PERMANENT RESIDENCY OVERVIEW
Cyprus Permanent Residency is a legal status which entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. It does not expire; therefore, the holder does not need to renew it. It is also known as a Cyprus immigration permit or unlimited residency.
The legal basis of the permanent residence scheme is Regulation 5 and 6(2) of the Aliens and Immigration Regulations.
Our services
Our team of immigration lawyers in Nicosia Cyprus, is ready to advise and prepare any the above permanent residency applications. We will support you through all the procedure from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications, collection of the PR cards.
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Permanent residency programs
A PR in Cyprus is divided into several main categories.
Permanent residency by investment
“Cyprus residency by buying a property” type of permits is for investors who purchase property in Cyprus and have sufficient income from abroad:
- Category 6.2 (Fast Track Permanent Residency) can be obtained by investing at least €300.000 (plus VAT) in a brand-new house or apartment in Cyprus.
- Permanent Residency Category F requires an investment in real estate of at least €100.000 (plus VAT) and annual income from abroad which covers living expenses while residing in Cyprus, without working or doing business. The required yearly income starts from €9568 for one applicant plus €4613 for each dependent person.
Here is an example of the Cyprus permanent resident card obtained through investment:
Residency with the right to work
This type of permits is for owners and employees of companies of foreign interests:
- Category C: Investors who work for their own company provided they bring from abroad a capital of about €260,000 which will be used for their company activities in Cyprus.
- Category E: Persons who have been offered permanent employment.
Other types of permanent residency in Cyprus
Permanent Residence by 5 years of stay
Non-EU citizens who had resided legally and continuously in Cyprus for five years before the filing of the application and had for the entire prementioned period valid Cyprus Temporary Residence Card, are entitled to apply for the so-called long-term residence permit.
Application procedure
The application to obtain a permanent residency can be submitted by the lawyer of the investor who does not need to be present at the submission. Those applications are only provided at the Civil Registry and Migration Department at Nicosia, not at district immigration units of each city.
After the submission, the applicants are required to give a photo and fingertips so that on approval, the residency cards can be issued. This can be done at any time before the final approval at any migration district unit in any city.
Below are the addresses of each city’s immigration unit.
Nicosia | Agamemnonos 6, Engomi, 2411 Nicosia |
Limassol | Franglinou Rousvelt 223, Zakaki, Building ¨D. Nikolaou¨, 2nd floor, 3046 Limassol |
Larnaka | Piale Piasha 75, 6027 Larnaka |
Pafos | Eleftheriou Venizelou & Kaningos 22, 2nd floor, 8021 Pafos |
Famagusta | Eleftherias 83, Tatolos Bld, Derynia Plaza, 1st floor, 5380 Derynia |
On approval, the lawyer will collect the PR cards.
Processing time
The fast-track Cyprus residency by investment is obtained in about two months. On approval, the lawyer can collect the cards on behalf of the investors.
It is estimated that the period for the examination of the application for permanent residency under category F shall be 18 months.
Cyprus government fees
The cost of the fast track permanent residency program is €300.000, and it does not include the following fees:
Applicant / applicants’ spouse / children under 18 | €500 for all €70 for each person for registration |
Adult children & parents (each) | €500 €70 for registration |
The fees are the same for Category F permits.
Benefits of Setting Up Permanent Residency in Cyprus
- Permanent residency in Cyprus is valid for life.
- The whole family and parents can apply to get a residence permit.
- A Permanent resident of Cyprus after completing five years (total of 1825 days) of legal stay in Cyprus is entitled to apply for Cyprus Citizenship.
- Residency card is obtained within two months through the fast-track process.
- PR holder might be eligible to apply for becoming a Cyprus Tax Resident, with the advantage of being exempt for worldwide dividend and passive interest income and from the profit of the sale of securities.
- PR holder benefits by the newly established General Healthcare system and is entitled to free healthcare.
- PR Category F is a flexible procedure which allows the holder to get a permanent residency in a European country with a minimal investment.
