Cyprus Permanent Residency, also known as Cyprus Golden Visa, entitles non-EU citizens and their families to reside in Cyprus as permanent residents with no visa limitations.

What is Cyprus permanent residency?

Cyprus Permanent Residency (or PR), also known as unlimited residency, is a legal status that allows non-EU citizens to reside permanently in Cyprus with no limitations and visa requirements.

Permanent Residency also allows eligible dependents (spouses and family members) to enter and stay in the country as permanent residents as long as they fulfill the criteria.

The greatest benefit of Cyprus PR is that it does not expire. Therefore, the residency holder does not need to renew it annually like the temporary residency, aka pink slip.

In addition, after five consecutive years of living in the country, the residency holder can apply for Cyprus citizenship. After which time the person will be recognized as a Cypriot citizen.

Cyprus permanent residency benefits

There are many benefits involved in having a permanent Cyprus residency. To a large extent, having the same rights as Cypriot citizens is one of the main benefits.

You will have access to the following perks:

• PR in Cyprus is an unlimited residency; therefore, it is permanently valid.
• Living in Cyprus legally for five years allows persons to apply for Cyprus Citizenship.
• Dependents are welcome to apply to get a permanent residence permit.
• Entitled to free healthcare with the newly established general healthcare system.
• PR holder can apply to become a Cyprus tax resident (exempt from passive interest income, worldwide dividend and from the sale of securities profit).

Can I get residency in Cyprus if I buy a house?

Yes, purchasing a property (apartment or house) in Cyprus and getting citizenship simultaneously is possible.

A permanent residency permit by property investment (not to be confused with the expired “CIP” scheme) grants the right to apply for citizenship. We cover this in greater detail below.

Types of permanent residency

A Cyprus PR is available in several different categories.

• Category 6.2: Cyprus permanent residency by buying property (investment)

The Cypriot Government introduced Regulation 6.2 of the Aliens and Immigration Regulations to enhance economic growth in the Republic.

This visa scheme was created to attract foreign investors, giving these non-EU citizens the right to permanent residency as long as they met specific criteria and invested in the country.

To improve the current immigration by investment system, changes were made to the eligibility criteria on May 2nd, 2023.

Before 2020, investors had to invest an amount of 2 million euro in Cyprus to acquire Cypriot Citizenship (and consequently a European Passport). However, the program “CIP” ended on November 1st, 2022.

In the present day, to become permanent residents of Cyprus, investors must show adequate income from abroad and purchase property in the Republic at a minimum of €300,000.

Investors can only acquire citizenship if they obtain a permanent residency and then apply for citizenship after residing in Cyprus for five years.

• Category C Permanent Residency (with the right to work)

Category C residence permits are specifically for investors who work for their own companies.

A capital of €260,000 must be brought from abroad to be used for their company activities in Cyprus.

• Category E Permanent Residency (with the right to work)

Category E residence permits are offered to persons who have been offered permanent employment.

Other types of permanent residency in Cyprus

Living in Cyprus for 5 years PR

Non-EU citizens who have legally resided in Cyprus for five consecutive years are entitled to apply for a long-term residence permit. Must have a valid Cyprus temporary residence card and live in Cyprus for 5 years. This is the naturalization scheme (M127, you can find this form here) based on years of residence.

• Marriage to Cypriot PR

Persons married to a Cypriot citizen are eligible for residency rights. They are allowed to apply for a residency permit with an unlimited duration. In addition, their minor children from a previous marriage and parents of the Cypriot citizen (or parents-in-law) can also be granted the residency permit.

• Permanent residency in Cyprus for EU citizens

This type of permit for EU citizens allows European Union citizens and their EU/EEA family members the right to permanent residency.

After 5 continuous years of legal residence in Cyprus, they can access this permit.

Cyprus Golden Visa Program

Also known as Golden Visa Cyprus (€300K), this permit option allows non-EU/non-EEA and non-Swiss nationals who buy property (and/or set up a business) in Cyprus to apply for permanent residency.

PR permits can be issued to non-EU applicants if they meet one of the criteria below.

The applicant must invest a €300,000 minimum in one of the following categories:

• Residential (i.e. house or apartment) real estate: Purchase of a new, non-resale house or apartment (sold for the first time) from a land development company - a minimum value of €300,000 (plus VAT - 19%).
• Commercial (i.e. not a house or apartment) real estate: Purchase of a new, or resale, commercial property (i.e. developments, offices, shops, hotels, or a combination) with a total value of €300,000.
• Acquisition of shares in a Cyprus-based company whose activities and personnel are in the country: An investment with a value of €300,000 in the share capital of an existing or new company that is registered, based, and operates in the Republic, with a physical presence (i.e. economics substance) with a minimum of 5 employees.
• Shares of a Cyprus Investment Organisation for Collective Investments (type AIF, AIFLNP, RAIF, UCITs): An investment with a €300,000 value in shares of a Cyprus Investment Organisation for Collective Investments with investments carried out in the Republic.

