Cyprus Permanent Residency Permit (Fast Track Procedure)
Key Advantages of Cyprus
Cyprus is a European Union member state since 2004 and committed to become a Schengen Zone member within the year 2025. Cyprus is considered as one of the best 5 relocation destinations in the world.
Cyprus residents may also benefit from the most favorable tax system is the European Union, both for individuals and legal persons. Combined with the numerous double taxation treaties Cyprus tax system becomes even more attractive for high earners. The tax incentives include among others the 48 Double Tax Treaties, the low Corporate Tax (12.5%), the 0% withholding tax on dividends and the fact that Cyprus is an OECD compliant jurisdiction.
Cyprus is also know for the great public education it offers to its residents and it is among the top three countries in Europe in terms of the percentage of GDP spent on education. The high level of the higher and tertiary institutions of Cyprus, the low tuition fees and the fact that most programs of the Cyprus universities (public and private) are offered in English have established Cyprus as a regional education and research center.
Why apply for a permanent residence
- Permanent Residency: Holders can reside in Cyprus permanently without renewal requirements.
- Adult Children: The permit may be extended to all dependents of the main applicant and even to financially independent children;
- Quick Processing: The application is reviewed, and the permit is granted within a few months of filing.
How to apply
The applicant must meet one of the Investment Criteria, as well as the Qualitative Criteria of the program.
1. Investment Criteria
The applicant must make an investment of at least €300,000 in one of the following investment categories:
The applicant must invest at least €300,000 in one of the following categories:
(i) Investment in a House/Apartment: Purchase a new house or apartment from a land development company for at least €300,000 (plus VAT).
(ii) Investment in Real Estate (excluding houses/apartments): Purchase other types of real estate, such as offices, shops, hotels, or a combination of such developments, totaling €300,000. These properties can also be from the secondary market.
(iii) Investment in a Cyprus Company: Invest €300,000 in the share capital of a company registered, based, and operating in Cyprus, employing at least five people.
(iv) Investment in Cyprus Investment Organization Collective Investments: Invest €300,000 in units of Cyprus Investment Organization Collective Investments.
If the holder of the Permanent Residence Permit divests from the initial investment without an immediate replacement of equal or greater value that meets program conditions, the permit may be revoked for the applicant and their family.
Secured Annual Income: In addition to the investment, the applicant must demonstrate a secured annual income of at least €50,000. This amount increases by €15,000 for a spouse and €10,000 for each dependent minor child. This income can come from salary, pension, dividends, deposits, rent, etc., originating from abroad.
The total income can include the combined income of the applicant and their spouse. If the investment is in categories (ii), (iii), or (iv), income can also come from activities within Cyprus.
2. Qualitative Criteria
- Clean Criminal Record: The applicant and their spouse must provide a clean criminal record certificate from their country of residence or Cyprus if they reside there.
- Health Insurance: The applicant and dependent family members must have health insurance covering inpatient and outpatient care.
- Employment Restrictions: The applicant and their spouse must commit not to work in Cyprus, except as Directors in the company they have invested in under the program. They can be shareholders in Cypriot companies and board members without compensation.
If investing in categories (ii), (iii), or (iv), the applicant must provide details (title deed, sale contract, or rental agreement) about their residence in Cyprus.
Real estate purchases are accepted if made in the name of a legal entity, provided the applicant and/or their spouse are the sole shareholders or ultimate beneficial owners, and the entity is legally established in Cyprus or another EU/EEA member state.
Adult Children
Dependent Children (18-25): Unmarried children between 18 and 25 who are financially dependent and studying abroad can apply for their own permit, with the parents showing an additional annual income of €10,000 per child. If studying in Cyprus, they need a temporary residence permit and can apply for a permanent residence permit after completing their studies. This permit remains valid even if they exceed 25, marry, or become financially independent. However, their spouses or children cannot be added as dependents.
Financially Independent Adult Children: Children over 18 and not financially dependent can also be granted a permit, provided a higher value investment is made. The investment amount increases by multiplying the base investment of €300,000 by the number of adult children included in the application.
Time Frame
It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.