Who and How Can Get a Permanent Residency Permit in Cyprus?
Thanks to Cyprus' small size and geographic location, as well as low crime and income taxes, every year the country has become a popular destination for foreigners who wish to live abroad. Cyprus has more to offer than an international urban style environment, surrounded by the Mediterranean sea and its bright sunshine, and with a permanent residence permit, you can discover it.
To be more specific, “permanent residence” in Cyprus is a legal status that allows non-EU citizens and eligible dependents to enter and reside as permanent residents in Cyprus without restrictions. There is no expiration date. Therefore, the owner does not need to update it. It is also known as Cyprus Immigration Permit or Unlimited Residence Permit.
If you are wondering who can apply to obtain this Cypriot permanent residency permit please rest assured, since foreigners belonging to third countries other than the European Union have the right to apply for a residence permit in Cyprus in the categories listed in Rules 5 and 6 (2) of the Aliens and Immigration Regulations. Nevertheless, we will cover everything you need to know about how to obtain it. But first, we wanted to show you a few advantages of obtaining a permanent residency permit in Cyprus:
-Permanent residence in Cyprus is valid for life once you obtain the permit.
-Both the family and the parents can apply for a residence permit.
-Permanent residents can become tax residents of Cyprus and have the advantage of being exempt from global dividends and income from interest expenses and profits from securities sales.
-Permanent residence type F is a flexible procedure that allows the holder to obtain permanent residence in a European country with minimal investment.
Who Can Get a Residency Permit in Cyprus?
You can apply for a permanent residency permit in Cyprus based on one of the categories listed in article 5 of the Regulations on Aliens and Immigration. No permanent residency permit will be issued to anyone unless the Immigration Control Committee recommends to the Minister of Interior that you belong to one of the following categories:
-Type A: Persons intending to work as self-employed in agriculture, bird breeding, cattle breeding or fish culture in Cyprus. However, you must have enough land or rights to acquire it, as well as having fully and freely at your disposal capital of approximately €430,000 (CY£250,000).
-Type B: Those who intend to do business on their own in a Cypriot mining company. You must have full and free access to a capital of approximately €350,000 (CY£200,000), alongside a relative permit.
-Type C: A person who intends to be self-employed in the trade or profession in Cyprus. However, you must hold a relative authorization, a capital of approximately 260,000 euros (CY £150,000).
-Type D: a person who intends to be self-employed in a profession or science demanded in Cyprus, provided that he or she has obtained an academic or professional qualification for doing so. You also need enough money.
-Type E: People who are offered permanent work in the republic and do not cause excessive local competition.
-Type F: A person who has full and free access to a guaranteed annual income high enough to guarantee a comfortable life in Cyprus without any activity, trade, trade or profession. The required annual salary must be at least €9,568.17 (CY£5,600) for the applicant and at least €4,613.22 (CY£2,700) for the employee, but the Immigration Control Board can request an additional amount if needed. Most applicants belong to this stream, and most are retired or pensioners.
None of the employment mentioned in these categories can adversely affect the overall economy of the Republic, otherwise, they will not be accepted to apply for the permanent residency permit in Cyprus.
Immigration and residence permits in Cyprus are issued according to certain regulations and standards. As we have mentioned before, the main ones are Rules 5 and 6 (2) of the Aliens and Immigration Regulations. However, different arrangements and types of residence permits may be granted, depending on the different circumstances of each applicant.
According to the third revision of the criteria of March 24, 2021, related to the expedited process for issuance of a residency permit to applicants who are third country nationals investing in Cyprus, the applicant must make an investment of at least €300,000 in one of the following investment categories:
-Investment in a house/apartment: Purchase of a house or apartment from a land development company, which must involve a first sale of at least €300,000 (plus VAT). In the situation where the applicant would invest in new residential units, the annual income must derive from abroad, for all the other investment options the income can be generated from sources within Cyprus. It is important to mention that both the income of the applicant and the spouse can be taken into consideration.
-Investment property (excluding houses/apartments): Purchase of other types of real estate such as offices, stores, hotels or similar developments or a combination of these for a total value of €300,000. These properties may also be resold.
-Investment in the share capital of a Cyprus company with activities and personnel in Cyprus: Investment to the value of €300,000 in the share capital of a company registered in the Republic of Cyprus, which has its registered office and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) persons.
-Investment in shares of the Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): Investment to the value of €300,000 in shares of the Cyprus Investment Organization Collective Investments. The investment funds must emerge from abroad and for the permit to be sustained should be maintained or replaced by another investment of the same or greater value.
It is understood that any alienation by the holder of the Migration Permit of the investment he/she has made without its immediate replacement by another of equal or greater value, which must comply with the conditions outlined in this procedure, will lead to the activation of the License Cancellation Procedure based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
The applicant must, in addition to the investment under the section above, be able to demonstrate that he/she has at his/her disposal an assured annual income of at least € 30,000. The annual income increases by €5,000 for each dependent family member and by €8,000 for each dependent parent (same and/or spouse). If you want to get to know more details about this, please contact us.
