Cyprus Permanent Residency

| 18 Aug 2017


To obtain a Permanent Residency Permit in Cyprus, one can either purchase a property in Cyprus (the fast-track option) or after legally residing in Cyprus for a continuous period of more than 5 years, an individual and his or her family members may apply for the permit.

Permanent Residency on a ‘fast-track’ basis – residence within 2 months

Buying a home in Cyprus is becoming a popular option for third country nationals seeking EU residency. By virtue of Regulation 6(2), the Cypriot government has simplified the procedure for issuing Permanent Residency Permit to non-EU citizens seeking to invest in Cyprus.

The minimum eligibility requirements are as follows:

  1. Acquire a new residential premise in Cyprus worth a minimum of €300,000 (excluding VAT). The first €200,000 must be paid by the date of filing of the application. Additionally, the purchases must be ‘first-time’ sales meaning that they are to be bought for the first time from a property development company.
  2. Open and maintain a fixed deposit in a Cyprus bank of a minimum €30,000 for three consecutive years.
  3. Maintain a secured annual income originating from outside of Cyprus of at least €30,000. Such funds must be increased by €5,000 for each dependent, and €8,000 for each parent included in the application
  4. The applicant will need to undergo a ‘Fit and Proper’ test.  To comply with due diligence procedures he or she will need to show a clean criminal record certificate.
  5. The applicant will need to visit Cyprus once within the first year to register biometrics, and visit Cyprus every two years thereafter.

Benefits of Cyprus Permanent Residency on a fast-track basis

This process may be completed within just 2 months and will grant investors EU residency in a safe and secure jurisdiction which vaunts one of the lowest crime rates in the EU.

Moreover, Cyprus offers a very cost-effective tax regime, with favourable tax rates and an extensive network of double tax agreements.

A highly attractive benefit of Cyprus Permanent Residency for non-EU nationals is the ability to travel within EU.  The permit will grant them the right to visa-free access to a number of Schengen countries.

Permanent Residency on a ‘normal-track’ basis – residence within 1 year

In virtue of Regulation 5(f), a third country national who rents or purchases a house or apartment which is worth a minimum of €300,000 may apply for permanent residency under the normal-track basis, provided that:

  1. They have a secured annual income of at least €10,000 approx. from sources outside of Cyprus. The amount is increased by €5,000 approx. per dependent added to the application;
  2. The applicant must not maintain employment in Cyprus and his or her income must derive from legal sources abroad;
  3. Supporting evidence that all the financial needs of the family are adequately catered for is given to ensure that the income is secure and provides ample support for the applicant and their family;
  4. The applicant will also undergo a Fit and Proper Test.

Unlike the fast-track basis, the normal-track basis imposes a lower threshold of annual income. Moreover, the normal basis is more flexible as it gives the applicant the option to rent, rather than purchase a property. Additionally, upon filing the application the applicant will be able to freely travel to and from Cyprus with no hindrances.

Permanent Residence Permit for non-EU citizens residing in Cyprus

Third Country Nationals may apply for a Permanent Resident Permit upon legally staying in Cyprus for at least 5 years and having held a Temporary Resident Permit for the entire preceding period. For more information about the acquisition of a temporary resident permit, please click here.

Family members of non-EU citizens living in Cyprus who are non-EU citizens themselves may also apply for a Permanent Residence Card which is valid for 5 years and can be extended.

Permanent Residence Permit for EU Citizens (Yellow Slip)

The Yellow Slip is the permit required for EU citizens seeking to reside and work in Cyprus, thus spending more than 3 months in the country.

Within just 12 working days, the Yellow Slip programme grants EU citizens the opportunity to settle and work in Cyprus permanently without the need to renew the permit.

The applicant may also include members of the family who will be able to reside and work in Cyprus. Family members who are non-EU nationals will become eligible for the Pink Slip, a temporary and renewable document which is valid for 5 years.

For more information on the Yellow Slip, please click here

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