Cyprus Permanent Residence Program

Permanent Residence (PR) in Cyprus grants non-EU citizens the right to enter and remain in the Republic without restriction. This status is perpetual and does not require renewal. After eight years of residence in South Cyprus with a permanent residence permit, the possibility of obtaining citizenship arises.

The Government of Cyprus offers foreign buyers of real estate the opportunity to obtain a residence permit for investment. However, it is worth considering that from 2024 the option of obtaining a Cypriot passport after five years of residence with the status of permanent residence is no longer available.

On May 2, 2023, the CoML program was updated. The changes made include:

• Increase in the minimum guaranteed annual income.
• Exclusion of an applicant's parents and parents-in-law from being eligible to receive a residence permit with the applicant.
• Other changes affecting the conditions for obtaining a residence permit.

There are two types of residence permits in Cyprus for buyers of real estate:

1. Category 6.2 (accelerated procedure) - allows you to obtain a residence permit faster.
2. Category F (slow procedure) - the standard process of obtaining a residence permit.

This guide will help you better understand the process of obtaining a residence permit in Cyprus in 2024 and the new conditions of the program.

Pursuant to Regulation 6 (2) of the "Aliens and Immigration Regulations", the Minister of the Interior, after notifying the Council of Ministers, shall decide to issue permanent residence permits to applicants from other countries if the following conditions are met.

In order to obtain a permanent residence permit (PRP) in Cyprus for investment in 2024, the applicant must fulfill the following conditions:

1. Property purchase: Purchase a new property from a developer for an amount of at least €300,000 (excluding VAT).
2. Guaranteed income: Confirm a guaranteed foreign income of at least €50,000 per year.
3. Clean criminal history: Provide documents confirming the absence of a criminal record.

If these requirements are met, the investor receives a residence permit in Cyprus within 2 months.

The applicant must submit, together with the application for permanent residence, documents proving the ownership or contract of sale of real estate in Cyprus in his/her name and/or spouse's name, registered with the Land Registry Department. The market value of the property must be at least €300,000 (excluding VAT). Receipts for payments of at least €300,000 (excluding VAT), regardless of the date of purchase of the property, must also be provided. Full payment of the property price must be made into a bank account in Cyprus and the funds must be transferred from abroad.

VAT can be reduced from the standard 19% to 5% on the purchase of real estate for personal use and residence.

The purchase of real estate can be taken into account even if it is made in the name of a company, provided that the applicant and/or his/her spouse are the sole shareholders or ultimate beneficiaries of that company.

The applicant may purchase (provided that the total market value satisfies the above conditions):

• one unit of residential real estate (apartment or house)
• two units of residential real estate (apartment or house), which may be independent
• commercial real estate (office, hotel or other type)

If the application is submitted by a couple, these restrictions apply to the couple, not to each of the applicants.

The property purchased must be a first-time sale by a development company. If two properties are purchased, they may be sold by different development companies starting in 2021.

Disposal of the purchased property without immediate replacement by another property of the same or higher value sold for the first time by the developer will result in the revocation of the Immigration Permit (IP) in accordance with the provisions of Rule 6(2) of the Aliens and Immigration Rules.

The funds for the purchase of the property must be transferred to Cyprus from abroad.

The applicant for a residence permit must prove a guaranteed annual income of at least 50,000 euros. This amount is increased by €15,000 for a spouse and €10,000 for each minor child.

Income must come from abroad and may include salaries, pensions, stock dividends, term deposits and rent. A spouse's income may be included in the calculation of the total annual income.

The Permanent Residence Permit in Cyprus issued to the applicant also applies to the spouse and children under the age of 18 years. If necessary, a separate Immigration Permit may be issued to each spouse, subject to a separate application and fee. There is no requirement for the other spouse to meet the criteria of buying a property, having a guaranteed annual income and having a deposit in a financial institution in Cyprus.

Children under the age of 18 years can be included in their parents' Immigration Permit (IPP) upon payment of the appropriate fee.

Unmarried children between the ages of 18 and 25 years may apply separately for permanent residence in Cyprus, subject to payment of the appropriate fee and fulfillment of the following conditions:

1. Study Abroad: They are a student at a university abroad with at least six months of study remaining from the date of application.
2. Financial Dependency: They are financially dependent on the applicant.

