If you have purchased a property in Cyprus for the purpose of holiday making there is no need to apply for a residence permit. The visa granted on the grounds of property ownership will allow you to stay in the Republic of Cyprus 180 days a year altogether, 90 days every six months.
In case you are planning to live in Cyprus on a more or less permanent basis you should apply for a residence permit. Cyprus offers the best conditions in the European Union for this.
See below the procedures for obtaining permanent and temporary residence permits.
Permanent Residence Permit. Fast-track procedure.
A fast-track procedure of obtaining PR permit for foreign citizens – purchasers of Cyprus property – is available in Cyprus.
The Advantages of the Cyprus Residence Permit Program:
- An express procedure – 2 months to obtaining PR permit
- Knowledge of the language is not necessary
- Property is acquired with full ownership
- Inheritance tax is not charged
- Low property tax rates
- As soon as Cyprus enters the Schengen area (and this is expected in 2018), persons with a permanent residence permit in Cyprus will be granted the right to move freely in this zone
- The residence permit is granted to the applicant's spouse, their minor children, financially dependent adult children under the age of 25 (if they are not married), as well as to the parents of the applicant and the applicant's spouse
- Persons who have a permanent residence permit can freely enter and reside in Cyprus without a visa
- Holders of a PR permit are not required to actually move to Cyprus. The only condition is that they need to visit Cyprus at least once every two years
- Having a PR permit in itself does not affect tax liabilities in Cyprus
- Actual residence in Cyprus leads to the acquisition of the citizenship of Cyprus (currently, after 7 years, that is, 2,555 days of residence within 10 calendar years)
Requirements for Applicant:
PR Permit Applicant will have to:
- Buy property worth at least €300,000 (here and further amounts are indicated without VAT where it is charged). The property must be new and purchased from a developer. The fast-track procedure for obtaining a permanent residence permit does not apply to cases of acquisition of secondary real estate
- Pay at least €200,000
- Provide evidence that the purchase has been made from funds received from sources outside Cyprus
- Provide evidence that the applicant's annual income (with income sources located outside Cyprus) amounts to at least €30,000 Those can be: salary, dividends, rental revenue, interest from bank deposits, pension etc. Applicant must also demonstrate an additional minimum income of €5,000 a year for any dependent family member (the spouse and children). The additional minimum income of €8.000 a year should be shown for applicant's parents and the parents of his/her spouse
- Deposit at least €30,000 into a Cypriot bank for a 3-year period
- Submit a certificate of having no criminal record and of being under no investigation for criminal offences attested by relevant authorities of his/her country
- The maximum period for granting a PR permit within the fast-track procedure is 2 months.
- The status of a permanent resident does not impose any restrictions on the duration of your stay in Cyprus. The only exception is that you should visit Cyprus at least once every 2 years.
Relatives of Applicant also receiving PR Permits
Permanent residence permits are granted to the following applicant's relatives.
The applicant's spouse. If desired, two separate PR permits can be issued for each spouse without the requirement for the dependent spouse to purchase property or deposit €30,000 into an account. In order to obtain a PR permit a financially dependent spouse must submit a separate application.
The dependent minor children of the applicant and his/her spouse. The minor children can be specified in both their parents' PR permit applications.
Single and financially dependent children aged 18-25 years who can provide proof of being students for at least six months from the date of application. They can also get a permanent residence permit without investing in real estate. In this case the parents need to prove additional income of at least €5,000 for each dependent child. The obtained PR permit will still remain valid even after the holder turns 25 years and even if he/she is no longer single and/or a student and/or financially dependent on his/her parents. However, it doesn't mean that their future spouse and children will be entitled to obtain PR permits automatically.
The parents of a couple (of both spouses) who has applied for or already in possession of a PR permit are also entitled to obtain a PR permit without investing in real estate. The couple must prove additional income of at least €8,000 for each dependent parent. A separate application must be submitted for each dependent parent.
In case of the death of the main applicant, his/her spouse and financially dependent children may apply for a PR permit instead of the main applicant without the need to invest in additional property.
Any individuals who have acquired a PR permit without having to invest personally in real estate or depositing money in a Cypriot bank account (€30,000) are not entitled to include in their own PR Permit Application their spouses, children or parents.
Note 1. Purchasing Two Properties
In order to obtain a PR permit it is not mandatory for an applicant to purchase one property. He/she can purchase the following two properties:
- Two residential properties (an apartment or a house)
- Residential property and a shop (warehouse) with an area of up to 100 m2
- Residential property and office premises with an area of up to 250 m2
- The total value of both properties must be at least €300,000.
- Both properties must be purchased from the same developer. However, it is not necessary that they are located nearby.
Note 2. PR Permit for Two (Several) Families
- Suppose that an applicant who has adult financially independent children over 25 years old wishes to obtain a PR permit not only for his/her family but also for the families of his/her adult children. Then he must buy property worth at least €600,000.
- For two children, the value of property increases to €900,000. Each family must deposit €30,000 and prove annual income of at least €30,000 (plus €5,000/8,000 per each dependent family member).
The above is true for any indirect relatives of the applicant.
Permanent Residence Permit. The Normal Procedure of Obtaining
- You have purchased property worth less than €300,000
- You have purchased secondary property
- Two families (yours and your adult child’s over 25 years old) purchased new property the value of which is over €300,000 but below €600,000. It means that only one family can use the fast-track procedure, but not both.
In these cases, one can resort to the standard procedure of obtaining a PR permit. Apart from the documents for property, you have to prove sources of income outside Cyprus and availability of funds in a Cyprus bank. The law does not stipulate the precise amount of income and monetary assets. It is just stated that they must be sufficient for the applicant’s comfortable living in Cyprus. A Cyprus lawyer who will help you prepare the documents will advise you about the approximate figures in your specific case.
The time frame for processing your application for a PR permit is again not stipulated. In practice, it is usually 1 year. During this period, you should have the status of a temporary resident of Cyprus.