There are two procedures for applying for a permanent residence permit:
- Standard (the application process can take up to 1 year);
- Fast Track, with a processing time of about two months after the application, is submitted.
Standard procedure for obtaining a permanent residence permit in Cyprus
In obtaining a permanent residence permit in Cyprus through an investment in real estate through the standard procedure, you need to buy a house worth 150,000 euros, live in it, and not rent. Your annual income should not be less than 10,000 euros for you and not less than 5000 euros for each family member. Moreover, you are not allowed to work on the island as an employee, but you can open a company and receive profits from it in the form of dividends.
Fast Track procedure for obtaining a permanent residence permit
To pass the accelerated procedure through the investment, you need to purchase real estate for 300,000 euros plus VAT. Moreover, the first 200,000 euros must be paid before the application, and the money must be transferred from abroad. Your home can only be new. The other conditions are the same as for the standard procedure.
Who can get the Cyprus permanent residence permit with you:
- a spouse;
- each dependent child (up to 25 years of age, provided that the child is studying at university while the child is financially dependent on the parents and has not created their own family);
- a disabled child of any age.
What documents do I need to get a permanent residence permit in Cyprus?
You do not have to come to the island to apply. You can use it entirely remotely. The list of documents for both methods of application will be the same:
- application form MIP1;
- a bank transfer form from abroad;
- contract for the purchase of real estate or other assets for the required amount;
- certificate of annual income;
- certificate of no criminal record;
- application for refusal to work for hire;
- copies of: passports, marriage certificates, and birth certificates of children.
Necessary: All documents must be translated into English and apostilled.
You can submit all these documents in person, through a representative, or by mail to the Civil Registry and Migration Department.
We, SPM Real Estate Company, will be happy to take care of these worries, help you choose the best property for your investment, advise you and fully supervise the process of obtaining a permanent residence in Cyprus.
These are the steps that will be taken:
- Verification of legitimacy of income and due diligence for approval of the source of income for obtaining a permanent residence permit.
- Collection of documents, their translation into English, and apostille.
- Opening an account in a local bank and transferring 30,000 € to it.
- Buying the property that suits your needs perfectly. We can find you the best options.
- Submission of the contract of sale and ownership documents to the Land Department of the island.
- Submission of an application for permanent residency at the Civil Registry and Migration Department. Waiting for the Ministry of Interior to review the application within 2 months.
- Obtaining the status and arrival of your family on the island within a year to pass the biometric data.
Contact the SPM Real Estate team, and we will help you through the procedure of obtaining a permanent residence in Cyprus.
What gives a permanent residence permit in Cyprus?
Obtaining permanent residence in Cyprus (permanent residence) gives foreign nationals several benefits and opportunities, including:
- Free Residency: Foreign nationals with a permanent residence permit can reside freely in Cyprus without renewing their residency status. However, starting from May 2, 2023, when applying for Cyprus permanent residency for investment after the adopted changes, you will have to provide annual information that you keep the investment, you have the necessary income per family, all family members have health insurance or GESY, and provide certificates of criminal record from all adult family members.
- Access to local health care: You will get access to local health care services and programs under the same conditions as residents.
- Right to Family Reunification: You can be reunited with your family, including your spouse and minor children.
- Access to quality education: You will have access to local educational institutions, including schools, colleges, and universities. Public education institutions will be free for you, just like the Cypriots.
- You are entitled to visa-free travel to the European Union for up to 90 days within each 180 days. However, if you are a citizen of a country that does not have a visa-free regime, you will, in any case, need a visa to visit the Schengen area, as Cyprus is not part of Schengen.
- Preferential taxation. A permanent residence permit holder in Cyprus is entitled to preferential tax treatment for several taxes, including income, inheritance, and dividends.
- Simplification of procedures for obtaining residence permits in other countries of the European Union, as Cyprus is a member of the European Union.
In general, obtaining a permanent residence permit in Cyprus gives foreign nationals a stable and secure residence status and several opportunities for work, business, education, and social integration.
Investment Residence Permit of Cyprus: How to Get Permanent Residence for Investments
As we have mentioned, the Investment Permanent Residence (IPR) in Cyprus is one of the most popular ways of obtaining a permanent residence on this island. The permanent Residence for Investment program provides an expedited procedure (about 2 months) for foreign citizens who invest significant money in the Cypriot economy. Here are the main stages of the Cyprus permanent residency program for investment:
- Investing in real estate or other assets in Cyprus. Contributing a certain amount of money to the country’s economy is necessary. The minimum investment amount is 300,000 euros plus VAT, which can be invested in purchasing real estate, securities, businesses, and other assets.
