- August 7, 2020
- Posted by: Editor
- Category: Law
The process of obtaining Cyprus permanent residency is established under the Aliens and Immigration Regulations. Unlike the temporary residence permit, which can be renewed upon expiration, the document attesting permanent residency doesn’t have to be renewed. The formalities for obtaining permanent residency in this country can vary based on the nationality of the applicant, who can be a natural person relocating to Cyprus or a businessman starting a company here or investing in real estate properties.
Is the permanent residence permit necessary for EU citizens?
Citizens of the European Union (EU) who are moving to Cyprus on a long-term basis will need to apply for a permanent residence permit if they want to become permanent residents of this country. Although they do not have to comply with other immigration requirements upon their arrival, such as obtaining a visa or applying for a short-term residence permit, they do have to complete specific legal obligations for Cyprus permanent residency, which can be presented by our team of lawyers.
The application for permanent residency has to be done after five years of uninterrupted stay in Cyprus. According to the Civil Registry and Migration Department, the right to permanent residence can be lost, even in the case of EU citizens, but only in the situation in which they are absent from this country for a period longer than two consecutive years.
The right to Cyprus permanent residency is available for persons who are employed in a company or are self-employed, persons who have worked here and who have reached the retirement age, persons who have worked in this country for at least two consecutive years and who are unable to work due to permanent incapacity as a consequence of a work accident and other categories of persons; our team of Cyprus immigration lawyers can present more details on the employment regulations addressed to foreign citizens.
This represents one of the ways in which a person, from the EU or from outside the community, can obtain permanent residency here. This is also the most common procedure applied by natural persons. The other option of attaining Cyprus permanent residency is through investment, an option which grants a set of advantages, including a fast completion of the procedure. Investors can receive information on the investment program from our Cyprus immigration lawyers.
What are the advantages of permanent residence through investment in Cyprus?
Foreign investors can acquire permanent residence much faster compared to the procedure presented above. Provided that they will purchase a property in Cyprus, they will be able to obtain Cyprus permanent residence permit for themselves and their family (spouse, children with an age of up 25 years old and even parents). The entire process can be completed in a period of two months, the following being necessary:
• purchase a residential property in Cyprus that has a value of at least EUR 300,000;
• this value does not include value added tax, which can be charged at rates of 5% or 19%;
• when the purchase is made, the foreigner has to pay EUR 200,000 as an initial deposit;
• the person must also open a bank account at a local bank in which he must have a deposit of at least EUR 30,000, for minimum 3 years;
• the person must have an income of at least EUR 30,000 per year, from foreign sources;
• this sum will increase by EUR 5,000 per each dependent brought to Cyprus;
• the sum will increase by EUR 8,000 per each family member, if the family member is a spouse or parent.
Once these financial aspects are secured and the purchase was made, the person can apply for Cyprus permanent residency with the Civil Registry and Migration Department. The application sent to the institution will be further analyzed by the Ministry of Interior, which will provide an answer in a period of two months. After the institutions will provide their answer, which is, in most of the cases, a positive one, the applicant and his or her family are required to visit the country in a period of one year since the approval was made in order to receive Cyprus permanent residency.
It is worth knowing that this type of program does not require relocating to Cyprus, but it is advised to visit the country for a short period of time every two years, as an absence longer than two years from the country can lead to the revocation of the Cyprus permanent residency.
Persons interested in relocating to Cyprus can contact our team of lawyers for more details on the steps involved in the issuance of the permanent residency permit. Please mind that the permanent residence permit issued for investment purposes can be obtained without the presence of the applicant in this country; the legal representatives appointed by the person can handle the entire procedure.