Cyprus is known for its beautiful beaches and mild Mediterranean climate, and thus, it is an ideal destination for permanent residence for many non-EU nationals. This country has the lowest crime level in the EU, offers a relatively low cost of living and does not have an inheritance tax. Additionally, Cyprus has a robust economy, high-quality health care and infrastructure. Therefore, both EU and non-EU nationals are looking for ways to get permanent residency in Cyprus.
With a Cyprus Permanent Residency status, non-EU residents and qualified dependents must enter and stay as permanent residents in the country without limits. This status does not expire, and thus, you do not need to renew it now and then. Permanent Residency status is also known as an immigration permit, which is anchored on Regulations 6 and 6 of the Aliens and Immigration Regulations.
Cyprus Permanent Residence Program
If you are interested in applying for permanent residency in Cyprus, there are several categories that you may explore.
- Permanent residency by investment
- Residency with Right to Work
- Other Types of Permanent Residency
- Permanent Residency Category F
Permanent Residency by Investment
This tract of application for permanent residency is for individuals who intend to purchase a property in the country. It is open to investors who have sufficient income from abroad. Under Category 6.2, Fast Track Permanent residency can be obtained by investors by investing at least €300.000 in real estate property, a new house or an apartment in Cyprus. Likewise, Permanent Residency Category F requires investing in real estate of at least €100.000 exclusive of VAT and having an annual foreign income to cover living expenses in Cyprus without working or doing business. Applicants on this track need to have a yearly income of at least €9568 as the principal applicant and €4613 for every dependent.
Permanent Residency With the Right to Work
Here, it is indicated that investors working in their own companies from foreign capital of about €260,000 for their company activities may apply for a permanent residence in Cyprus.
Individuals who were offered permanent employment in the country may also apply for a permanent residence with the right of work permit.
Other Types of Permanent Residency in Cyprus
There are several other types of permanent residence status in Cyprus. Here are more details about each of them.
Permanent Residence by Continuous Stay for Five Years
This is for non-EU citizens who have continuously resided legally in Cyprus for the last five years. They are eligible to apply for permanent residence provided that they have a valid temporary residence card during the whole duration of their stay in the country.
Permanent Residency for EU Citizens
EU citizens are eligible to apply for permanent residency in Cyprus and their family members after five years of continuous legal residence.
Permanent Residency for Investors
Investors may also take advantage of the Cyprus Investment Program to apply for permanent residency. This is a fast-track procedure, and applicants may receive their Cyprus PR within five days after their application.
The CIP offers Cyprus Citizenship to investors and their families if they invest two million euros and donate at least €150,000.
Permanent Residency by Marriage
Individuals who marry a Cypriot citizen may also apply for a permanent residence status. The application also covers their minor children from a previous marriage, parents of the Cypriot citizen if they are not yet permanent residents and parents-in-law. They can apply for permits with an unlimited stay, which also entitles them to apply for residency rights.
Understanding the Fast-Track Procedure for Permanent Residency in Cyprus
If you are an investor looking for answers on getting permanent residency in Cyprus at the soonest possible time, you should explore their fast track procedure.
One of the top requirements is to purchase at least €300.000 (plus VAT) in Cyprus if you can buy a new house or apartment or any real estate property from a development company.
For an investor to apply, they must register the sales agreement at the Land Registry and pay at least €200.000 (plus VAT.) They must make the payment in the seller’s bank account of the property in Cyprus, and the amount should be transferred from abroad.
There is no limit on the delivery date. Thus, even properties that are still under construction can be included.
Investors can buy properties in the name of the company. However, the absolute owner or beneficiary will be the investor or their spouse. They may purchase up to two properties as long as the total sales price is at the minimum of €300.000 (plus VAT). The properties may be a combination of two residential properties, residential property and a shop, or residential property and an office.
If the investor wishes to sell the property, it should be replaced with another equal or higher value property. It must still follow the conditions that come with this application.
Conclusion
Cyprus is an attractive location for investors because of its robust economy and lenient tax regulations. The country has also developed special categories for getting permanent residency for various applicants. Investors will appreciate the fast-track permanent residency eligibility with their investments in Cyprus.