Cyprus Permanent Residency For Non Eu Citizens

Cyprus offers a Permanent Residency (PR) program for non-EU nationals that's both appealing and straightforward.

Cyprus Permanent Residency provides a legal right for individuals who are third country nationals, as well as their eligible family members, to live indefinitely in Cyprus without any restrictions.

To quickly secure this Permanent Residency status in Cyprus, the applicant has to invest a minimum of €300,000 in property. The residency status applies to the entire family and has no expiration date.

After living in Cyprus for five years with this permit, the individual becomes eligible to apply for Cypriot citizenship.

The legal framework for this type of residency comes from Regulations 5 and 6(2) within the Aliens and Immigration Regulations.

There are different types of permanent residency in Cyprus:

Permanent Residency by Investment:

One can obtain Cyprus residency by purchasing a property in Cyprus and have sufficient income from a foreign Country.

• The Fast-Track Permanent Residency under Category 6.2 mandates an investment of at least €300,000 (plus VAT) in a new home or apartment in Cyprus, from a list of eligible properties.
• Permanent Residency Category F requires an investment in a property for at lease 100,000 EUR (plus VAT). Additionally, the applicant should have an annual income from abroad.

Procedure for Obtaining Permanent Residency in Cyprus:

Submission of Application: Begin by filling out the required form (MIP1) and submit it to the Civil Registry and Migration Department. The application can be submitted either personally, by post, or through a representative.

A fee of €500 is charged upon application submission, as well as a fee of €70 for each person included in the application for issuing the Alien Registration Certificate (ARC), where it does not already exist.

Applications submitted through authorised representatives must be accompanied by a certified authorisation letter signed by the applicant and stating the particulars, full address and contact number of the representative.

If all the policy criteria are met and there are no concerns regarding the applicant's criminal record, public order, or public security issues, the application will be presented for examination and decision to the Minister of Interior.

The estimated examination period for the application, starting from the submission date of the completed application, is approximately two (2) months.

Document Requirements:

Proof of Stable Income:This is generally from abroad and can be from sources like salaries, pensions, dividends, fixed deposits, rentals, etc.

Clean Criminal Record:A certificate confirming that the applicant and adult family members have no criminal record from their country of origin.

Title of Ownership or Sale Agreement: A document proving that the applicant has bought property in Cyprus of a certain value, which should be mentioned in the agreement.

Bank Guarantee:A guarantee letter from a Cypriot bank stating the deposit of a certain sum (amount varies).

Health Insurance:Valid health insurance covering the applicant and family for the majority of risks while in Cyprus.

Marriage & Birth Certificates: For applicants wishing to have their spouses and dependent children included in the residency.

All supporting documents submitted in the context of applications must be officially translated and duly certified.

Key Requirements:

Property Purchase:The applicant must invest in new immovable property of a minimum value. This can include up to two properties provided they reach the total minimum value.

Financial Stability: An essential criterion is proving a secure annual income from abroad. This includes ensuring that the applicant's income is adequate to support themselves and their dependents without needing employment in Cyprus.

No Employment in Cyprus: The applicant cannot work in Cyprus, though owning a business is permitted.

Residency:Though it’s a permanent residency permit, to maintain it, one should not be absent from Cyprus for more than two consecutive years.

Duration of immigration permit

• The residence right of such permits is of unlimited validity, for the holder and his/her adult dependents. The residence permit (card), however, has an expiry date of ten years from the date of its issuance and must be replaced with its expiration.
• The residence permit which is issued to the underage dependents is valid until the age of 18.

Monitoring Mechanism for The Adherence to The Criteria and Maintaining the Investment

From the date of obtaining the Immigration Permit, the applicant is obligated to provide the Civil Registry and Migration Department, annually, evidence of maintaining the investment, the required income for him/her and his/her family, and proof of holding a health insurance policy certificate if they no longer benefit from GESY. In addition, the applicant and his/her adult family members must annually provide a clean criminal record certificate from their country of origin and country of residence.

Failure of the Immigration Permit holder to prove the above will result in the cancellation of his/her and his/her family members' Immigration Permit, following the provisions of Regulation 6 of the Aliens and Immigration Regulations.

Required action after approval
An Immigration Permit shall cease to be valid if the interested person and his/her dependents fail to acquire residence in Cyprus within one year from the approval of the application, in case that they are residing outside Cyprus.

Loss of the permanent residence right
An Immigration Permit shall cease to be valid if the interested person and his/her dependents acquire permanent residence abroad or be absent from Cyprus for a period of two years.