How to Become a Permanent Resident of Cyprus

How to Become a Permanent Resident of Cyprus

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Dec 29, 2017 —  Cyprus is a politically divided Mediterranean island, situated between the countries of Turkey, Lebanon, and Syria. A beautiful country, it has long been a popular destination for tourists and, in the past decade, has been of significant interest for foreign investors, thanks to its links with the EU (Cyprus being the third smallest member nation). Interest has also been garnered by the beneficial tax rates offered to investors by its government. There is particular interest amongst Russian investors, thanks to a double-taxation avoidance agreement that exists between those two nations.

While opportunities exist for individuals to apply for immigration to Cyprus, a recent scheme set up by the government offers the chance of Permanent Residency for those prepared to make a suitable level of investment in the island’s property and infrastructure. A significant number of applicants have successfully passed through the system, which has been designed to be swift, easy to understand, and weighted in the serious investor’s favor. Its perks include the rapidity of the application, which can be completed, end-to-end, in as little as two months. It also allows an applicant’s family to be included on the permit, and the right to apply for full citizenship at a later date, once PR has been granted.

So, how do you go about it?

Requirements for Cyprus Permanent Residency Program

Permanent Residency is a fast-track programme designed to make the integration into Cypriot life as painless as possible for the applicant. People intending to emigrate to the island on a PR Permit, technically speaking, a Category F Immigration, must fulfill certain requirements.

The programme is an opportunity for investors, so the first step is to invest in a property in Cyprus. Specifically, this property must be valued at a minimum of €300,000, and must be a new property. It must be purchased directly from the developer, or their agent. Re-sold properties are not eligible under this scheme.

PR applicants are not permitted to work in Cyprus, although they are allowed to derive income from a Cyprus-based business for which they act as director. Therefore, the next step in the process is to prove that they are financially stable. An initial deposit of €30,000 must be made into a Cypriot bank on a long-term bond lasting for at least three years.

Further, an applicant needs to prove an annual income exceeding €30,000, as well as a further €5000 per year for any dependants. Additionally, should applicants wish for their parents to be included, they will be expected to prove a further €8000 per year for each parent.

Once you are satisfied that you have complied with all of the requirements, you can complete your application form, and gather the relevant documentation. This includes evidence of the home purchase and annual income, as detailed above, together with proof of identity and citizenship (passport, birth certificate, etc.), and a clean criminal record. This documentation and the accompanying application will be passed on to the government in Cyprus to be processed.

Processing is usually swift, taking two months for a decision, following which you will be expected to visit the country to receive your permit in person.

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