Cyprus Permanent Residency
Simon Zenios & Co LLC has extensive knowledge on matters related to acquiring Permanent Residency & Citizenship in Cyprus and the related norms and regulations in the domain. Applying for a Permanent Residency Permit in Cyprus can become a complicated procedure; however, our law firm can assist you and make sure you do not miss out in your application, including all details needed.
When applying for a permanent residency in Cyprus, individuals are offered two alternatives in which they can do so:
The fast-track process, Regulation 6(2) application and the slow-track process, the Category F application.
Obtaining permanent residency in Cyprus by investment:
Cyprus has been recently ranked as one of the top relocation destinations in the world, being the only European country along with Switzerland to make it in the top 5. The main reason why Cyprus has made it to the top of the list is its favourable tax regime and its strategic geographical location.
Reasons to apply for a Permanent Residency Permit (PRP) in Cyprus:
- Regulation 6(2) grants the right to reside permanently in Cyprus to a Non-EU national with no renewal requirements.
- Travelling restrictions and visa requirements lifted, facilitating access to the Schengen zone.
- Once PRP is granted, it covers the whole family-the spouse and independent children up to the age of 24 who are enrolled as students.
- PRP as the first step of gaining Cyprus Citizenship.
- PRP holder is exempt from tax on worldwide dividends and interest income for 17 years.
- A Cyprus tax resident is exempt from tax on gains on disposable of securities.
- Strategic geographical location on the crossroads of three continents.
- Stable financial system in a western-type presidential democracy.
- Cyprus Exclusive Economic Zone holds important economic growth potential in Oil & Gas exploration.
- Low tax rates and favourable international double tax treaties.
- No Inheritance Tax.
- Legal system based on English common law.
- English language widely spoken.
- High quality and mature professional services industry.
- Highly trained professional labour force.
- Access to reputable private and public schools including British universities based in the island.
- Low crime levels.
- Reasonably priced immovable property.
- High quality healthcare with access to leading medical centres.
- Schengen applicant state with membership pending.
- High quality telecommunications and air-travel connections.
- Four UNESCO World Heritage Sites in Cyprus.
|Fast Track-Regulation 6(2)||Slow Track-Category F|
|Purchase of a first-time sale of at least 300.000 euros of worth (VAT not included).||Minimum secured income of 10.000 euros from outside of Cyprus sources-increased by approximately 5.000 euros per dependent member.|
|Initial payment for property purchase of a minimum of 200.000 euros.||Individual does not maintain employment in Cyprus.|
|Applicants’ presence not mandatory at the time of purchase-can be made by legal representatives.||Income derived from legally acceptable sources abroad.|
|Permanent residency application and documentation to be submitted to the Civil Registry and Migration Department (can be done by representatives through the granting of a Power of Attorney).||Secured income that provides stable support for the applicant and their family in the long run (supporting evidence that all financial needs of the family are adequately covered to be included).|
|Once criteria are met, PRP to be acquired within two months.||Clean criminal record required.|
|After successful PRP, residents to visit Cyprus within one year to acquire the actual permit and have biometrics taken by the authorities and once every two years afterwards.||No sanction order to have been made against the applicant or the dependents.|
|Maintain a three-year fixed deposit account with a Cyprus bank of at least 30.000 euros arising from outside Cyprus.||Lower threshold of annual income required combined with the flexibility to rent a house prior to outright purchase.|
|Secured annual income of at least 30.000 euros which is increased by 5.000 euros for each dependent and 8.000 euros for each parent of the main applicant.||The main disadvantage is that it is time consuming-it takes up to a year to have the Ministry of Interior’s decision.|
Conditions to be fulfilled:
- Clean criminal record.
- No intention to be employed in Cyprus.
- Secured annual income originating from abroad.
- Applicant’s name not included in the list of individuals whose property is ordered to be frozen by the EU.
Who can be included in the application:
- The holder’s spouse and children up to 17 years old.
- The applicant’s spouse’s parents.
- Adult children of the applicant between 18 years old and up to the age of 24 years old, providing they are students.
- Married children of the applicant between 18 years old and up to the age of 24 years old who are students.
A PRP can be revoked when the holder was granted a permanent residence permit in another country or when the holder does not visit Cyprus for a period longer than two years.
Permanent Residency Permit for Non-EU citizens:
- Citizens of third countries may apply for a PRP upon at least five years of uninterrupted legal stay in Cyprus and having held a Temporary Resident Permit for the entire preceding period.
- Non-EU family members eligible to apply for a Permanent Residency Card.
- The Permanent Residency Card is valid for five years and can be extended.
Permanent Residency Permit for EU citizens (Yellow Slip):
- EU citizens entering the Republic of Cyprus to work and plan to spend more than three months on the island need to register with the relevant authorities in Cyprus.
- Documents that need to be submitted along with the application:
- Valid passport or valid identification card.
- Certificate of Medical Insurance in the Republic.
- Rental Agreement or Contract of Sale.
- Payment of about €20.
- The application must be submitted before the end of the three-month period to the Civil Registration and Migration Department.
- The presence of each applicant is required at the Immigration Department in order to submit biometrical fingerprints.
- A copy of the employment agreement.
- The registration certificate ″yellow slip″ is issued within a time period of between two weeks and two months, depending on the backlog of the Immigration Department.
- The members of the family of a European national have the right to exercise an employment or self-employment activity in the Republic of Cyprus. This permit is reviewed after two years from the date of issue.
Should you require more expert guidance on the topic please contact Simon Zenios & Co LLC below:
Email: [email protected]
Telephone: +357 24 023370