Permanent Residency

Permanent residency status in Cyprus can be obtained through the Permanent Residency Programme. 

Cyprus has recently expanded the types of qualifying investments for non-EU nationals to obtain PR status under the ‘fast-track’ route from residential real estate to include commercial real estate. 

    The Investment – brief criteria

    Purchase a property at the value of a minimum of 300.000 + VAT 

    • An income certificate is required 
    • A clear criminal record is also required 
    • Proof that funds came to Cyprus from abroad 
    • Favourable tax system benefits 
    • May be eligible and apply to become a Cyprus Tax Resident with the advantage of favourable tax benefits 

    Procedure and timeframe 

    • 2-3 MONTHS 

    The application typically gets approved within 2-3 months from the application submission. Once approval has been granted, the applicant and family members must visit Cyprus within one year to receive the permit. 

     

    The permanent residency permit validity 

    • THE RESIDENCY PERMIT IS VALID FOR LIFE 

    A visit to Cyprus once every two years is required. Children up to 18 years of age are considered dependants but must reapply following their 18th birthday; thereafter the permit is valid for life. 

     

    Visa Requirements  

    • NO VISA REQUIREMENTS 

    The Cyprus permanent residency holder and their family are free to enter/depart Cyprus at their leisure, even during times of travel restrictions such as the recently experienced Covid-19 pandemic, permanent residency holders and their families were able to come and go as required. 

     

    Eligibility for citizenship (European Passport) 

    A Cyprus Permanent Resident has the right (subject to conditions) to apply for a Cyprus passport. 

     

    Other benefits of Cyprus Permanent Residency Programme include: 

    • 100% approval rate 
    • The parents and spouse (where applicable) of the applicant may apply for the Permanent Residency Permit 
    • Stable and secure jurisdiction based on UK and European standards 
    • The applicant is permitted to form a company in Cyprus 
    • Free education at a public national Greek school or select an International Private School (fees to be paid by the family). 
    • This programme includes dependants under the age of 25 years old with proof of full-time education (University). 
    • Dependants must hold a ‘Single’ marital status (must not have been married) 
    • Permits are issued within a short timeframe, usually 2 to 3 months. 
    • Lowest tax rates in the Europe. Corporate taxation currently at 12.5% 
    • Low crime rate. Rated one of the top 5 safest countries in the world 
    • Excellent education system 
    • Excellent national and private healthcare 
    • No inheritance tax 

     

    Request a Consultation

    The Island blue team is committed to offering the expert advice
    and support required to fast-track your enquiry.

    Contact us to assist you with any questions
    you have regarding purchasing property in Cyprus.
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