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Permanent Residency In Cyprus

For those planning a future in the EU, permanent residency in Cyprus is an important first step.

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Cyprus Permanent Residency

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View All Properties for Sale in Cyprus

Residency permits can be issued within just two months for investors, giving the holder – and family – the right to reside in Cyprus and access to the EU.

Permanent Residency in Cyprus offers a number of important benefits:

  • Family included
  • Residency permit within just two months
  • EU citizenship after seven years
  • Business and tax advantages
  • No requirement of residency
  • Quick and easy travel to Europe

Residency via investment

Permanent residency in Cyprus is available to investors from all over the world via a secure investment in a desirable asset class (property). Any investor making one or more investments totaling in excess of €300,000 in the Cyprus property market is entitled to apply for permanent residency.

Cyprus – gateway to the EU

Cyprus has been a full EU member state since 2004 and joined the EU Monetary Union in 2008. It sits at the crossing points of Europe, Africa and Asia, geographically and strategically advantageous for those looking to enjoy the benefits of the EU region.

Why Cyprus?

In addition to a wealth of natural beauty, Cyprus has a welcoming economy for foreigners. High standards of living combined with low costs provide an easy transition environment for international arrivals from anywhere in the world. Cyprus has a British education system, high standards of healthcare, and English is widely spoken across the country.

Cyprus residency, tax and business

The local economy in Cyprus is open to a wide range of business ownership and residency permit holders are able to own a business in Cyprus. Corporation tax in Cyprus is low – just 12.5% on net profits – and non tax residents enjoy 0% on dividends. As a result, Cyprus offers an ideal environment for tax efficient business, whether a company is set up as an intermediary for exports from a home state, or for another purpose.

Non tax residents who spend less than 183 days in Cyprus don’t pay tax on worldwide income, only on income derived from Cyprus (excluding dividends). Cyprus also has a comprehensive network of double tax treaties.

The benefits of residency

Obtaining Cyprus residency provides the option to live in Cyprus – with family, as well as opening the door to 168 countries of the EU. There are some life-changing advantages to applying for permanent residency in Cyprus.

Speed. Residency applications take just two months to consider.

Flexibility. There is no need to live in Cyprus to obtain residency. Only a single day visit once every two years is required.

Insurance policy for the future. The option for an investor and family to move to Cyprus at any time.

Long term residency. After five years, applications can be made for long term residency, which has similar benefits to being an EU citizen.

Access to EU citizenship. After seven years of residency, EU citizenship applications can be made. EU citizens can live, work or attend an educational institution anywhere within the EU.

Simple process. There is no requirement for language proficiency, education certificates or the completion of a medical examination to obtain residency.

Family benefits. Three month visas can be provided to family members wishing to visit Cyprus for a holiday. Ascendants and second in line relatives can visit to live, holiday or work in Cyprus with a few additional documents.

Tax benefits – Cyprus has no inheritance tax and offers beneficial corporate tax rates, as well as no tax on worldwide income for non tax residents.

Financial security – a solid investment in a desirable asset class that could yield its own income.

Who qualifies?

Permanent residency in Cyprus is open to investors from all over the world. There are no requirements for medical certification or language ability and the opportunity is open to residents of all countries.

In addition to the investor, residency is also available to a spouse, minor children and unmarried dependant children. Residency is also available for adult children under the age of 25 who have studied in Cyprus. Additionally, it can include parents, both of the investor and the investor’s spouse.

Once residency has been granted is it permanent and there is no requirement to renew.

The property investment

The key element of obtaining residency in Cyprus in this way is the property purchase. The value of the property (or total properties) should be more than €300,000, excluding VAT. The property can be purchased in the investor’s name. It can also be purchased by a company, as long as that company is held in the name of the investor or spouse and there are no other shareholders. Under the scheme the following can be purchased:

  • Up to two residential properties, or
  • One residential unit and one shop (with a maximum area of 100sqm), or
  • One residential property and one office (with a maximum area of 250sqm).

The fast track process

Once the property purchase is made, and residency documents (below) are submitted, a residency permit should be approved within two months. Once the permit has been approved, the investor must collect the permit card from Cyprus within a year.

The documents required

  • Alongside the application form for residency there are a number of other documents to submit.
  • A contract of sale (this must also have been submitted to the Cyprus Department of Land and Surveys)
  • Proof of payment of at least €200,000 (excluding vat)
  • A statement of deposit showing at least €30,000 has been deposited in a Cypriot bank account. This deposit is locked for three years and then released.
  • A declaration of annual income, from a legitimate source, outside of Cyprus for a minimum of €30,000 with an additional €5,000 per dependent applicant, and €8,000 per dependent parent/parent in-law.
  • A statement of intent. This is an official statement confirming that the investor does not intend to work in Cyprus. This does not place restrictions on being a shareholder and receiving dividend income from a Cyprus registered company.
  • A criminal record certificate from country of origin
  • A health insurance policy
  • Marriage certificate (where appropriate)
  • Birth certificates for children
  • A CV
  • A copy of a passport with at least two years validity remaining

Children – dependants over 18

Unmarried dependants aged 18 – 25 in full time education outside of Cyprus with at least six months left to study are eligible for a residency permit. The application requires the same documents as above, as well as a parent declaration that they are willing to support the dependent.  A registration certificate should also be provided by the educational institution where the child is in full time education.

Children – non dependents over 18

It’s also possible for a residency permit to be obtained for adult, non-dependant children. Each child applied for should be covered by €300,000 (excluding VAT) of property value, excluding the €300,000 attributable to the main investor applicant and his or her spouse. So, for example, an investor with a child aged 27 should purchase a property worth €600,000 or more to cover themselves and the child. A receipt for payment should be provided for at least 66% of the total price. The non-dependent child will also be required to submit the documents mentioned above, including the statement of deposit and statement of annual income.

Contact the Team

Call us on +44 (0) 161 337 3890 or contact us using the form below to arrange your free no obligation property consultation.

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