit Cyprus at least once every two years in order to keep the Residence Permit valid
• Provide written confirmation that he\she has no intention to work or do business in Cyprus (which means that employment in Cyprus is strictly prohibited)

KEY INFORMATION

No Greek language proficiency is required.

Applicant is not obliged to reside in Cyprus.

If your adult children (who is more than 18 years old and is not a full time student) wish to apply for a Residence Permit, then you must invest extra €300,000 for each adult child.

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