Permanent residence permit in Cyprus
Cyprus is a wonderful Mediterranean country that attracts attention not only from tourists. Many consider this country as a platform for business development and obtaining European Union citizenship. Since November 1, 2020, anyone who has invested in Cyprus can no longer directly apply for a Cypriot passport: the program is closed at an official level.
But this does not mean that obtaining permanent residency (PR) through investment is no longer possible. The old program has been replaced with a new one – citizenship by investment. And the easiest way to achieve this goal is to invest in real estate in Cyprus. We would like to draw your attention to the fact that Cyprus currently has minimal requirements and offers the most favorable conditions for obtaining permanent residency.
Permanent residency in Cyprus for the whole family
If obtaining permanent residency in Cyprus is part of your plans, the easiest and fastest way to achieve this goal is through real estate investment.
The advantages of this solution:
- Quick processing. The entire process of obtaining permanent residency will take no more than 2-3 months.
- PR is issued for life. You will not have to periodically renew it.
- Purchasing real estate in Cyprus entitles all family members (spouse, children, parents) to obtain permanent residency.
- There are no conditions for living in the country. To maintain permanent residency, it is sufficient to visit Cyprus only once every 2 years.
- Owning real estate also gives you all the rights to conduct business in the country. Your opportunities and working conditions will be the same as those of local residents.
How to get permanent residency in Cyprus
To obtain permanent residency in Cyprus, it will be sufficient to buy one or two properties in this country from one developer. The total purchase amount must be at least 300,000 euros (plus VAT). There are no special requirements for investment properties. It can be an apartment, cottage, villa, office space, etc. After the purchase is registered, you will have the right to stay permanently in the country without leaving.
In addition, all foreign citizens who invest in Cyprus will be able to obtain an indefinite (permanent) residence permit of category F. According to this document, you can open your own business, own a company that operates in this country, receive a salary and dividends as a shareholder. But you will not have the right to work in the country. This document also does not allow you to travel to other European Union countries without a visa.
To obtain permanent residency, you must have a guaranteed income from abroad. A bank statement is accepted as proof. You also need to own real estate in Cyprus, registered either to the applicant or to any member of their family. Ownership rights to real estate are confirmed by documents. In some cases, the immigration service may require you to prove financial stability. The permit document needs to be obtained only once. Its validity is unlimited. It can be automatically transferred to a new passport if the old one expires. But if you leave the country for a period of more than 2 years, this document may be revoked.
Note: the immigration legislation currently in force in Cyprus allows citizens of Ukraine, Kazakhstan, Russia, and other former CIS states to stay in the country for no more than 90 days when entering on a tourist visa. Then you need to get a Pink Slip – a temporary residence permit.
Freedom of movement within the EU
Stable and secure country
No language requirement
Passports for your whole family
Quick route to citizenship
No residency requirement
Frequently asked questions about permanent residence in Cyprus for investment:
You need to have a clean criminal record, financial means to support yourself, and not pose a threat to national security.
It is valid for up to three years and can be renewed.
Yes, you can work in Cyprus with a residence permit, but you need to obtain a work permit.
Yes, you can obtain a residence permit in Cyprus even if you are not an EU citizen.
Advantages of having a residence permit in Cyprus include freedom of movement within the EU, a higher standard of living, better opportunities for business and investment, tax benefits, etc.
You need a passport, medical insurance, a police clearance certificate, and documents showing your financial means.
It usually takes about 2-3 months.
The cost of obtaining a residence permit in Cyprus can vary depending on individual circumstances, but it typically includes legal fees, government fees, and other expenses that can amount to several thousand euros.
Yes, you can, but you need to meet certain requirements and live in Cyprus for a certain period of time.
Yes, you can, but only for a certain number of days per year depending on your status and country of residence.
The cost of Cyprus citizenship by investment can vary depending on the investment option chosen, but it usually starts from 2 million euros.
Yes, you can bring your spouse and children under 28 years old with you.
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