PERMANENT
RESIDENCY

Permanent Residency - The Gateway to Europe

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Reasons for obtaining residency in Cyprus can be numerous and significant – whether it is to seek better business opportunities, to be part of the ever increasing globalised market or for a better quality of life for the family.

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1.TEMPORARY RESIDENCE

Every non-EU citizen can apply for a residence permit (“Pink Slip”), which is renewable periodically.

Temporary residence permits are typically valid for up to one year or more. The holder must apply for renewal of the permit at least one month prior to its expiration. The applicant of the temporary residence permit must prove secured annual income deriving from abroad as well as rented or purchased accommodation. In addition, applicants are not allowed to leave Cyprus during the examination process. The permit will be annulled if the holder of the permit leaves Cyprus for a period exceeding three consecutive months or more.

After five years of residence in Cyprus, the holder of the temporary residence permit may apply for permanent residence.

EU citizens

Every EU citizen has the right to apply for a residence permit (yellow slip), which is valid for so long by proving secured annual income deriving from abroad or through employment in Cyprus. Applicants must have a rented or purchased accommodation. Non-EU family members, can also submit an application for obtaining a residence permit as dependants of the main applicant.

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2. TEMPORARY RESIDENCE – EMPLOYEES OF INTERNATIONAL COMPANIES

Companies of foreign interest may apply to obtain temporary residence and employment permits for third-country national employees by investing a minimum amount of €200.000 in the bank account of the company in Cyprus, which operates through suitable offices.

As from 02/01/2022, companies of foreign interest may freely employ any number of highly paid third country nationals without going through a labour market check. The categories of Directors, Key Personnel and Specialists are still applicable and Specialists are not limited to specific professions or skills. Minimum gross salary is set to the amount of €2.500.

As per the recent updates, all companies commit to invest 30% of their total staff in Cypriots/European citizens over a period of five years. This obligation is in accordance with the provisions of the Cypriot Labour Legislations in force. After 02/01/2027, the percentage for new hires will be checked and if a company does not adhere to the percentage of 70:30, the case will be evaluated on its own merits and put before the management for an administrative decision.

Temporary residence and work permits are valid for up to two years and are renewable, while families of employees holding such permits may apply and receive temporary residence permits under the family reunification procedure.

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3. PERMANENT RESIDENCE

NORMAL PROCEDURE

 Permanent Residence permits under Regulation 5, Category F (Aliens and Migration Regulations of 1972-2013) may be granted to individuals who have at their disposal secured annual income arising from abroad from a legitimate source proving that they can support themselves and their dependants (eligible family members). The Property investment amount is not specified.

It is recommended for the applicant to hold a personal bank account, with a fixed deposit of €30.000 in a Cyprus Banking Institution.

Applications deposited under this Category take approximately one year to be examined.

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FAST-TRACK PROCEDURE

Permanent Residence permits under Regulation 6(2) (Aliens and Migration Regulations of 1972-2013) may be obtained under the requirements mentioned below:

1.Investment Criteria:

2.1.(a) – Investment in house or apartment

The Applicant must have made an investment of at least €300.000 (plus VAT) for the purchase of a brand new house or apartment from a Developer and should submit receipts of payment for the amount of €300.000 not including VAT, irrespective of the date of delivery of the property.  

This price can be a combined purchase price of up to two houses or apartments, which may be purchased from different Developers.

All the funds paid for the purchase of the house or apartment must have been transferred by the applicant to Cyprus from abroad from their personal bank account or from the bank account of a company abroad in which the applicant is the sole shareholder (UBO) or from the account of the spouse, provided the spouse is included in the residency application as a dependent. Therefore, it is necessary to submit an inward swift receipt from the receiving bank in Cyprus, or any other document or proof, which sufficiently proves beyond reasonable doubt that the total amount for the purchase of the property has been transferred from abroad.  

2.1.(b) – Investment in Immovable Properties (excluding houses/apartments):

The Applicant must have made an investment of at least €300.000 (plus VAT) by purchasing a combination of other types of Immovable Properties such as offices, shops, hotels or similar tourist accommodation, which may also be resale properties.  

Investment through company:

The purchase of property for the purpose of the permanent residency application under criterion 2.1.A and 2.1.B above, can be made in the name of a company, provided that the applicant and/or their spouse is the sole shareholder or the ultimate beneficial shareholders (UBO) of the company.  Furthermore, the company should legally be registered in the Republic of Cyprus or any other member state of the EU or EEA (European Economic Area).

In cases where another company is the shareholder of the Purchasing Company & the only shareholders of that Company are the applicant & their spouse, the latter are still eligible to apply for Permanent Residency, provided they submit all relevant proofs of their ownership of the shares.

2.1.(c) – Investment in the share capital of a Cyprus Company:

The applicant must have invested at least €300.000 in the share capital of a Cyprus Company legally established and operating in the Republic of Cyprus, which has proven physical presence in Cyprus and employ at least 5 (Five) persons.

2.1.(d) – Investment  in  Alternative  Investment  Funds or  Registered  Alternative  Investment Funds or Alternative Investment Funds with limited number of persons that are licensed by Cyprus Securities and Exchange Commission:

The Applicant should have bought units of at least €300.000 from Alternative Investment Funds (AIF) or Registered Alternative Investment Funds (RAIF) or Alternative Investment Funds with limited Number of Persons (AIFLNP) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec).

2. Annual Income

Each applicant is required to include a declaration confirming a minimum, secured, annual income of €50.000 arising from abroad plus another €15.000 for the dependent spouse and €10,000 for each dependent child. In order to fulfil this requirement, it is possible to combine the income of the applicant & spouse.

* in case of investment under criterion 2.1.(b) – 2.1.(d), the total or partial secured annual income may also arise from Cyprus.

The declaration of income should be supported by relevant proofs according to each individual case & the origins of the declared income, including the certificate of annual income from the Inland Revenue Department of the country of origin OR written confirmation by an independent certified accountant or auditor, certificates from foreign banks in relation to the interest received from deposits, rental agreements for rents from immovable property, the certificate of annual salary from the relevant employer, certificates for the receipt of dividends from investments, etc.

3. Other Requirements:

1. The main applicant and spouse must provide a recent (not older than 6 months) Police Clearance Certificate from the country of main residency. A Police Clearance Certificate is also required to be submitted every three (3) years thereafter.

2. The main applicant and spouse to declare that they will not engage in any form of employment, except their position as Directors of the company in which they have invested under criterion 2.1.(c) above,

3. For investments under criteria 2.1.(b) – 2.1.(d), the applicant must prove their residency in Cyprus, by providing title deed of property, sale agreement or rental agreement.

4. Medical insurance is required for each person

5. Where the family of the applicant and their dependents exceeds the living capacity (bedrooms) of the investment property, additional residential accommodation is required to facilitate the family members and their sufficient living requirements, by submitting a Title Deed, Sale Agreement or rental Agreement for the additional accommodation.

Important notes:

For investments under criteria 2.1.(b) – 2.1.(d), the applicant must prove their residency in Cyprus, by providing title deed of property, sale agreement or rental agreement.

There is no requirement for holding a personal bank account in a Cyprus Baking Institution under the Fast-Track procedure.

The holders of Permanent Residence permits must visit Cyprus at least once every two years.

Every person who applies for permanent residency under any of the above procedures, is not entitled to work or become engaged in any form of business as an employee in Cyprus except in case the investment of the applicant is under the Criterion of Investment in share capital of a Cyprus Company.

Due diligence requirements:

A due diligence check on the legal and financial circumstances of the individual and/or business shall be exercised prior the submission of the residency application.

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