Cyprus Permanent Residency
Cyprus Permanent Residency
Non-European Member State National’s considering to purchase a property within Cyprus for vacation purposes and do not intend to stay nor live in Cyprus for a period exceeding 90 days within a six -month period, have no need to apply for a residency permit, as property ownership within the Republic of Cyprus, grants you a visa, permitting you to stay for 180 days in total per annum, maximum 90,accumulated days over a six months period.
Should you wish to live in Cyprus, on a more permanent bases or for a longer period than that mentioned above, you should consider applying for a residence permit.
Benefits of “Fast-track PR” Procedure
- Successful applications are processed relatively quick (4-6months).
- The PR permit has unlimited validity (life-long).
- No language criteria required.
- PR permit holders are free to enter and live in Cyprus without the need to obtain a visa, nor period restraints on stay.
- Not obliged to relocate to Cyprus – simply need to visit Cyprus once every two years to maintain the permit.
- The residence permit is granted not only to the main applicant but also to applicant’s spouse, minor children, as well as financially dependent adult children up to 25 years.
- Easy travel through Europe ,entitled to apply for a Schengen Visa via any Schengen European Embassy.
- Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus
- Cyprus offers the lowest personal and corporate tax rates in the EU, and double tax treaties with almost 60 countries.
Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2.555 days) of accumulative staying in Cyprus within 10 calendar years, under certain pre-conditions.
Cyprus Residency Permits
Cyprus Permanent Residency (PR) Program – “Fast Track Procedure”
The Cyprus Permanent Residency (PR) Program, often referred to as the “Fast-track Procedure” offers non – EU individuals a permanent visa to enter, stay and reside indefinitely within the Republic of Cyprus in a relatively quick period to time. The actual process period for obtaining a PR is approximately 4-6 month, due to the large submissions of applicants. (Regardless that it is mentioned to be processed within 2 months).
Primary Criteria ,“Fast-track PR”
I) The applicant must submit the application form accompanied with a contract of sale, already submitted to the Department of Lands and Surveys, of a property in Cyprus, a house, apartment, or other building, of a minimum market value of €300.000 and proof of payment for at least €300,000 + VAT (V.A.T, if applicable) of the Purchase value. For the purposes of this policy, the applicant may buy up to two new-built housing units (apartments or houses). The said sale must be for unit(s) sold by a development company to a buyer for the first time and does not necessarily have to be from the same developer.
II) The property that will be used for the submission of the application and will be declared as the permanent residence of the family, must have sufficient bedrooms to satisfy the needs of the main applicant and their dependent family.
III) The purchase of real estate will be accepted even when it is made by a legal entity (Company) in which the applicant and/or the spouse are the exclusive shareholders or final beneficiaries, and which is legally established in Cyprus or in another member state of the European Union or of the European Economic Area.
IV) The main applicant must prove a secured annual income of at least €50.000, from sources abroad other than employment in Cyprus. The necessary annual income is increased by €15.000 for the spouse and €10.000 for each minor dependent of the applicant and/or his/her spouse. This required income could derive from salaries of employment abroad, pensions, stock shares, rents, etc. In calculating the total income, the income of the applicant’s spouse may also be taken into account.
V) As dependent family members, the main applicant can include his/her spouse, minor children, and adult dependent children up to the age of 25 (university students) financially dependent to the main applicant. No parents and/or parents-in-law are accepted as dependent family members.
VI) In case an applicant has adult financially independent children over 25 years old and wishes to obtain permanent residence permit not only for his/her family but also for the families of his/her adult children. In such case the applicant shall purchase property amounting to at least €600.000 (net of VAT).The Property investment rises to €900.000 in case for two adult children. Proof of payment of at least 2/3 of the contract amount for the real estate must be submitted. Each family shall state annual income of at least €50.000 (plus €15.000/10.000 per each dependent family member) a year. The investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.
VII) It is noted that the source funds of the investment mentioned in all instances must come from abroad and the Bank Account of the main applicant or his/her spouse provided that the spouse is included as a dependent on the application.
VIII) The secured annual income of the main applicant can be proved through their tax return from the country in which they declare as tax resident’s.
IX) The applicant must submit a Criminal Record Certificate from their country of origin and their country of residence in case it differs (if the applicant resides abroad), and he should not constitute in general any threat against public order or security in Cyprus.
X) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus, apart from their employment as Directors in a legal entity (Company) under the investment category, that they may also hold the position of Director with no salary in such companies.
XI) All family members must provide Health Insurance Certificates for medical treatment covering inpatient and outpatient care.
XII) The applicants should visit Cyprus at least once every two years.
XIII) On an annual basis from the date of obtaining the immigration permit, evidence needs to be submitted, that they maintain the investment, required income determined for themselves and their family, including health insurance certificates .Criminal Record Certificates every 3 years.
