Many people seek to live in Cyprus for various reasons, including relocation, business and investment opportunities, or retirement. While Cyprus offers both permanent residency permits and citizenship, there are notable similarities and differences between the two. Here’s a concise overview to help you decide which option suits your needs.
Key Points
- Your choice will depend on your situation and aims.
- Permanent residency is lifelong and does not require renewal.
- Permanent residency covers your spouse and dependent children, but not other relatives.
- Cyprus citizenship offers greater rights and opportunities than permanent residency, although the latter still provides many protections, including against discrimination.
- After living in Cyprus legally for eight years with permanent residency, you can apply for citizenship.
- For permanent residency, no Greek language test is needed, while citizenship applicants, particularly highly skilled workers, may have to take a language test.
Permanent Residency for Investors
Cyprus has a scheme allowing third-country nationals (TCNs) to obtain permanent residency through investment, commonly called the “golden visa.” While this does not grant citizenship outright, it allows for an application for citizenship after eight years of legal residence.
Requirements:
- Investment: At least EUR 300,000 needs to be invested in property or shares, plus VAT. Most applicants opt for the property as a living space and a solid investment.
- Income: A minimum stable annual income of EUR 50,000 is required, with additional amounts for dependents.
- Good Conduct: Applicants must have a clean criminal record and a good reputation.
Verification Process:
Some criteria must be updated periodically, including:
- Criminal record checks every three years.
- Annual maintenance of the investment.
- Health insurance coverage if not enrolled in the general health system (GESY).
The Application Process
To obtain permanent residency through investment, an investor must:
- Consult a lawyer for guidance on applicable criteria in Cyprus.
- Select an investment option.
- Secure a property and finalize the agreement, which requires approval from the Council of Ministers.
- Gather necessary documentation, including the translation and notarization of foreign documents.
- Submit the application (MIP1) in person or via a local representative to the Civil Registry and Migration Department.
- Upon approval, you will receive a Cyprus permanent residency card, which lasts for ten years but is renewable.
Once granted, you must enter Cyprus within a year and cannot be absent for more than two years; otherwise, your residency permit may be revoked.
Benefits of Cyprus Permanent Residency
Permanent residency in Cyprus offers numerous advantages, including:
- A conducive environment for business and entrepreneurship.
- Low crime rates and overall stability.
- A relaxed lifestyle with affordable living costs compared to other European regions.
- EU membership, ensuring security and a reliable political and financial framework.
- Favorable tax conditions, such as low corporate taxes and exemptions on certain earnings.
- Beautiful natural landscapes, a pleasant climate, and a vibrant expat community.
Other Paths to Permanent Residency
Additional routes to permanent residency are related to business or self-employment, including:
- Starting a business in agriculture or fisheries (EUR 430,000 investment).
- Establishing a mining business (around EUR 350,000).
- Working as self-employed, either independently or under a registered business.
- Securing permanent employment that meets local labor market needs.
Obtaining Cyprus Citizenship
Citizenship can be acquired through several pathways:
- Marriage to a Cypriot citizen for a minimum of three years.
- Having Cypriot ancestry.
- Naturalization by residing in Cyprus for a total of eight years.