Permanent Residency
Residency in Cyprus
Enjoy a Higher Quality of
Life and Business
Centrally located at a nexus of trade and travel, Cyprus has become a thriving hub of business and travel. As part of the European Union and following the English system, Cyprus has a strong infrastructure and culture for strong business growth and a high quality of life.
The Benefits of Cyprus Permanent Residency
One of the lowest personal and corporate tax rates in the EU
Residency granted to the investor, spouse, dependents up to age 25, as well as parents and parents-in-law.
PR holders may reside freely in Cyprus and travel in and out of Cyprus without any restrictions
Cyprus PR holders are exempt from time-consuming immigration procedures
Living in a European Country with flexible access to the whole of the EU
Cyprus PR holders can apply and obtain Cyprus Citizenship
Strategic location of Cyprus allows easy access to Europe, Middle East, and Africa
High quality of National Health systems
High quality of international schools and universities
Mediterranean climate with an average of 320 days of sunshine
Abundance of national forests, parks, and green areas
Fantastic beaches and swimming with 60 internationally accredited Blue Flag beaches
Permanent Residency
by Investment
straightforward process, valid forever
The Cyprus Permanent Residency Permit can be obtained through a straightforward process without any need for interviews, language tests or medical exams. When the required conditions are satisfied and residency obtained, the permit is valid indefinitely.
The programme provides a simple mode of investment, granting full access to Cyprus, an EU member state, and allowing for application of citizenship after 7 years. Cyprus is part of a vigorous European economy and provides an unparalleled quality of life to its residents.
A real estate investment of €300,000 and an easy application process is all that is required for the investor, their spouse, and minor children. The programme may be extended to include dependent children up to the age of 25 as well as the parents of the investor and their spouse.
Residency Investment Criteria
The applicant must make an investment of at least € 300,000 in one of the following investment categories:
- Investment in a house / apartment: Purchase of a house or apartment from a land development company, which should involve a first sale of at least € 300,000 (plus VAT).
- Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of € 300,000. These properties can also be resales.
- Investment in share capital of a Cyprus Company with activities and staff in Cyprus: Investment worth € 300,000 in share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.
- Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): Investment worth € 300,000 in shares of Cyprus Investment Organization Collective Investments.
It is understood that any alienation of the holder of the Immigration Permit from the investment he has made without its immediate replacement with another of the same or greater value, which must meet the conditions set out in the present procedure, will entail the activation of the cancellation procedure of the License based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
The applicant must, in addition to the investment under Section 2.1 above, be able to prove that he has at his disposal an insured annual income of at least € 30,000. The annual income increases by € 5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse).
This income may come from employment salaries, pensions, dividends on shares, permanent deposits, rents, etc. coming from abroad for the cases that the applicant chooses to invest as in Section 2.1. (A). In calculating the total income, the income of the applicant’s spouse can also be taken into account.
In cases where the applicant chooses to invest as Sections 2.1.(B), 2.1. (C) or 2.1. (D), its total income or part of it can also come from sources coming from activities within the Republic.
Legal Elements
Investment in a house / apartment or other real estate:
The applicant submits with his application a title deed or purchase document in the name of his and / or his wife submitted to the Department of Lands and Surveys for a house or other building worth at least € 300,000 (plus VAT if applicable) official receipts for the repayment of at least € 200,000 (excluding VAT), regardless of the delivery date of the property.
It is understood that when submitting the application, evidence must be provided that the investment money has come from abroad and is not a product of domestic borrowing (remittances, foreign card payment receipts, bank certificate) which should be linked to the corresponding investments.
The rest of the value of the investment will have to be repaid to the seller’s account at a Cyprus financial institution. It is noted that the purchase of real estate will be accepted even when it is made by a legal entity in which the applicant and / or his spouse are the sole shareholders or the final beneficiaries and which is legally established in the Republic or in another Member State of the European Union or of the European Economic Area.
