Permanent Residency
Permanent Residence Program
Permanent residency status in Cyprus is obtained through the Permanent Residence Program based on a new property investment at a minimum value of €300,000 +VAT in the Republic of Cyprus. Upon your investment Medousa Developers can assist you and your family to obtain Permanent Residency in Cyprus in line with Regulation 6 (2) of the Aliens and Immigration Regulations, (23rd May 2023).
Overview
Property Holding Duration
The property must be retained.
Ownership Type
Sole, shared, freehold, or business.
Main Advantage
The right to live and study in Cyprus, EU.
Processing Time
2 to 8 months processing time FAST TRACK or 18 months under a Category F application.
Minimum Investment
An investment of a minimum of €300,000 + VAT in a new built property.
Criteria Overview
- Remote workPurchase of new property valued at least EUR 300,000 + VAT.
- The property can be a house, apartment, commercial real estate (or a combination thereof) if the collective value equals the total investment requirement of €300,000 + VAT.
- A property can also be purchased by a company, as long as the company is registered in the name of the applicant or the applicant and their spouse (they must be the only shareholders).
- The applicant must submit an application form along with the property purchase agreement, as well as documentation (evidence) that a minimum of EUR 200,000 + VAT has been paid.
- Non-EU individuals can apply for permanent residency to enter and/or live in Cyprus.
- No additional financial deposit required
Benefits of Permanent Residency
- Visa-Free Entry: Visa-free entry into Cyprus for you and your family for life as long as you retain the property, with easy access to Europe.
- Permanent residence: Permission to live permanently in Cyprus however, it is not necessary to reside in Cyprus; a visit every two years is required.
- Application period: The application procedure is highly efficient and can be completed within two months under Regulation 6 (2, If all criteria’s are met, the approval rate is high).
- Cyprus passport: The applicant can apply for a Cyprus passport as long as you fulfil certain conditions after five years of residency.
- No renewal periods: The permanent residence permit is valid for life.
- Dependents Education: Dependents can attend in high-quality private schools that offer English language classes.
- Application from abroad: Except for biometric capture, the entire process can be arranged without being present in the country.
- Covers the whole family: Cyprus Permanent Residency covers the whole family, includes the main applicant’s spouse, children under the age of 25, parents, and parents-in-law, for a Regulation 6(2) application, and to a spouse and minor children under the age of 18 for a Category F application.
Permanent Residency Requirements
- Clear criminal record from their country of residence.
- Provide a declaration stating the applicant and family members do not intend to be employed in Cyprus.
- The property purchase agreement must be registered with the Cyprus Department of Land and Surveys.
- The applicant must provide supporting documentation indicating annual proof of earnings (a minimum of EUR 50,000) which can come from the applicant's country of residency, tax residency abroad, or country of origin. This can apply to the joint income of partners.
- This income must be increased by EUR 15,000 for the spouse and EUR 10,000 for each dependent child. This can come from any income source. Children over the age of 18 and under 25 who are not in university apply independently and must invest independently.
- Present a certified translation of your marriage certificate where applicable.
- Present a certified translation of the birth certificates of any dependents under 18.
- A copy of your curriculum vitae must also be presented.
- Maximum of 2 properties to make up the sum.
- Must reside in Cyprus once every two years for a period of 60 days altogether to maintain status.
Application Process
6 simple steps
1
Property Purchase
The applicant selects a property to purchase.
2
Application Submission
Once a purchase agreement has been signed and deposit paid, the application for residency permit can be submitted.
3
Application fees
Upon submission of the application, a €500 fee is payable as well as an additional fee of €50 is required for biometric capture.
4
Application processing
UThe application will be processes by the Civil Registry and Migration Department and submitted to a permanent secretary of the Ministry of Interior, who will grant its approval within two months (provided the applicate meets required criteria).
5
After approval is granted
The applicant and his/her family members must visit Cyprus within one year to collect the actual permit. Personal interviews are normally not a requirement.
6
Biometrics taken at the Nicosia migration office
When in Cyprus, the applicate must visit the migration office in Nicosia to collect biometric data for all members of the family.