A Cypriot permanent residency permit includes your spouse and children up to 18 years. In addition, children aged between 18 and 25 can apply if the following conditions are met:
-Financially dependent on the applicant
-University students abroad with a minimum of remaining 6 months from the date of application
-Present an additional annual salary of € 5,000 for each
It is understood that in case the Permanent Residency Permit granted to the investor is canceled for any reason, it will imply the activation of the process of cancellation of the Permit for the spouse. This is based on the provisions of Regulation 6 of the Immigration Regulations.
For the issue of a permanent residency permit, the application must be submitted directly to the Civil Registry and Migration Department on form M.67 or through the District Aliens and Immigration Branches of the Police. The application must be accompanied by the appropriate documents, depending on the category that is presented. In most cases, Class F applications must be accompanied by the applicant's original income documents.
Foreign applicants can apply directly to Cyprus or through the local consulate of the Republic of Cyprus. The application will be reviewed by the Immigration Office and recommended to the Minister of the Interior for a decision. Likewise, applicants must meet the following conditions:
-Providing a clear criminal record for the country of residence;
-You must not be considered as a risk to Cyprus' public order and morals/safety;
-The permanent residency permit issuance costs are €500 and paid when applying.
Conditions and Restrictions of the Permanent Residency Permit Program
Before proceeding, we would like to inform you of some conditions and restrictions that may apply when applying for a permanent residency permit in Cyprus. Among them, the following can be mentioned.
-The owner must visit Cyprus every two years. Otherwise, the residence permit will be automatically revoked.
-The applicant and his spouse must submit an extract of the criminal record from their country of residence or national if they reside in Cyprus and prove that they do not pose a threat to public order or public safety.
-The applicant and his spouse must demonstrate that they do not wish to work in Cyprus, except for employment as Directors in a Company in which they have chosen to invest under this policy.
-Permanent residence in Cyprus does not guarantee visa-free travel to other countries or members of the European Union, since this is only for Cyprus.
Other Types of Permanent Residency in Cyprus
Permanent Residency Permit by the Time of Stay
Foreigners who have completed seven years of legal residency in Cyprus may apply for naturalization. For foreign parents or children of Cypriot citizens, the required period is 5 years instead of 7 years. In either case, the applicant must have resided lawfully and continuously in Cyprus for the 12 months preceding the date of application.
Permanent Residency by Marriage to a Cypriot Citizen
Applicants who are married to a Cypriot citizen, their minor children from a previous marriage, can apply for a permanent residence permit in Cyprus. With this, they are entitled to obtain residency rights. For more details on this process, please review the official website of the Civil Registry and Migration Department of Cyprus, or contact us.
The application must be submitted directly to the Population and Immigration Registration Department (TAPM) or through a representative, along with the required attachments. A payment of €500 is required at the time of the request.
In the case of a request through an agent, the request is accompanied by a written authorization from the applicant and must include all contact details of the agent as well as his / her address and phone number. The application will be processed promptly by TAPM and submitted to the Minister of Interior through the Director-General of the Ministry of Interior (YPES).
After applying, the applicant must provide a photo and fingertips so that a residence permit can be issued subject to approval. This can be done at any time before final approval in any district unit in any city. The processing period may vary, but for category F permanent residence applications is estimated to be 18 months.
Documents Needed to Obtain a Permanent Residency Permit in Cyprus
Applicants for a permanent residence permit in Cyprus must submit the application with the following required documents:
-Copy of valid passport
-Copy of valid temporary residence permit (if the applicant resides in Cyprus)
-Contract of employment (for Category E)
-C.V (including academic qualifications)
-Income tax returns for all years (original or true copy), if applies
-Statement of Social Insurance Contributions for the previous year (original or true copy), if applies
-Bank Accounts Statements (original)
-Income declaration from sources other than employment (original documents and affidavit)
-Title of ownership or rental agreement (original or true copy).
If the title of ownership has not been obtained yet, the applicant must submit the deed of sale and proof of payment.
-Health Insurance Policy
-Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from his country)
-Marriage Certificate (official translation duly validated)
-Children’s Birth Certificates (official translation duly validated)
-A valid copy of the passport of the applicant, spouse, and children (if applies)
Other documents may apply, depending on each case. Nevertheless, please note that Criminal Record Certificate, marriage and children's birth certificates should be translated into English and be certified by the Ministry of foreign affairs (or Embassy) of the country that will issue them. And also by the Cyprus Embassy of that Country, or bear the APOSTILLE stamp.
What Can We do for You?
In Mundo, we believe you can go further in your goals to obtain better life and investment opportunities in places like Cyprus. For doing so, our local partners offer you a great team of immigration lawyers and consultants, who can advise you on the requirements of the entire application process.
We look forward to guiding you on all the questions you need and helping you prepare all the paperwork you need to submit. We will send the completed application and all necessary supplementary documents to the relevant authorities on your behalf, monitor the status of the application, and act as a liaison with the authorities during the application review process. Our goal is to make this process of obtaining a permanent residency permit in Cyprus as simple and fast as possible for our customers. Contact us now!
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