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Cyprus permanent residence

There is no need to obtain a residence permit when purchasing a vacation property in Cyprus. A visa is instead issued to the property owner for a period of five years. This allows you to stay in Cyprus for a total of 180 days a year — 90 days in each half year. But if you plan to reside in Cyprus permanently, you must apply for a residence permit. Obtaining a permanent residence permit requires that you make a larger investment, but does open up a lot of opportunities.

There are several ways to obtain a temporary and permanent residence permit. This may be a study at a Cypriot university, work in a local company, start a business in the island, or acquire real estate (without the right to work). Applicants who have a stable income abroad can apply for a residence permit. The most popular among foreign expats, including amongst Russians, is by buying real estate.

In 2012, the Government of Cyprus developed a program whereby a permanent residence permit is granted to citizens of non-EU countries when they purchase property to the amount of 300,000 euros. The right to obtain a residence permit is granted to the investor and his immediate family. The main advantage of the Cyprus program, which distinguishes it from similar laws of other European countries, is the indefinite validity of the residence permit. That is, a residence permit is issued once and does not need to be renewed.

Accelerated procedure for obtaining a permanent residence permit for real estate investors

As mentioned above, the procedure for obtaining a permanent residence permit takes two months. The residence permit is automatically granted to the applicant’s spouse, minor children, financial dependents under 25 years old (provided that they are not married and have a stable income from their parents), as well as the applicant’s husband and spouse. After receiving a permanent residence permit, the investor is not obliged to reside permanently in Cyprus, but must visit the country at least once every two years.

Advantages of a permanent residence permit:

  • the presence of a permanent residence permit allows you to freely enter Cyprus without a visa and stay in the country without restrictions on the duration of stay;
  • after the planned entry of Cyprus into Schengen in the near future, persons possessing a residence permit in Cyprus receive the right of free movement in this zone;
  • a permanent residence permit does not affect tax liabilities in Cyprus;
  • after seven years of actual residence in Cyprus, the holder of a residence permit has the right to apply for citizenship of the country;
  • availability of a residence permit allows you to register your own companies and receive dividends;
  • holders of a permanent residence permit have the opportunity to obtain a Schengen visa or visas of other countries under a simplified procedure through the consular missions of the states in Cyprus.
Permanent residence permit key terms:
  • purchase a property worth at least 300,000 euros (excluding VAT)
    the property must be new, and the transaction for its purchase must be made with the developer;
  • to provide evidence that the applicant has a stable income outside of Cyprus for at least 30,000 euros
    this may be dividends, wages, interest on bank deposits, rental income
  • the amount of the minimum initial payment for the acquired property — 200,000 euro;
  • provide evidence that funds to purchase real estate came from sources outside Cyprus;
  • deposit 30,000 euros for a deposit in a Cypriot bank for a period of three years
    after three years the money can be withdrawn without any restrictions
  • submit a certificate of absence of criminal record and investigative proceedings currently being conducted, certified by the competent authorities of your country
  • prove the existence of additional income in the amount of 5,000 euros for a spouse and each child, as well as 8,000 for each of the parents;

The fast-track procedure for obtaining a permanent residence permit does not apply to transactions for the acquisition of secondary housing. Resident status does not impose any restrictions on your stay in Cyprus. The only condition is to visit Cyprus at least once every two years and be here for at least one day.

Algorithm for obtaining a permanent residence permit

Kaleide Property Group specialists are ready to provide detailed advice on the expedited registration of a permanent residence permit in Cyprus. The registration procedure consists of several stages:

  1. Selection of one or more properties;
  2. Signing a property purchase agreement:
  3. Transfer of the required amount (at least 200,000 euros) and payment confirmation (necessary for applying for a residence permit);
  4. Application for registration of a residence permit;
  5. Obtaining permission (consideration takes two months).

The application can be submitted in person, by mail or through a representative. A lawyer can prepare a statement, the presence of the applicant is optional. After obtaining a permanent residence permit, the applicant must visit Cyprus during the year to receive the Permanent Resident Card.

Permanent residence for the applicant’s relatives
Acquisition of two real estate
Residence permit for two or more families
Comparison of the programs of Cyprus and other EU countries
Contact us for more information
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