The procedure through which a person can obtain Cyprus permanent residency is regulated under the rules of the Aliens and Immigration Regulations. Once a foreigner has obtained the permanent residence permit, then he or she will not be required to renew the document, as it does not have an expiration date, as it is the case of the temporary residence permit.
The formalities for obtaining a Cyprus residence permit 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.
Read below a number of questions about residency in Cyprus presented by our team. We also discuss the possibility to apply for citizenship by investment in Cyprus in this article. If you would like to move to another EU country, for example immigrating to Estonia, we can put you in contact with our partners – LawyersEstonia.com.
Is the permanent residence permit necessary for EU citizens in 2021?
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 obtain residency in Cyprus. 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 residence, 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 Cyprus 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. After becoming a permanent resident, the foreign citizen may also request the issuance of the Cypriot citizenship, in given conditions.
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 residence permit in Cyprus. 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.
Non-EU nationals can also apply for a permanent residence license if they can prove that they can provide for themselves and their families and if they have lived for 5 consecutive years in Cyprus. Permanent residence permits in Cyprus have categories and requirements exist for each category as follows:
– the first category is for people that have a bank account in a Cypriot bank, a real estate purchase contract and annual income of at least 9,600 EUR for each member of the family;
– the second category is for investors interested in setting up a companies in Cyprus;
– the third category is also for investors, but for those wanting to open a business division. These investors will have to inject a minimum capital of 255,000 EUR;
– the fourth category is for employees.
The following documents must be submitted in order to receive a permanent residence permit in Cyprus:
– copy after the property acquisition contract;
– copy after the payments to the seller of the property;
– a copy after a bank statement;
– documents proving incomes;
– four passport-size photographs
– a guarantee letter from the bank in Cyprus.
If you need support in applying for a residence permit for Cyprus in 2021, our immigration lawyers are at your service.
What are the advantages of permanent residence through investment in Cyprus?
Foreign investors can acquire permanent residence permit in Cyprus 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; we can give you more details about this condition for obtaining a Cyprus residence permit;
• 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 the Cypriot residence permit. This can also provide the right to apply for the Cypriot citizenship, if the person wants to become a citizen of this country.
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.
Besides the conditions that we have presented above, foreigners who want to obtain a Cyprus residence permit in 2021 have to know that additional requirements became applicable starting with 24th March 2021. The new rules aim at those who will apply for a permanent residence permit through investments in 2021 and you can address to our immigration lawyer in Cyprus for in-depth advice on each of the conditions imposed by the Cypriot authorities.
Cyprus permanent residency through the F Category
Category F represents one of the legal pathways through which a person can obtain a permanent residency in this country. The minimum requirements are different that the ones for other legal pathways presented in this article, and they impose much lower thresholds and very flexible options for the foreigner.
Those moving to Cyprus applying for a permanent residence permit through the F category will not need to purchase a property, but if they want to do so, it will be an advantage for their relocation and an advantage during the process of Cyprus immigration.
In the case in which persons applying for this category will want to purchase a property, they should know that there aren’t any minimum requirements as to the price of the property, it can be a resale property as well, of any type and price. The applicants will not have to prove that the money they have purchased the property with are from foreign sources, as it can be the case of other programs.
However, when relocating to Cyprus under this residence permit program, the foreigners will still need to provide evidence on having a minimum level of income. In this particular case, the requirement is to have at least EUR 9,568 for the person who applies for residency. If the person will arrive here with other family members who are considered dependents to the applicant, additional financial resources have to be proven.
For each dependent of the applicant, evidence on having EUR 4,613 is required. This income has to be from any type of foreign sourced income, such as salaries, pensions, income obtained from the rental of overseas properties, stocks, shares owned in a company and other types of incomes.
During the application, the foreigner must also open a bank account at a Cypriot commercial bank; if you need assistance on the procedure, our immigration lawyer in Cyprus can provide legal advice on the documents that are required by all local banks. The bank account must be opened for the purpose of depositing an initial amount that can vary from EUR 15,000 to EUR 20,000.
This is a part of the immigration application process, as the authorities will need to make sure that the applicant has sufficient funds, besides the yearly income that we have mentioned above. After the immigration formalities are completed and the Cyprus permanent residence is issued, the person can easily use the respective money in accordance with his or her own wishes.
Under this program, the foreigner can bring in Cyprus dependent persons, who are generally children with an age below 18 years old. The children will receive the Cyprus permanent residency, which will be valid until they reach 18 years old. Please mind that when moving to Cyprus under this program, the parents of the applicant can’t be considered dependents and thus, will not be able to relocate here as permanent residents under this particular program.
However, the parents of a foreigner can relocate to Cyprus and become permanent residents, but under other circumstances; our immigration lawyer in Cyprus can provide more details on the visa options and residence requirements available for elderly persons. It is also worth knowing that you can participate in the F Category program when renting a local property.
Still, you should mind that in this case, the opportunity to receive the Cypriot residence permit will be diminished, as the local institutions will favor those who have purchased a property here, not only because this shows an important investment in the local society and economy, but because it shows a certain level of commitment to Cyprus, which can’t be easily proven by those who simply rent a property.
For this category, it is necessary to know that the applications for Cyprus permanent residency can be completed in a period of 18 months. It is also very important to remember that if you have dependent children, after the age of 18 years old, they will lose the right to a residence permit in Cyprus obtained under this program, and will have to apply for a different program, provided that they want to maintain their residency here.
We invite you to request more details on the Cypriot residence permit through the F Category residence permit from our immigration lawyer; our team can advise on other aspects that you should mind when arriving here under this program and can provide consultancy services on other residency programs that can be of use for you or other family members.
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 Cyprus 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.