Cyprus Permanent Residency by Investment
Being a cosmopolitan business hub, Cyprus is considered ideal for permanent residence for non-EU nationals. Cyprus Permanent Residency is a legal status which entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. The island is a highly competitive permanent residency destination in the EU, with a demonstrated growth and has become a favourite destination for headquartering relocation, family set-up and property investment.
Residency with the right to work
The intention to increase foreign investment by the Cyprus government has led to a simplification of Regulation 6(2) of the Aliens and Immigration Regulations by the Ministry of Interior in order to issue residence permits to applicants from non-European countries who intend to invest in the republic, provided certain requirements are met. This type of residency can be applied by European Union citizens and their family members, also Citizens of EU, after 5 years of continuous legal residence in Cyprus.
Requirements
- Purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The applicant must submit the application form with a contract of sale and proof of payment of at least EUR 200,000 plus VAT. The contract of sale must have been submitted to the Cyprus Department of Land and Surveys. The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and their spouse. They must also be sole shareholders.
- Purchase of up to two new or used immovable non-residential properties (offices, shops, hotels, or other developments) of a total market value of at least EUR 300,000 plus VAT
- Share capital of EUR 300,000 of a physical company registered and operating in Cyprus, which employs at least five people
- Units of EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF)
Further to the above requirements, the applicant must provide evidence of an annual income of at least EUR 30,000, which comes from abroad. This income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent. The income may include, for example, salaries from employment, rents, pensions, and dividends from shares.
The applicant-investor must have a clean criminal record from their country of residence and should not be regarded as a threat/dangerous person to the Republic. Furthermore, the applicant must visit Cyprus once every two years. Any PRP holder is not allowed to work in Cyprus but they can be a shareholder of a Cyprus company, do business on the island or abroad and receive profits from the company. Furthermore, the PRP does not give any visa-free travel to EU member-states, as it is applicable only for the Republic of Cyprus.
Family Members
Applying to the PRP means that the spouse and children up to 18 years can also be covered. In addition, children between the ages of 18-25 can apply provided that they are financially dependent on the investor, unmarried and have university status with a minimum period of study left at 6 months from the day the application has been submitted to the relevant authority.
Parents and parents-in-law of the investor can obtain PRP without buying any property additional to that bought initially by the investor, provided they demonstrate an annual income of €8.000 for every such parent.
Procedure
The applicant must pay a fee of 500EUR upon submission of the application and 50EUR extra for biometric capturing. The Civil Registry and Migration Department examines the application and then submits it to the Ministry of Interior. Approval is usually granted within two months and upon confirmation of the approval, the applicant and all family members must visit Cyprus within one year to obtain the actual permit.
Documents required for the PRP include a valid passport copy of the applicant, spouse and children, the applicant’s CV, a marriage certificate duly certified (official and certified translation), children’s birth certificates duly certified (official and certified translation), original criminal record certificate, documents to prove annual income from abroad, title of ownership or contract of sale of property in Cyprus, bank swift for the payment of the purchase price & receipts of payment among other documents.
Galaxia Estate Agencies: your Cyprus Permanent Residency Gateway
Galaxia Estate Agencies based in Limassol, Cyprus is a leading real estate agency with a multi-dimensional real estate portfolio catering for the local and international market. Established in 1977, the company has a vast experience in the property market, offering an extensive list of commercial and residential real estate, for sale and for rent. We represent sellers, purchasers, and renters in Limassol and the wider city region, whether someone is looking for a dream home, a relocation package, a commercial deal or a top-market property investment, ideal for PRP applications and investment in the sector.