How to Obtain Permanent Residency in Cyprus

Cyprus Permanent Residency (PR) is a status that allows individuals to legally live, work, study, and start a business in the country. The PR status is granted once, but the document confirming it must be renewed every five years. PR almost equals the rights of residents to citizens, with minor exceptions: PR holders are prohibited from working in government positions and cannot run for office.

Cyprus Permanent Residency – Why Do You Need It?

Key benefits of the status include:

• Visiting the island anytime, even if it’s closed to foreign nationals. You can live in the country for an unlimited period.
• PR for the whole family. You can apply not just for yourself but also for your family members. The applicant is allowed to include a spouse and children in the application.
• Favorable tax climate. There is no taxation on income earned outside the country, and no inheritance tax. The corporate tax rate is 12.5%, one of the lowest in Europe.
• A chance to continue your immigration journey. PR status allows you to apply for citizenship after five years of residency. If married to a Cypriot citizen, you can apply for a passport after three years.
• Access to quality healthcare. PR holders can receive free medical care.
• Opportunity to transfer or start a business.
• PR through investment. You can quickly obtain PR in Cyprus by investing. The minimum investment starts at €300,000.

In 2023, there are three legal methods to obtain Cyprus PR. Experts from the licensed agency GARANT.IN have analyzed each option and provided a full overview.

Cyprus PR Through Investment

PR can be obtained in as little as 3 months.

Individuals who invest in Cyprus’ economy starting from €300,000 can apply for permanent residency. The main requirements for investors are:

• Be of legal age;
• Have an annual legal income starting from €50,000;
• No criminal record or legal issues;
• Own or lease real estate for a long-term period;
• No health issues that pose a threat to the public;
• Have valid health insurance.

Along with the investor, their spouse and minor children can also apply for PR. Children over 18 can receive PR if they are financially dependent on the applicant. In this case, the investor must confirm an annual financial provision of €15,000 for the spouse and €10,000 for each child.

To maintain the new status, the investor and their family need to visit Cyprus once every six months.

The investment program for PR includes several participation options:

• Purchase of residential or commercial real estate – the most popular method. The investor may buy one or two properties. If purchasing two properties, they must be from the same developer. Residential properties must be new, while there are no restrictions on commercial properties.
• Buying shares in any Cypriot company that is active and profitable. The company must employ at least five employees.
• Acquiring securities through a Cypriot collective investment organization such as AIF, AIFLNP, or RAIF.

Cyprus PR Through Immigration Permit

PR can be obtained within 12 to 18 months.

Eligible applicants include:

• Specialized professionals. PR is available to foreign residents invited to take up a position in a Cypriot company. Employers can hire foreigners if they cannot find employees with the required qualifications and experience in Cyprus or the EU. The employer must submit a draft contract to the Cypriot Ministry of Labor. Each case is reviewed individually before a decision on employment is made.
• Financially independent individuals. Residents of any country can apply for PR if they have a stable, legal passive income from outside Cyprus (from multiple sources). The minimum annual income starts at €9,568 for the applicant and €4,613 for each family member. The income must not come from wages.
• Entrepreneurs. PR can be granted to business owners in strategically important sectors of the economy. The company’s activities must not negatively impact the country’s economy. The initial share capital may be adjusted after approval by the Migration Control Committee.

Cyprus PR Through Naturalization (5 Years of Residence)

The status can be obtained in 6 months.

If the applicant has lived in Cyprus for 5 years under a valid residence permit without breaking the conditions, they can apply for PR. The candidate must spend at least 183 days annually in the country and not leave the island for more than 90 consecutive days.

The grounds for PR eligibility are:

• Holding a visitor residence permit (Pink Slip). Issued to foreign nationals with sufficient income from abroad. The financial means must fully cover the applicant's and their family's needs. The residence permit is valid for a year, but it can be extended. This type of residence permit does not allow employment in Cyprus.
• Residence permit for family reunification. Available for relatives of a Cypriot resident or citizen: spouses, children under 18, or relatives with immigration permits. Adult applicants must be financially dependent on the person they are reuniting with.
• Work residence permit. Many qualified employees can obtain a work residence permit for up to 4 years without the option to extend. Some professions qualify for an indefinite residence permit: agricultural workers, chefs, athletes, and coaches.

Whichever status you choose, we recommend obtaining it with professional assistance. Experts from the GARANT.IN migration agency are familiar with all aspects of local legislation and will provide professional support at any stage of your immigration journey – gathering and filing documents, filling out forms, finding and purchasing/renting property, opening bank accounts, and helping you adapt to life in a new country.

Documents Required for Obtaining Cyprus PR

The standard list includes:

• Application corresponding to the type of residence permit.
• Copy of the resident’s valid passport for each applicant.
• Copy of foreign passport for each applicant.
• Detailed biographical reports of the candidates.
• Marriage certificate.
• Birth certificates of children.
• Documents confirming no criminal record – original.
• Biometric data.
• Tax return from the country where the applicant is a tax resident.
• Document confirming ownership of property in Cyprus or a long-term lease agreement.
• Receipt for payment for the property. Important! Proof that the purchase funds came from abroad is required.
• Bank statement confirming the applicant's financial capability.

Depending on the type of residence permit and each individual case, additional documents, forms, and certificates may be requested. All official documents obtained outside Cyprus must be translated into English and apostilled.

Reasons for Denial of Cyprus PR

The Cypriot authorities thoroughly examine all applicants. The most common reasons for denial include:

• Source of income is not documented, or its origin is questionable;
• Documents are filled out incorrectly or falsified;
• The applicant has a criminal past or an active conviction;
• The candidate is considered a threat to national security.

PR may be revoked if a foreign citizen fails to meet the conditions of the status. For example, if the investor sells the property before receiving a passport, or if a qualified employee is dismissed or resigns from a Cypriot company.

Obtaining PR is a complex legal process with many details and nuances. Without professional assistance, it can be difficult to navigate, leading to financial and legal risks. Licensed agents from GARANT.IN provide comprehensive support to clients, helping to choose the optimal migration path, gather and file documentation, find property, and resolve a wide range of related issues.

Fast-Track Cyprus PR for Investors

The suspension of Cyprus' citizenship by investment program has led to several changes in the conditions for granting PR in the Republic. The new rules officially came into force on March 24, 2021, aimed at attracting foreign capital to offset the financial losses from the cancellation of the investment passport program. This was achieved by expanding options and easing requirements for applicants.

Accelerated Cyprus PR Mechanism

Adult citizens of third countries, as well as their family members – spouse, children under 18, and children up to 25 who are financially dependent – can apply for PR through the investment program by purchasing real estate.

The investor can include financially independent adult children in the application by increasing the amount of the investment. The investments can be made jointly in the name of both the applicant and the financially independent child or solely in the name of the main investor. The annual income for each of them must be at least €30,000 (with an additional €5,000 for each dependent).

Program Options

• Investment in residential real estate of at least €300,000 (excluding VAT). Purchasing two properties from different developers is allowed, provided the minimum investment is met.
• Commercial real estate investment in various types, with the option to combine them, totaling at least €300,000 (excluding VAT). There are no restrictions on purchasing secondary market properties for commercial real estate.