Getting a Cyprus PML - how does it work in 2023?

Permanent residence in Cyprus is a permanent resident status, which allows you to legally reside, work, study in the country, and register a company. Registration of a permanent residence permit is one-time, every 5 years it is necessary to renew the document confirming the status.

A permanent residence permit practically equalizes the resident in rights with the citizen, but with minor amendments: with a permanent residence permit is prohibited to be employed in the state bodies and it is impossible to stand for election.

Permanent residence permit of Cyprus - why do you need it?

The main advantages of the status:

• Visiting the island if desired, even if it is closed to foreign citizens. Living on the territory of the country is allowed for an unlimited period.
• CoML for the whole family. It is possible to apply not only for yourself but also for family members. The candidate is allowed to inscribe in the petition husband/wife and children.
• Loyal tax climate. There is no taxation on out-of-country income and inheritance. The corporate tax rate is 12.5%, the lowest among European countries today.
• A chance to continue the migration path. Permanent residence status allows you to apply for citizenship in the future. The minimum condition is to live in this status in Cyprus for 5 years. If you register a marriage with a local citizen, you can apply for a passport after 3 years.
• Access to quality medicine. Free medical care is available to the holders of the residence permit.
• Opportunity to transfer an existing business or register a company.
• Permanent residence for investment. You can get a new status in Cyprus quickly and for money. The minimum contribution is from 300,000 €. 

In 2023 there are 3 legal methods to obtain a permanent residence in Cyprus. Specialists licensed agency GARANT IN analyzed each of them and prepared a complete review.

Permanent residence in Cyprus for investment

Registration of status from 3 months.

Permanent residence can be granted to individuals investing in the island's economy from 300,000 €. The main requirements for investors:

1. have reached the age of majority;
2. legal annual income from 50,000 €;
   no problems with the law and criminal record;
3. in possession of personal real estate or taken on a long-term lease;
4. have no diseases that are a threat to society;
5. a registered health insurance policy.

Together with the investor, a spouse and minor children may apply for the new status. Children who have reached the age of majority can receive a residence permit if they are financially dependent on the applicant. In this case, the investor needs to confirm the annual financial support for the husband/wife - from 15 000 € and 10 000 € for each child. 

To maintain the new status, the investor with his family is enough to come to Cyprus once every six months.

The program of obtaining a residence permit for investment involves several options for participation:

1. Buying residential or commercial real estate is the most popular way. The investor is allowed to buy 1 or 2 properties. When buying two properties, it is necessary to purchase real estate from one developer. Residential properties should only belong to the primary market, there are no restrictions for commercial real estate. 
2. Purchase of shares in any Cypriot company that is actively engaged in profitable activities. The company must have at least 5 employees.
3. Acquisition of securities through the Cyprus Collective Investment Organization in the form of AIF, AIF, LNP, and RAIF.

Permanent residence in Cyprus on an immigration permit

It will take between 12 and 18 months to formalize the status.

Who can get this type of residence permit:

1. Professionals. The residence permit is available to foreign residents who have been invited to take up a position in a Cypriot company. Employers are allowed to hire foreigners if they have not found employees with the necessary qualifications and experience in Cyprus or EU countries. The employer needs to submit a draft contract with the employee to the Cyprus Ministry of Labor. Each case is considered by the authorities separately, after which an employment decision is made.
2. Financially Independent Persons. A resident of any country has the right to apply for a residence permit if he/she has a stable, legal, passive income outside the island (it is possible from several sources). The minimum annual income starts from 9568 € per applicant and 4613 € for each family member. The income mustn't include wages.
3. Entrepreneurs. A residence permit can be issued to businessmen working in strategically important island sectors of the economy. The activity of the firm mustn't negatively affect the economy of the country. The initial amount of the authorized fund may be reduced or adjusted after approval of the Migration Control Committee.

Permanent residence in Cyprus through naturalization (5 years of residence)

The period of processing the status from 6 months.

If the applicant has lived in Cyprus for 5 years in the status of a residence permit without violating the conditions for obtaining the card, he/she can apply for a permanent residence permit. It is important that the applicant spends a minimum of 183 days in the country annually and does not leave the island for more than 90 consecutive days.

Grounds for obtaining a permanent residence permit:

1. Availability of a Visitor's Residence Permit or Pink Slip. Issued to foreigners with sufficient income from abroad. Financial capacity must cover 100% of the needs of the applicant and his family. The residence permit is valid for one year, but it is allowed to be prolonged. With this type of residence permit, it is prohibited to be employed in a company in Cyprus.
2. Residence permit for family reunification. Can be obtained by relatives of a resident or citizen of Cyprus: spouses, children under 18 years of age, and relatives with immigration authorization for permanent residence. Adult applicants must be financially dependent on the person with whom they are reunited.
3. Worker Residence permit. Many qualified employees can apply for a Cyprus residence permit for up to 4 years without the right of prolongation. There is a list of professions with an indefinite residence permit: employees of the agro-industrial complex, chefs, athletes, and coaches.

What documents are required to obtain a residence permit in Cyprus?

The standard list looks like this:

• Application form corresponding to the type of residence permit.
• Copy of a valid resident passport for each applicant.
• A copy of a passport for each applicant.
  Detailed curriculum vitae of the applicants.
• Marriage certificate.
• Birth certificate of children.
• Documents confirming the absence of criminal record - original.
• Biometric data.
• Tax return from the country where the applicant is a tax resident.
• A document confirming the ownership of real estate in Cyprus or a long-term lease agreement.
• In case of ownership of real estate, a receipt of payment. Important! It is necessary to confirm that the amount for the purchase came from abroad.
• A bank statement confirming the solvency of the applicant.

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

Reasons for refusal of a Cyprus residence permit

The Cypriot authorities scrutinize all applicants thoroughly. The most common reasons for refusal:

• the source of income is not documented, the origin of finances is questionable;
• the papers are filled out incorrectly or forged;
• the applicant has a criminal record and an active criminal record;
• the applicant is recognized as a person who poses a threat to national security.

A residence permit can be revoked if a foreign citizen does not comply with the conditions for obtaining the status. For example, an investor has sold real estate before obtaining a passport, or a qualified employee has been dismissed/retired from a Cypriot company.

Obtaining a new status is a complex legal procedure with many subtleties and nuances. It is difficult for a non-professional to understand on their own, which is fraught with financial and legal risks. A licensed agent GARANT IN will provide comprehensive assistance to clients. We will help to choose the best migration route, help collect and execute documentation, select real estate, and expertly solve a lot of other related issues.