Permanent Residency – Fast Track Republic of Cyprus

Acquiring an Immigration Permit

An Immigration Permit gives an Non-EU national the right to permanently reside in Cyprus; it excludes you from any Immigration entry procedures and controls. Your family can also obtain it (married spouse, children under 18 years old and financially dependent children up to 25 years old).

The main benefit of the Fast Track Permanent Residence Permit is that it is granted within 2-3 months, for an indefinite duration.

Eligibility

All third country nationals who meet the criteria and terms set out in the scheme are eligible for acquiring an Immigration Permit for Cyprus

Financial Criteria:

A non-Cypriot citizen, who meets the following criteria may apply for the acquisition of an Immigration Permit:

• Deposit minimum capital of €30.000 into a bank account in Cyprus, which will be pledged for a period of at least three years
• Provide evidence of a secure annual income of at least €30.000 (+€5.000 for every dependent person – spouse and children – and +€8.000 for every dependent parent or parent-in-law)
• Purchase residential real estate of total market value of at least €300.000 (+VAT). Payment receipts submitted with the application should amount to at least €200.000 (+VAT)

Other Terms and Conditions:

• The Immigration Permit does not allow the undertaking of any form of employment in Cyprus
• Holders of an Immigration Permit must visit Cyprus once every two years

Procedure

• A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30,000 is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
• A clean criminal record certificate issued by the applicant’s country of origin;
• A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus;
• No sanction order to have been issued against him/her or any dependent;

Once the completed application has been submitted to the authorities, a decision is reached within 2 months.

Family Members:

• Spouse and financially dependent children: Immigration Permits are also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or between 18 and 25, provided that they are unmarried, students), upon payment of the relevant fee
• Parents/Parents in Law: The applicant’s parents may also be granted an Immigration Permit with the submission of an application and payment of the relevant fee
• Non-financially dependent children: An Immigration Permit may also be granted to non-financially dependent children of the applicant over the age of 18, provided that the market value of the acquired real estate attributed to each child is at least €300.000 (+VAT)