Cyprus ~ Permanent Residency (Standard Option)
Time to Permanent Residency: 1 Year ~ Time to Citizenship: 8 Years
If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit (Category F) through the standard procedure. This scheme leads you to permanent residence in 1 year.
To be eligible, you must purchase or rent a property in Cyprus. This do not guarantee the application’s approval. The higher the financial commitment, the more likely it is to be considered favorably by the Civil Registry and Migration Department in Cyprus. Usually, a property purchased for €150,000 will fulfill this requirement.
The property purchased must be for residential purposes and cannot be rented out.
In addition, you must have an annual income derived from non-Cypriot-sources of not less than €10,000, plus €5,000 for each dependent. Additional income may be required at the discretion of the Civil Registry and Migration Department.
If you obtain permanent residency under this program, you will not be allowed to work in Cyprus, but you can be the owner of a Cypriot company and receive dividends.
To maintain permanent residency, you must visit the country at least once every two years. Otherwise, your permit may be cancelled.
After 7 years of legal residency, you may be eligible for citizenship. You may be required to prove some ties to the country such as a place of abode and have been a Cypriot tax resident.
Requirements
– Title deed or contract of sale/rent (submitted to the Department of Lands and Surveys) for a property purchased/rented in Cyprus.
– Proof that you have at your disposal the minimum annual income required, accrued from overseas.
– Clean criminal record certificate issued by the authorities of your country of origin.
– Statement confirming that you will not be working as an employee in Cyprus.
Documents Required
Proof of Payment of Real Estate- Title Deeds or Proof of Registration of Real Estate
- Bank confirmation letter regarding deposit
- Original and photocopy of passport
- Bank Statement
- Statement of Source of Income
- Proof of occupation
- Evidence of Residential Address
- Original Bank Reference Letter (Not older than 6 month)
- Evidence of Health Insurance
- Original Police Clearance Certificate
- Two passport-size photos
- Original or Certified copy of Marriage Certificate (if applicable)
- Original or Certified copy of Birth Certificate (if applicable)
