Permanent Residence in Cyprus

Permanent Residence in Cyprus

Property purchases and lawful residence in Cyprus for more than five years are both ways to gain Cyprus Permanent Residency.

A person and their family members may apply for a Permanent Residency Permit in Cyprus either by purchasing real estate there (the fast-track option) or by living there lawfully for a continuous period of more than 5 years.

'Fast-track' permanent residency requires two months of residence

Purchasing a house in Cyprus is growing in popularity among foreign citizens looking to settle in the EU. Under Regulation 6(2), the Cypriot government has streamlined the application process for non-EU nationals looking to invest in Cyprus by awarding Permanent Residency Permits.

The following criteria must be met to be eligible:

1. Purchase a new residence in Cyprus for at least €300,000 (VAT excluded). The first €200,000 must be paid by the application filing date. Additionally, the acquisitions must be "first-time" transactions, which means they must be made from a real estate development business for the first time.
2. Open and keep a fixed deposit at a Cypriot bank for three years with a minimum balance of €30,000. Maintain a secured yearly income of at least €30,000 coming from sources outside of Cyprus. 
3. For each dependant and each parent included on the application, these amounts must grow by €5,000 and €8,000, respectively.
4. 'Fit and Proper' testing will be required of the candidate. He or she will need to present a certificate showing a clear criminal background to follow due diligence requirements.
5. To register biometrics, the applicant must travel to Cyprus once during the first year. Thereafter, they must travel there every two years.

Advantages of Cyprus's fast-track permanent residency

This procedure, which could be finished in as little as two months, will provide investors with EU residence in a safe and secure country that has one of the lowest crime rates in the EU.

Cyprus also has a very cost-efficient tax system, with favorable tax rates and a vast network of double tax treaties.

The opportunity to travel throughout the EU is a very alluring perk of Cyprus Permanent Residency for non-EU citizens. They will have the ability to enter many Schengen nations without a visa thanks to the permission.

'Normal-track' permanent residency requires one year of residence.

By Regulation 5(f), a national of a third country who leases or buys a home or apartment worth at least €300,000 may apply for permanent residence on a normal-track basis as long as:

1. They have a guaranteed annual income from sources outside of Cyprus of at least 10,000 euros approximately. The sum is enhanced by about €5,000 for each dependant included on the application; 
2. The applicant must not hold down a job in Cyprus and must get all of his or her income from legitimate sources overseas;
3. The application will also go through a Fit and Proper Test. 
4. Supporting documentation demonstrating that all of the family's financial demands are met satisfactorily is provided to verify that the income is stable and provides enough support for the applicant and their family.

The normal-track basis sets a lower yearly income criterion than the fast-track basis. Additionally, the standard basis is more flexible because it allows the applicant the choice to rent a house rather than buy one. The applicant will also be allowed to travel unhindered to and from Cyprus after applying.

• Non-EU nationals residing in Cyprus may apply for a permanent resident permit after being there lawfully for at least five years and having had a temporary resident permit for the whole time before.
• Family members of non-EU residents who reside in Cyprus and who are also non-EU nationals may also apply for a Permanent Residence Card, which has a 5-year initial validity period and is extendable.
• EU Citizens' Permanent Resident Permit (Yellow Slip)
• The Yellow Slip is the document needed by EU residents who wish to live and work in Cyprus for a period longer than three months.
• The Yellow Slip program offers EU residents the chance to live and work permanently in Cyprus without having to renew their visas.

Additionally, the applicant may add family members who will be permitted to live and work in Cyprus. Non-EU national family members will be qualified for the Pink Slip, a temporary, renewable document with a five-year expiration date.