For the purposes of paragraph 2 in relation to the purchase of a house / apartment, it is specified that:
- The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the provisions of Section 4.1 above. In the case of a couple, the above condition applies to the couple as a whole.
- This purchase must relate to dwellings sold by the development company to a first-time buyer; unless the purchase of the houses took place before 07/05/2013.
Purchase and sale documents related to resale of houses and have been submitted to the Land Registry before 07/05/2013 (the date of filing of the purchase and sale documents will be confirmed by the Department of Land Registry and Surveying), will be accepted for purposes of this policy.
It is noted that the properties do not have to be purchased from the same land development company.
Quality Criteria
The applicant and his / her spouse must submit a certificate of clean criminal record from their country of residence or from the Republic in case they reside in Cyprus and generally do not pose in any way a threat to public order or public safety.
The applicant and his / her spouse will certify that they do not intend to work in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy.
In cases where the investment does not concern the Company’s share capital, the applicant and / or his spouse may be shareholders in Companies registered in Cyprus and the dividend income in such companies may not be considered as an obstacle for the purposes of obtaining the Immigration License. They may also hold the position of Director unpaid in such companies.
In cases where the applicant chooses to invest as Sections 2.1. (B), 2.1. (C) or 2.1. (D), he must provide information about his place of residence in the Republic (eg title deed, real estate purchase document, rental document).
Permits for spouse and children
The Immigration Permit is issued to the applicant. This includes the applicant’s dependents who are the spouse and their minor children up to the age of 18 years.
If they wish, it is possible to issue two separate Immigration Permits in each of the parts of the couple without the obligation and the second to meet the above criteria, provided that a separate application is submitted and the corresponding fee is paid.
It is understood that in the event that the Immigration Permit granted to the investor is canceled for any reason, it will involve the activation of the process of cancellation of the Permit for the other part of the couple, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
Permits for adult Children
Unmarried children between the ages of 18 and 25, only those who are proven to be higher education students abroad on the date of application and who are financially dependent on the applicant, can submit their own, separate application for an Immigration Permit with the submission of the corresponding fee. In such a case the father or mother and / or both parents together must present an additional annual income of € 5,000 for each such dependent child.
If the children are students in Higher and Higher Education Institutions of the Republic, they must apply for a temporary residence permit in the Republic as students under the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit, as mentioned above with the payment of the corresponding fee, regardless of their age, provided that the parents will present an additional annual income of € 5,000.
This Permit will continue to be valid after reaching the age of 25 even if the child is still not single and / or a student and / or financially dependent on his or her parents.
It is understood that the spouse and their minor children will not be able to be included as dependents in this License. It is also understood that in case the Immigration Permit granted to the investor / parent is canceled for any reason, it will involve the activation of the process of cancellation of the Permit for this child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
Permits for Parents & their spouse
An Immigration Permit can also be granted to the applicant’s parents and their spouse, by submitting separate applications for each individual and paying the corresponding fee, provided the applicant submits an additional annual income of € 8,000 for each dependent parent.
It is understood that their spouse and minor children will not be able to be included as dependents in this License. It is also understood that in the event that the Immigration Permit granted to the investor / child is canceled for any reason, it will involve the activation of the process of cancellation of the Permit for these parents, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
Application and examination procedure
The applications, together with the required accompanying documents, will be submitted to the Department of Population and Immigration Record (TAPM) in person or through a representative.
In the case of submitting an application through a representative, this should be accompanied by a written authorization of the applicant which should indicate the full details of the representative as well as his address and contact telephone numbers.
The application will be processed quickly by the TAPM and will be submitted to the Minister of Interior, through the General Director of the Ministry of Interior (MFA).
Schedules
If all the criteria of this policy are met and if there are no reasons concerning either the applicant’s criminal record or reasons of public order and public security, the application will be forwarded for consideration and decision by the Minister of Interior.
It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.
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claudia@karmadevelopers.com.cy
16 Kennedy Avenue (Kapparis), Paralimni
