Buying your Dream Home in Cyprus is the Key to EU Residency
Permanent Residency in an EU country when you buy your dream home in Cyprus. Fulfilling your dream of an EU lifestyle has just been made possible by the Cyprus Government, which has recently announced that non-EU citizens making a minimum investment of 300,000 Euros in property on the island, subject to certain requirements, will be granted permanent residency through a special immigration visa. Quite simply, this means you will be able to enjoy the same advantages as everyone else in Cyprus without having to apply for any permits or renewals.
Cyprus is already renowned as the perfect place to live with its almost year-round sunshine, a relaxed, stress-free lifestyle and a very low crime rate. Cyprus offers an ideal family environment, with your children able to benefit from excellent schools and universities, while healthcare and infrastructure are all state-of-the-art. The island also enjoys a favourable reputation as in International business centre & gateway to the EU. Many international companies operate offices in Cyprus. Opening a company couldn’t be easier with low personal & business taxation plus the added benefit of tax treaties with numerous other countries.
Cyprus Permanent Residency
A permanent residence permit can be obtained through purchasing property in Cyprus (fast track or normal option outlined below :).
Cyprus permanent residency scheme has attracted over one billion Euro investments in Cyprus during the last 15 months, Minister of Interior has revealed.
Demand for the residency scheme remains strong, as third country nationals seek to use Cyprus as a gateway for their business in Europe.
A) PRP on a “fast-track” basis
(known as a Regulation 6 (2) application)
In line with the Cyprus government’s objective to attract international investments, the Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to Non EU citizens who wish to invest in Cyprus.
The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track’) are as follows:
- Acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT).
- Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
- Moreover, the applicant is required to meet the following additional conditions:
- Maintain secured annual income originating from abroad of at least EUR 30K. For each dependent person added to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by EUR 5K. The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit application.
- An initial payment of at least EUR 200K (excluding VAT) for the residential property to be purchased is required to have been paid by the date of filing of the application.
- A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30K is maintained, indicating the amount is pledged with the bank for a minimum of 3 years.
- Proof is also required that funds were legally transferred to Cyprus from abroad.
- A clean criminal record certificate issued by the applicant’s country of origin.
- A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus.
- The applicant must visit Cyprus at least once every two years.
No sanction order to have been issued against him/her or any dependent.
Once the completed application has been submitted to the authorities, a decision is reached within 2 months.
Please note that holders of a permanent residency permit are not permitted to work in Cyprus. Therefore, the resident’s income can not emanate from employment, business or trading in Cyprus, but may emanate from dividends received from a Cyprus company, from entities abroad, salaries from employment outside Cyprus, pensions, or rents transferred from abroad.
B) PRP on a “normal-track” basis
(known as a Regulation 5 (f) application).
Upon purchasing a house/apartment with a value no less than EUR 200K, a third-country national may apply for a permanent residency (“normal-track bases). The minimum requirements are as follows:
- Minimum annual secured income of approximately EUR 40,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent).
- Applicant does not maintain employment in Cyprus
- Income is derived from legal sources abroad
- Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered).
- Clean criminal record.
No sanction order to have been made against applicant or any dependents.
Once the completed application has been submitted to the authorities, a decision is reached within 10 to 12 months.