Note: The applicant’s permit will be cancelled if they cease to hold the investment without immediately replacing it with an investment of the same or greater value, as outlined in the criteria conditions.

The investor must provide evidence that the money for the investment has come from the applicant’s or spouse’s personal bank account abroad. The investment amount must be transferred to the vendor’s bank account in the Republic.

Investment requirements

Whether it comes from their salary, pensions, rent, fixed deposits, or stock dividends, the source of the investment money must be proven by the applicant’s tax declarations where they are a tax resident.

The total income may also include the spouse’s income.

Note: If the applicant chooses to invest in commercial or other property, not including residential houses or apartments, then the income (partial or total) may also come from activities within Cyprus if the sources are taxed in the country.

The property can also be purchased under the name of a company. However, the beneficiary will be the applicant investor or their spouse.

The property must be replaced with another property of equal or higher value if the investor wishes to sell the property. They need to follow all of the conditions mentioned above.

Annual income requirements

The investor must provide proof of a minimum and steady annual income of €50,000 is at his disposal from abroad. For a dependent spouse, the annual income amount should be increased by €15,000 and for each dependent minor child by €10,000. This income can include pensions, salaries, fixed deposits, dividends, and rents.

Family members’ requirements

The Cyprus permanent residency permit also covers dependents (their spouse and children up to 18 years old).

Children between the ages 18 and 25 can also apply for a permit provided they fulfill the following criteria:

• They are unmarried.
• They are financially dependent on their parents.
• If they are university students abroad they must have a minimum of 6 months of study remaining from the date of the application submission.
• The investor has to provide an additional annual income of €10,000 for each.
• If the named children want to study in Cyprus, they must apply as students for a temporary residence permit.

Regardless of their age, when they finish their studies, they will be able to apply for permanent residency (with the extra annual income condition as stated above).

Bigger investments to include adult children

Non-financially dependent adult children of the applicant are also eligible for a Cyprus immigration permit if a bigger investment is made.

The market value investment of €300,000 must be multiplied for each adult child.

For example, if two of your adult children apply for permanent residency, you must invest €300,000 for yourself, plus an additional €600,000 for your two adult children (total: €900,000).

Note: Each adult child must prove a stable annual income of €50,000 minimum.

This amount must be increased by €10,000 for each dependent child and €15,000 for a dependent spouse.

Parents (and parents in-law) requirements

It is no longer possible for applicants to include their parents or parents-in-law on their application since the criteria changes occurred on May 2nd 2023.

Permanent residency program conditions and restrictions

• The investors must declare they will not work in Cyprus to meet the eligibility criteria unless they act as company directors in line with their investment.
• The PR holder must visit Cyprus once every two years, or the permit will be cancelled.
• The PR does not allow the investor to work in the country, except for becoming a shareholder in a Cypriot company and receiving dividend income from international business activities.
• The PR does not allow visa-free travel within EU member states or abroad. It is only valid in Cyprus.

Further clarification

Applicants who purchase any property can from an investment company (one through which they can purchase real estate).

As noted, they can also become shareholders in companies registered in the Republic and receive the companies’ dividends.

They may also be the directors of those companies, so long as theirs is not a registered salary in the Social Security Authorities of Cyprus.

The investment application must contain official receipts for €300,000 (excluding VAT), regardless of the property’s delivery date, and contain evidence that the sale’s contract was filed with the Land Registry.

The applicant must show sufficient proof that the invested funds came from abroad and not from the outcome of activities within the Republic or of internal borrowing.

Additional option to acquire residential property

Up to two residential properties (apartments or houses) can be purchased by the investor instead of one (with a total value of €300,000), provided that the value meets the criteria.

The properties in question must be dwellings sold by the developer for the first time unless the initial acquisition took place before May 7th, 2013.

Ongoing criteria requirements

Applicants are required to meet the following ongoing criteria:

• They must continue to hold the investment;
• Continue to be paid the required annual income for themselves and their dependents;
• Continue to carry valid health insurance if they are not registered with the national health scheme, GESY.

Obtaining permanent residency in Cyprus

Keravnos Boutique Law Firm can assist you in all practical matters concerning obtaining permanent residency on your behalf, as the investor/applicant does not need to be present at the application submission. Instead, the application can be submitted by our Firm.

Unlike other permits, these applications are only provided at the Civil Registry and Migration Department in Nicosia. These permits are not available in each city's district immigration units.

After the process for applying has taken place, the applicants are required to have their biometrics taken.

Passport photographs will be required, and fingerprints will be taken to issue the residency cards. This can be done at any migration district unit in any city before the application is approved.

For a detailed list of all necessary documents and.or any other clarification concerning the Cyprus Golden Visa Program, please feel free to contact us directly at ck@keravnoslaw.net.