Acquiring Permanent Residency
- Cyprus has the third highest percentage of foreign residents in the EU. For anyone planning to move to Cyprus or have it be an option for their later years, they will find themselves in a modern, multi-cultural country.
- Hospitality is deeply engrained in the Cypriot culture and visitors immediately feel welcomed and at home.
- Cyprus’s climate, business opportunities, high quality of life and excellent education system make it a top choice for anyone wishing to relocate, with or without family.
- Holding a permanent residency permit in Cyprus does not render the permit holder a tax resident of Cyprus, unless they spend at least 183 days of the year in Cyprus.
Any third country individual can apply provided that they have a secured annual income, high enough to allow a decent living in Cyprus for themselves and their dependents, without having any type of employment in Cyprus. The applicant must also satisfy certain financial criteria (see 3 below).
- The applicant must have a secured annual income of at least €30.000, deriving from abroad (e.g from pensions, dividends from shares, salaries from employment, rents etc.). Their spouse’s income may also be taken into consideration for the purpose of calculating the total income. The annual income increases by €5.000 for every dependent person of the applicant’s family (spouse and children) and by €8.000 for every dependent parent or parent-in-law.
- The applicant must deposit €30.000 into an account of a financial institution in Cyprus. This amount must be transferred from abroad and will be pledged/bound for at least 3 years.
The applicant must purchase property of at least €300.000 plus VAT. This amount must be transferred from abroad to an account in a financial institution in Cyprus. The property can be up to two housing units, or a housing unit and a shop, or a housing unit and an office. The property may be in the name of a legal person provided that the applicant and/or their spouse are the sole shareholders or ultimate beneficial owners, and the legal person is established in the Republic of Cyprus or in a Member State of the EU or the EEA.
The holder of an immigration permit must acquire a residence in Cyprus within 1 year from the date of issue of the permit certificate. In other words, the permit holder must visit Cyprus within 1 year from the issue of the permit.
SPOUSE. No, the permit issued to the applicant covers the spouse. However the spouse may apply separately if they wish, by submitting an application and the relevant fee, but they do not have to also satisfy the criteria in 3 and 4 above. If the permit holder dies, the surviving spouse is granted an immigration permit with the submission of the application and the relevant fee, without having to satisfy the criteria in 3 and 4 above.
MINOR CHILDREN. No, the permit issued to the applicant covers minor children (under the age of eighteen). If both parents are applying for a permit separately, the children can be included as dependents in both permit applications.
FINANCIALLY DEPENDENT ADULT CHILDREN. Yes, they must apply separately. Unmarried children between 18-25 who are financially dependent on the applicant, are studying in tertiary education abroad and, from the date of the application, have at least 6 months of study period left, may submit a separate application. In such a case, the parents must present an additional annual income of €5.000 for every such dependent adult child. The permit remains valid even if the child has exceeded the age of 25 or marries or completes their studies or is no longer financially dependent. However, their spouse and/or children cannot be included as dependent persons on this permit.
If adult children wish to enter tertiary education in Cyprus, they must submit an application through the Cypriot institution for a student temporary residence permit. Once they complete their studies, they can submit an application for an immigration permit, provided that their parents present an additional annual income of €5.000 for every such child.
FINANCIALLY INDEPENDENT ADULT CHILDREN. Yes, adult children of the applicant who are not financially dependent on the applicant may submit permit applications separately. They must also provide documentation proving that they have a secured annual income of €30.000 deriving from abroad. They must transfer €30.000 from abroad and deposit it in a financial institution in Cyprus; these funds will be bound/pledged for 3 years (as per 3 above). Additionally, the parent of this adult child who is already a permit holder, must have purchased property (as per 4 above) of which the purchase value increases by €300.000 plus VAT for each such adult child. For example, if the parent has two financially independent adult children applying for an immigration permit, the property purchased by the parent must be valued at €900.000 plus VAT.
PARENTS/ PARENTS-IN-LAW. Yes, they must submit separate applications. The “original” applicant who is already an immigration permit holder must be able to present an additional annual income of €8.000 for every dependent parent.
- The applicant and their spouse must provide confirmation of a clean criminal record from their country of residence or from Cyprus, if they reside in the Republic.
- The applicant and their spouse must confirm that they do not intend to undertake any employment in Cyprus. However, they can be shareholders in a company registered in Cyprus and may receive income from dividends of the said company.
- Once the applicant becomes a permit holder, as well as all of their dependent persons who are included on their permit, they must visit Cyprus at least once every 2 years. Otherwise, the permit is automatically cancelled.
- All the documentation attached to an application, including the translation of the same into the Greek or English language, must be duly certified.
- A €500 fee is payable upon submission of the application.
- The applicant will be called for interview during the processing of the application.
- The review process lasts up to 2 months from the date of submission of a complete application.