- Application. After investing, it is necessary to apply for a residence permit. The application can be submitted in person or through a representative who will act on behalf of the applicant.
- Applicant Inspection. Before status is granted, the applicant must go through an inspection that verifies that they have met the necessary conditions, including compliance with tax and immigration laws.
- Issuance of the IEP. After successfully passing the inspection, the applicant is granted a permanent residence permit in Cyprus.
It is important to note that the program of investment receipt of permanent residence in Cyprus may have additional requirements and conditions that must be met, such as keeping the investment for a certain period, compliance with tax legislation, and others. For more information, please consult SPM Real Estate specialist, as we have closed many such cases in our practice.
Requirements for obtaining a Cyprus permanent residence permit for real estate investments
The Cabinet of Ministers of Cyprus has considered and adopted new rules for issuing residence permits, which came into force on May 2, 2023. According to the new criteria, the amount of investment in real estate or a Cypriot company with at least five employees remains the same — 300,000 euros plus VAT. However, there are other requirements:
- The annual income required to obtain a permanent residence permit was raised to 50,000 euros for each applicant (previously, it was 30,000).
- 10,000 euros for each minor child (previously 5,000).
- 10,000 euros for each adult dependent child under the age of 25.
- 15,000 euros for a spouse (previously 5,000).
- It must be confirmed annually that the annual income remains at this level and the applicant possesses the property or company acquired.
- The applicant’s parents and spouse are no longer eligible to apply for a Permanent Residence Permit; only the applicant’s immediate family — the marriage partner and dependent children, including adults from 18 to 25 years of age, provided they are students, have no family of their own and are financially dependent on their parents.
The Minister of Interior will approve applications for investment residence permits. A state fee of 500 euros for the applicant and 70 euros for each dependent will be charged for each application. The process of obtaining the status will take 2 months.
If you are going to get a Cyprus permanent residence permit for an investment, we also advise you to consider the following points:
- Funds for investments must come from the account of the principal applicant or his/her spouse, but only if the spouse is included as a dependent on the application.
- The applicant’s annual income can only be proven through his/her tax return from the country of tax residency.
- When applying, all adult applicants must provide a certificate of no criminal record from their country of origin and their country of residence, if different.
- All family members must provide a health insurance certificate covering inpatient and outpatient care.
- The property you buy must be used as your residence and have enough bedrooms for all family members.
You can read more about the new criteria on the official website.
If you have questions or need accompaniment for Cyprus permanent residency, please contact SPM Real Estate.
FAQ
What documents do I need to get a permanent residence permit in Cyprus?
To obtain a permanent residence permit in Cyprus, the following documents must be submitted:
- application for a permanent residence permit;
- a copy of a passport with a valid visa;
- a copy of the birth certificate;
- a copy of the marriage certificate (if any);
- copy of the certificate of divorce (if any);
- certificate of no criminal record from any country in which the applicant has resided for more than 6 months after they reach 18 years of age;
- medical certificate;
- proof of sufficient funds for living in Cyprus.
How long does it take to get a permanent residence permit in Cyprus?
The period for obtaining a permanent residence permit in Cyprus can vary from 2 to 6 months, depending on the complexity of each case.
Can I get a permanent residence permit in Cyprus if I do not live on the island?
Yes, you can. However, to get permanent residency in Cyprus, you must submit all necessary documents, including a certificate of criminal record, medical certificate, and other documents, and visit Cyprus at least once to submit an application and obtain biometric data.
What are the possibilities for obtaining Cypriot citizenship after getting a permanent residence permit for investment?
With a permanent residence in Cyprus, a foreign investor can apply for Cypriot citizenship through the naturalization program. To do so, it is necessary to meet specific requirements such as owning a property in Cyprus of a particular value, living on the island for at least 1 year, passing Greek or English language exams, etc. However, acquiring the citizenship of Cyprus through the naturalization program is possible only after a certain period of residence on the island and compliance with certain conditions.
Can I get a permanent residence permit in Cyprus for an investment if I do not plan to live in Cyprus permanently?
There is no requirement to reside on the island to obtain a permanent residence permit in Cyprus under the investment program. However, when staying in the country for more than 183 days per year, a foreign investor must register with the local tax authorities and pay the appropriate taxes. Also, to maintain a permanent residence in Cyprus, a foreign investor must enter the island at least once every 2 years.
Disclaimer
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