TIMSON Immigration
Cyprus - Permanent Residency Program
- Immigration Rules of the Program
Pursuant to the provisions of regulation 6 (2) of the immigration Regulation, the Minister of Interior decided to grant Immigration Permit to applicants who apply through the Cyprus Permanent Residency Program.
Cyprus Permanent Residency Program allows applicants to live in Cyprus indefinitely.
- Personal Requirements
(1) The applicant must be at least 18 years old;
(2) The applicant must have a clean criminal record;
(3) The applicant and his/her spouse must be in a position to prove that they have a secured annual income of at least €30,000. The required income could derive from salaries of employment, pensions, dividends, permanent deposits, rent etc from sources outside Cyprus.
(4) The annual income is increased by €5,000 for each child dependant and is increased by €8,000 parent dependant.
- Investment Requirements
The applicant must make an investment of €300,000 in one following investment categories:
- Investment in a housing unit / apartment: Purchase of a first sale housing unit or apartment from a development company for a purchase price of at least €300,000 (plus VAT)’
- Investment in real estate (excluding housing / apartments), purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000. Such type of properties can also be resale properties;
- Investment in the share capital of a Company registered in the Republic of Cyprus with activities and employee in Cyprus: Investment worth of €300,000 in a company registered and operating in the Republic of Cyprus that has a proven physical presence in Cyprus and employs at least five (5) people;
- Investment in units of Cyprus Investments Funds (AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Funds.
- Requirements of Residency
The applicant must visit Cyprus at least once every two years as well as the rest of the family with immigration permit obtained with the applicant.
A PR holder can obtain Cyprus Citizenshipvia naturalization after seven years of legally residing in the Republic.
A PR holder can upgrade his/her PR permit to a long-term residency status which will enable him/her to enjoy similar rights to EU Citizens, including the and operate a company.
Long-term residency status is permanent and available to all non-EU nationals that have resided in Cyprus for over 5 years (the applicant has not been absent from the Cyprus for more than six consecutive months and more than 10 cumulative months, within 5 year period).
- Advantages of Cyprus Immigration by Investment
(1) Investment amount: only purchase real estate of market value of €300,000 ;
(2) Minimum entry requirements: No requirements on language, education, source of funds or business management;
(3) No need to provide source of funds and medical check report;
(4) One application for migration of up to three generations: applicants can bring along their dependents (spouse, children under 18 and unmarried children aged 18-25 who are students and finanally dependent to the applicant and parents of the applicant and spouse) to live in the Cyprus.
(5) Visa free/ Visa on arrival : Cyprus will be becoming a member state of the Schengen area, its permanent residents can enjoy visa free travel to all EU countries soon.
- Application procedures
The documents and information requirements of Cyprus Permanent Residency Program are quite reasonable and application procedures are very straight forward, no interview is required. Applicants normally come to Cyprus to purchase real estate, sign the sales and purchase agreement, pay the deposit, and submit the related documents to the Cyprus government. Approval will be granted after 4-8 months. Applicants are required to land Cyprus for biometric information after the approval.
Note: This document is for reference only, all terms are subject to written contract.