Permanent Residency in Cyprus

About Cyprus Residency:

• Cyprus law has some advantageous differences from other EU countries
  when it comes to immigration. Only in Cyprus is it possible to receive permanent residence by buying real estate.
• Foreigners who purchase property in Cyprus can receive the status of permanent resident through an accelerated procedure that takes just 2 months.

Benefits:

• Permanent residency in an EU country-Permanent residency in Cyrus gives you the ability to live in Cyprus year-round, and after Cyprus joins the Schengen zone, you will be able to freely move around the entire Schengen space.
• Permanent residency for your whole family-Together with the main applicant, also members of his/her family will receive permanent residency: his/her spouse, children including adult children under the age of 28 – and financially dependent parents.
• There is no obligation to stay in the country or pay taxes –Holders of Cyprus permanent residency through real estate investment do not automatically become Cyprus tax residents and are under no obligation to stay in Cyprus.
• An opportunity to receive EU citizenship-Gaining permanent residency in Cyprus through investment in real estate and then staying on the island allows you to receive Cyprus citizenship in the future.
• An opportunity to become a Cyprus tax resident –By staying within Cyprus for only 60 days a year, a Cyprus resident can legally receive tax residency on the island and enjoy all the advantages of the country’s tax system.
• Receiving permanent residency in this European Union country takes only 2 months.

Condition Precedent (Property investment):

• Purchase of Cyprus real estate with 300 000 €
• The piece of real estate must meet the following criteria:
• The property was bought on the primary market from the developer;
• The investor’s own contributed funds amount to at least 200,000 euro;
• The purchase must be made using funds from a source outside of Cyprus.
• Proof of an annual 30 000 € income outside Cyprus-The applicant must show proof of an annual income outside Cyprus of at least 30,000 euro.
• In the event that permanent residency is requested also for family members, this annual income must be even larger: 5000 euro more for a spouse and each child, and 8000 euro more for each financially dependent parent included in the application.
• The applicant must deposit 30 000 € in a Cyprus bank for a period of 3 years

Ways to Purchase Property in Cyprus:

• One piece of residential real estate
• Two pieces of residential real estate (apartments or house)
• Residential property plus a commercial space up to 100 m2
• Residential property plus office space up to 250 m2
• The value of two properties must equal at least 300,000 euro
• Both pieces of real estate must belong to the same developer
• The properties can be located in different parts of Cyprus

Beneficiaries of the permanent  residency?

• The main applicant(who must be over the age of 18)
• The applicant’s spouse and underage children -When children get to the age of 25, they do not lose their permanent residency status
• Children aged 18–25 years – (provided that they are full-time students and financially dependent on the main applicant)
• Financially dependent parents of the applicant or his/her spouse

For a Free Consultation on Migrating to Cyprus through Permanent Residency, Contact us, and an Immigration Consultant will be assigned to speak with you right away.