R E S I D E N T P E R M I T
L E G A L R E Q U I R E M E N T S
- PROPERTY PURCHASE An applicant must purchase a property with a value greater than €300,000.
- ANNUAL INCOME & DEPOSITS The applicant must provide a declaration and documentation for an annual income for €30,000 and an additional €5,000 for each dependent. Additionally, an amount of €30,000 must be deposited in a Cypriot bank account, locked for a period of 3 years.
- REQUIRED DOCUMENTATION The applicant must submit a clear criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years), are also required.
- PERMISSION FOR TWO PROPERTIES The applicant is allowed to purchase even two properties in different projects but they must be purchased from the same company/developer.
- NO SECOND HAND PROPERTIES
Resale contracts (second hand properties) are not accepted. The applicant must purchase a property from a development company and the purchase must be the first purchase in relation to the said property.
The immigration permit issued to an applicant covers his spouse and children under the age of 18. The said permit is also applicable for unmarried children aged 18 to 25 who may prove that they are students at a University and are financially dependent on the applicant. The said permit will be valid for life after the age of 25 without any other supportive document.
The parents of the main applicant and those of his spouse are also able to apply and obtain the Permanent Residence Permit by just showing an extra 8,000 euros each on the main applicant’s income certificate.
- UNLIMITED DURATION The Permanent Residency will have unlimited duration and shall not be cancelled provided that the applicant and dependents visit Cyprus at least once every 2 years.
- STATEMENT OF INTEND
The applicant and his wife/her husband must provide the Authorities with signed statement that they do not intend to work in Cyprus (please note that they are allowed to be the shareholders in a registered company in Cyprus and to get income from such a company).
- Cyprus residence permit is permanent and no reconsideration is needed in the future. It’s a permit for life.
- Cyprus permanent residence applies to the whole family.
- Cyprus permanent residents have the right (under certain circumstances) to apply for a cypriot passport.
- Once the cyprus permanent residence permit is acquired, the applicant will be entitled to apply for a schengen visa through any schengen european embassy. It is very important to note that cyprus will soon join the schengen area.
- With the lowest crime rate in europe, cyprus has a relaxed, stress-free lifestyle.
- Cyprus offers state-of-the-art medical facilities and high-quality healthcare.
- There is no inheritance tax in cyprus. Investors are not deemed to be residents for tax purposes unless they spend more than 183 days a year in cyprus.
- Do business around the world through a cyprus based company, which have the lowest taxation rate in europe.
- There are no physical residency requirements other than to visit cyprus once every two years, unlike other european member-states, which insist on residency for at least 3 months per year.