Permanent residence for foreign nationalities if purchasing property in Cyprus

Benefits of Fast-track Procedure

Obtaining of PR permit by fast-procedure offers a lot of benefits:

• An express procedure – 2 months to be approved
• Once Cyprus enters the Schengen zone (expected in 2016), Cyprus permanent residence (PR) permit holders will have the right to travel freely in the zone
• The residence permit is granted not only to the applicant but also to applicant’s spouse, minor children, financially dependent adult children up to 25 years (if they are not married), as well as the parents of the applicant and applicant’s spouse
• PR permit holders are free to enter and live in Cyprus without the need to obtain a visa
• They are not obliged to actually relocate to Cyprus – they simply need to visit Cyprus once every two years to maintain the permit
• The PR holder and family have a ‘second home’ in Cyprus
• Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus
• Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2.555 days) of staying in Cyprus within 10 calendar years

Requirements for Applicant

To accomplish obtaining of PR permit by fast-track procedure the applicant will have to:

• Submit a title of ownership or contract of purchase for a property the value of which is at least €300.000 (net of VAT)
• The property shall be new and purchased from a developer. The simplified procedure for obtaining permanent residence permit is not applicable to cases of resale property acquisition
• Payment of at least €200.000 (net of VAT) to be made
• Provide evidence that the purchase is being made from funds received from sources outside of Cyprus.
• Provide evidence that the applicant’s annual income amounts to at least €30.000 with income sources located outside of Cyprus. Those can be salary, dividends, rental revenue, interest from bank deposits, pension and etc. Applicant must also demonstrate an additional minimum income of €5.000 a year for any dependent family member (spouse and children). The additional minimum income of €8.000 a year should be shown for any applicant and applicant’s spouse parents
• Deposit at least €30.000 into a Cypriot bank for a 3-year period
• Submit a certificate of having no criminal record and of being under no investigation for criminal offences attested by relevant authorities of his/her country

The maximum period for granting PR permit according to the simplified procedure comprises 2 months.

The status of a permanent resident does not impose any restrictions to the period of your stay in Cyprus. The only exception is that you should visit Cyprus at least once every 2 years.

Relatives of Applicant also receiving PR Permits

Permanent residence permits are granted to the following applicant relatives.

Applicant’ spouse. In case they wish, two separate PR permits can be issued for each spouse without the requirement for the dependent spouse to purchase a property or deposit €30,000 into an account. It is understood that a separate PR permit application should be submitted for the dependent spouse.

Dependent minor children of the applicant and his/her spouse. The minor children can be added as dependents in both their parents PR permit applications. Single children from 18-25 years old and financially dependent, who prove to be students for at least six more months from the date of application.