In this case, the parent or both parents must provide an additional annual income of €10,000 for each such dependent child. Each dependent child must provide all necessary documentation with the application.

The permit remains valid even after the holder turns 25 years of age and even if he/she is no longer unmarried/unmarried and/or a student/student and/or financially dependent/dependent on his/her parents. However, future spouses or minor children of such owners cannot be included as dependents in this authorization.

If children wish to study at a university in Cyprus, they must apply for a temporary residence permit as students through the educational institution, in accordance with the provisions of the relevant legislation (EU Directive). After completing their studies in the Republic of Cyprus, regardless of their age, children may make their own application for a residence permit, provided that their parents provide an additional annual income of €10,000 for each such child.

Following the program changes of May 2, 2023, parents can no longer apply for permanent residency in Cyprus using their children's income and investments in real estate on the island.

If all the requirements are met and there are no grounds for refusal related to the applicant's criminal record or breach of public order and safety, the application for permanent residence in Cyprus shall be reviewed and approved by the Minister of Interior within two (2) months from the date of submission of the complete application. The Immigration Permit (IPA) is issued immediately after the application is approved.

April 2024 Deadline Update: At this time, it is not possible to estimate the processing time for F residency applications. Applications are being accepted as normal but processing is on hold until further notice from the Immigration Department.

Requirements for obtaining a F category residence permit in Cyprus:

• Acquisition of real estate in Cyprus. It can be a house, apartment or building with an approximate market value of 100,000 euros. It is possible to buy on the secondary market. It is possible to apply under category F with a rental property. However, the Migration Service may reject such an application. In our experience, it is recommended to apply after the purchase of the property to guarantee a positive decision.
• It is necessary to prove an official annual income of approximately €20,000 (including the income of the applicant and his/her spouse) from sources outside Cyprus. This income may consist of salaries, pensions, shares, rents and other sources. For each dependent, the income must increase by €5,000.
• Make a deposit into a bank account in Cyprus of an estimated €30,000, which will not need to be guaranteed.

The category F residence permit only applies to children under the age of 18.

The residence permit and the permanent residence permit of Cyprus grant the right to citizenship. Application for Cypriot citizenship can be made by foreigners who have lived legally in Cyprus for 8 years prior to the date of application, and they must have resided permanently in Cyprus for the last year prior to application.

For children or parents of Cypriot citizens, the required period is 5 years.

Permanent residence in Cyprus allows you to remain in the country without restriction and without the need for extension, also no entry visa is required. However, a permanent residence permit does not grant the right to visa-free travel to other European Union countries, with the exception of Bulgaria and Romania.

To obtain a permanent residence permit in Cyprus, the applicant must provide the following documents:

• A copy of the valid passport of the applicant, spouse and children.
• A curriculum vitae for the applicant.
• Marriage certificate, duly certified (official and certified translation*).
• Birth certificates of children, duly certified (official and certified translation*).
• Original criminal record certificate (issued in the country of residence and provided with an official and certified translation*).
• Tax returns from the country where the applicant is a tax resident, confirming the amount of income. Tax returns must be in the original and accompanied by an affidavit (affidavit).
• Title deed or contract of sale of real estate in Cyprus.
• Receipts of payment for the property. Swift or confirmation from a bank in Cyprus that the amount has been transferred from abroad.
• For category F - a bank statement showing a balance of €15,000 - €20,000.

*Please note that criminal record certificates, marriage and birth certificates of children must be translated into English and certified by the Ministry of Foreign Affairs (or embassy) of the country that issued them, as well as by the Cypriot embassy in that country or have an APOSTIL stamp.

The cost of applying for a residence permit in Cyprus for investment includes the following fees and charges:

For applicant, spouse and children under 18 years of age:

• €500 for all
• 70 euros each for registration

For adult children (each):

• €500
• 70 euros per registration

Applicants must provide periodic verification of program eligibility to the Department of Civil Registration and Migration. Verification is subject to:

• Initial investment - annually.
• Health insurance for the applicant and his/her family if not covered by the general health care system (Gesy) - annually.
• No criminal record in the country of residence and country of origin - every three years.

In 2024, the requirement for annual proof of guaranteed annual income was removed.

The residence permit will be revoked if the relevant documents are not submitted or verified.