How to get Permanent Residency in Cyprus for 2 months

2020 brought many surprises and clearly showed that low taxes, good climate, high-quality medicine and English education system for children are not a luxury but a vital necessity. We have collected everything you need on how to obtain permanent residence in Cyprus with up-to-date information for 2021. Brief, simple to understand and with a checklist at the end of the article to make it easier to check.

1. Buy real estate property or shares

Money for real estate investments or shares must be transferred to Cyprus from abroad.

The market value of the purchased residential or commercial real estate is not less than € 300 thousand, excluding VAT. You need to pay at least € 200 thousand from this sum, excluding VAT, even if the property is not commissioned yet.

Real estate property can be bought in your own name, the name of your spouse or a company if you or your spouse are its only shareholders or ultimate beneficiaries. The purchase agreement or title to property must be registered at the Department of Land and Surveys.
For shares of local companies you’ll need the same € 300 thousand or more.

Residential Properties
When buying a residential property we take into account:
  • one or two houses or apartments;
  • a house or apartment and a shop up to 100 m²;
  • a house or apartment and an office up to 250 m².

Only properties sold for the first time are suitable.
We have a large relevant database of residential real estate in Cyprus and we will help you to choose the best options that meet the requirements for obtaining permanent residence.

Commercial real estate
When buying commercial real estate we take into account:
  • offices;
  • shops;
  • hotels.

You can buy one or more properties on the primary or secondary market.
Restaurant Wolfgang’s Steakhouse, Limassol, €3 600 000
Shares of Cypriot companies

If you buy shares the company must:
  • be registered in Cyprus;
  • have aт office on the island;
  • employ at least 5 people in Cyprus.

2. Confirm your income

You need to confirm that you have a guaranteed annual income of at least € 30 thousand. Plus € 5 thousand for a spouse and each child under 18.

Only foreign income of spouses is taken into account:
  • salary, pension;
  • dividends on shares, coupons on bonds;
  • income from deposits and rent.

3. Non-financial requirements

You need to take certificates of criminal record (for you and your spouse) at the place of your residence, translate them into English and certify the translation with an apostille.

You must also confirm that you do not plan to work in Cyprus. There is only one exception — you can have a managing position in the Cypriot company you are investing.

Who can get Permanent Residency?

You (as an investor), your spouse and children under 18 will obtain a permanent residence permit in Cyprus.

If your spouse needs a separate residence permit, just submit two applications. She does not need to fulfill investment and financial conditions as real estate not cheaper than € 300 thousand, a deposit of € 30 thousand and a guaranteed annual income of € 30 thousand are required for a couple.

Children under 18 are included in parental residence permits for fee.

Adult children and permanent residency
Investor's unmarried children aged 18-25 can also apply for permanent residence if they are full-time students abroad and are financially dependent on their parents. In this case, your required annual income is increased by € 5 thousand for each child.

Permanent residence permit will stay valid even when the owner turns 25, gets married and becomes financially independent, but will not apply to future spouses and children.

Investor's parents and permanent residency
To get permanent residence for your parents you only need an additional annual income of € 8 thousand for each of them.

How to apply?
  • fill out a MIP1 application form;
  • attach a document confirming a bank transfer of money for investments in Cyprus from abroad;
  • attach a title of ownership or contract of sale of property in Cyprus, as well as confirmation of payment of at least € 200 thousand excluding VAT or supporting documents for the purchase of shares;
  • attach documents confirming permanent foreign income of at least € 30,000 plus € 5,000 for the spouse and each of the children and € 8,000 for each of the parents;
  • attach Criminal Record Certificates and official statements that you and your spouse do not plan to work in Cyprus;
  • attach copies of passports, curriculum vitae, marriage certificate, birth certificates of children; documents in Russian must be translated into English and bear the apostille stamp;
  • pay a single fee of € 500 for yourself, your spouse and children under 18 and the registration fee;
  • pay additional € 500 for each of the children 18-25 years old and parents applying for permanent residence;
  • submit the entire package of documents in person, through a representative or by mail to the Civil Registry and Migration Department.
It looks hard for an unprepared person, but we will help to collect all the documents so that they will be accepted quickly, without delay and on the first try.

How long does it take to get permanent residency?

If all documents are fine the application will be checked for no more than two months. After the approval of the application, you need to come to Cyprus within a year and obtain a residence permit.

Each family member who receives a residence permit must come to Cyprus at least once every 2 years; otherwise his permanent residence will be canceled.
Each family member who receives a residence permit must come to Cyprus at least once every 2 years; otherwise his permanent residence will be canceled.
Memo
Cyprus is a reference standard of the European Union with modern medicine, education, low taxes, and a wonderful Mediterranean climate. Getting permanent residence here is not an easy task, but it is worth it.

It would be our pleasure to assist your move and take over the entire procedure so that the preparation passes as smoothly as possible. We will help you with all instructions and documents as well as select the best real estate for living and investment.

Here you go with our checklist for obtaining permanent residence.

To get permanent residency in Cyprus:
  • buy shares of Cypriot companies, commercial or residential real estate for € 300 thousand or more;
  • confirm annual income of at least € 30 thousand plus € 5 thousand for your spouse and each child, € 8 thousand for each of your parents applying for permanent residence;
  • take a Criminal Record Certificate.

Permanent Residency is available for:
  • you (as an investor), your spouse and children under 18;
  • children 18-25 years old ( if studying at a university outside Cyprus);
  • your and your spouse's parents.

Application procedure:
  • fill out a MIP1 application form, attach all required documents;
  • pay all government and registration fees;
  • submit all you documents to the Civil Registry and Migration Department of Cyprus;
  • wait for an approval for 2 months;
  • come to Cyprus within a year and obtain a residence permit.
  • come to Cyprus at least once every 2 years to keep your permanent residence permit.

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