THE CYPRUS PERMANENT RESIDENCY
GUIDELINES & REGULATIONS
Actual applicant/owner of the property can be a house, apartment or any building, for a minimum value of €300.000 + VAT (if any).
A Guaranteed Fast Track process of 2 months maximum from the date the application is submitted.
Not required to reside in Cyprus, the only obligation is to visit Cyprus at least 24 hours every two years.
The applicant’s PR permit covers his/her spouse and children under the age of 18. It is also applicable to unmarried children between ages 18 – 25 who can prove that their status as a University student is financially dependent by the applicant. They can submit a separate application in order to obtain the said Permit which they will then maintain for a lifetime.
Additional options for property purchase – i.e., two independent residential units or 1 residential and 1 commercial (shop or office) as long as the purchased amount totals a minimum of €300.000 + VAT (if any). These properties can be separate and not necessarily connected/joined. It is a compulsory requirement that these specific properties should be purchased from any two developers.
The applicant needs to provide documentation proof that along with the spouse has a secured minimum annual income of €30.000 (increase by €5,000 for each dependent person) initiated from abroad (salaries, pensions, dividends, fixed deposits, rents).
The parents of the applicant and spouse are also able to apply for the Permanent Residence just by showing an extra €8,000 each on the main applicant’s income certificate.
The permit does not allow the applicant/spouse to work in Cyprus however, they may be a shareholder(s) in a registered Company in Cyprus.
Applicant should submit a certificate of a clear criminal record and of being under no investigation for any criminal offenses attested by the related authorities of country of residence.
The PR application should be submitted along with all the documentation required as per the check list provided by the Government of the Republic of Cyprus.
The Permit’s process can commence once a payment of at least €200.000 (net of VAT) is executed and received.
CYPRUS PERMANENT RESIDENCY BENEFITS
Cyprus Residency is a lifetime permit therefore, it is not required to be re-examined or renewed.
Cyprus Permanent Residency covers the entire family (parents, all children, and both in-laws).
The Cyprus Permanent Residency gives you the right (under certain conditions) to apply for citizenship following their physical presence for a total of 5 years within a 7-year period.
Fast access to Europe – Upon obtaining the Permit, the applicant and his/her members are entitled to apply for a Schengen Visa through any Schengen European Embassy. Cyprus is expected to enter the Schengen Zone shortly hence the Permit holders will have the right to travel freely within the specified region.
GENERAL BENEFITS LIVING IN CYPRUS
- A unique geographical position at the crossroads of three continents – Europe, Asia and Africa.
- Safeguards high standards of Education (British Universities based in Cyprus).
- Enjoy high-level medical facilities and healthcare beneficial rights.
- Non-existent Inheritance Tax.
- A very low crime level considered amongst the lowest globally.
- Exceptional climate all year round.
- Double taxation treaties are in place with almost 67 countries.