Cyprus Permanent Residency
Non-European Member State National’s considering to purchase a property within Cyprus for vacation purposes and do not intend to stay nor live in Cyprus for a period exceeding 90 days within a six -month period, have no need to apply for a residency permit, as property ownership within the Republic of Cyprus, grants you a visa, permitting you to stay for 180 days in total per annum, maximum 90,accumulated days over a six months period.
Should you wish to live in Cyprus, on a more permanent bases or for a longer period than that mentioned above, you should consider applying for a residence permit.
Cyprus Residency Permits
Cyprus Permanent Residency (PR) Program – “Fast Track Procedure”
The Cyprus Permanent Residency (PR) Program, often referred to as the “Fast-track Procedure” offers non – EU individuals a permanent visa to enter, stay and reside indefinitely within the Republic of Cyprus in a relatively quick period to time. The actual process period for obtaining a PR is approximately 4-6 month, due to the large submissions of applicants. (Regardless that it is mentioned to be processed within 2 months).
Benefits of “Fast-track PR” Procedure
- Successful applications are processed relatively quick (4-6months).
- The PR permit has unlimited validity (life-long).
- No language criteria required.
- PR permit holders are free to enter and live in Cyprus without the need to obtain a visa, nor period restraints on stay.
- Not obliged to relocate to Cyprus – simply need to visit Cyprus once every two years to maintain the permit.
- The residence permit is granted not only to the main applicant but also to applicant’s spouse, minor children, as well as financially dependent adult children up to 25 years.
- Easy travel through Europe ,entitled to apply for a Schengen Visa via any Schengen European Embassy.
- Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus
- Cyprus offers the lowest personal and corporate tax rates in the EU, and double tax treaties with almost 60 countries.
Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2.555 days) of accumulative staying in Cyprus within 10 calendar years, under certain pre-conditions.
Primary Criteria ,“Fast-track PR”
I. The applicant must submit the application form accompanied with a contract of sale, already submitted to the Department of Lands and Surveys, of a property in Cyprus, a house, apartment, or other building, of a minimum market value of €300.000 and proof of payment for at least €300,000 + VAT (V.A.T, if applicable) of the Purchase value. For the purposes of this policy, the applicant may buy up to two new-built housing units (apartments or houses). The said sale must be for unit(s) sold by a development company to a buyer for the first time and does not necessarily have to be from the same developer.
II. The property that will be used for the submission of the application and will be declared as the permanent residence of the family, must have sufficient bedrooms to satisfy the needs of the main applicant and their dependent family.
III. The purchase of real estate will be accepted even when it is made by a legal entity (Company) in which the applicant and/or the spouse are the exclusive shareholders or final beneficiaries, and which is legally established in Cyprus or in another member state of the European Union or of the European Economic Area.
IV. The main applicant must prove a secured annual income of at least €50.000, from sources abroad other than employment in Cyprus. The necessary annual income is increased by €15.000 for the spouse and €10.000 for each minor dependent of the applicant and/or his/her spouse. This required income could derive from salaries of employment abroad, pensions, stock shares, rents, etc. In calculating the total income, the income of the applicant’s spouse may also be taken into account.
V. As dependent family members, the main applicant can include his/her spouse, minor children, and adult children up to the age of 25 who are university students financially dependent to the main applicant. No parents and/or parents-in-law are accepted as dependent family members.
VI. In case an applicant has adult financially independent children over 25 years old and wishes to obtain permanent residence permit not only for his/her family but also for the families of his/her adult children. In such case the applicant shall purchase property amounting to at least €600.000 (net of VAT).The Property investment rises to €900.000 in case for two adult children. Proof of payment of at least 2/3 of the contract amount for the real estate must be submitted. Each family shall state annual income of at least €50.000 (plus €15.000/10.000 per each dependent family member) a year. The investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.
VII. It is noted that the source funds of the investment mentioned in all instances must come from abroad and the Bank Account of the main applicant or his/her spouse provided that the spouse is included as a dependent on the application.
VIII. The secured annual income of the main applicant can be proved through their tax return from the country in which they declare as tax resident’s.
IX. The applicant must submit a Criminal Record Certificate from their country of origin and their country of residence in case it differs (if the applicant resides abroad), and he should not constitute in general any threat against public order or security in Cyprus.
X. The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus, apart from their employment as Directors in a legal entity (Company) under the investment category, that they may also hold the position of Director with no salary in such companies.
XI. All family members must provide Health Insurance Certificates for medical treatment covering inpatient and outpatient care.
XII. The applicants should visit Cyprus at least once every two years.
XIII. On an annual basis from the date of obtaining the immigration permit, evidence needs to be submitted, that they maintain the investment, required income determined for themselves and their family, including health insurance certificates .Criminal Record Certificates every 3 years.
