Why Securing Permanent Residency in Cyprus Might Be the Best Option for You and Your Family

For many non-EU nationals, relocating to a country that offers safety, stability, and quality of life is a top priority. Cyprus has become one of the most attractive destinations for individuals and families seeking to build a secure future.

Thousands of third-country nationals have already chosen Cyprus thanks to its high standard of living, modern infrastructure, excellent education system, and safe environment, making it an ideal place to enjoy a stress-free lifestyle.

Under the 4th revision of the Criteria for granting an Immigration Permit to third-country nationals (effective 2 May 2023), eligible applicants can obtain permanent residency for themselves and their families (spouse, minor children, and adult children up to 25 years old) through the Fast-Track Permanent Residence procedure, provided they meet the economic, quality, and legal conditions outlined below.

Economic Criteria for Cyprus Residency

• A)Investment in a residential property (first sale):
  Purchase of a newly built house or apartment from a property developer, with a minimum value of €300,000 (plus VAT).
• B)Investment in real estate other than residential property:
  Acquisition of commercial properties such as offices, shops, hotels, or related developments, or a combination thereof, with a minimum total value of €300,000. Resale properties are permitted under this category.
• C)Investment in Cypriot company share capital:
  An initial investment of €300,000 in the share capital of a newly registered company in Cyprus, or an increase of at least €300,000 in an existing company. The company must have a physical presence in Cyprus and employ at least five (5) people.
• D)Investment in Cyprus Investment Funds:
  Investment of €300,000 in units of a Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, or RAIF), provided the investments remain within Cyprus.

Quality Criteria for Cyprus Residency

• The applicant must demonstrate an annual secure income of at least €50,000, increased by €15,000 for the spouse and €10,000 for each dependent child.
• Proof of income must be provided through tax returns in the country of tax residence and/or a report from a licensed accountant.
• All adults included in the application must provide a clean criminal record from both their country of origin and country of residence.
• A valid medical insurance policy covering the applicant and dependents must be included with the application.
• Applicants and their spouses must confirm they will not engage in employment in Cyprus, except as unpaid directors and/or shareholders of a Cypriot company.
• If the investment is in categories (B), (C), or (D), proof of accommodation in Cyprus is required.
• If the investment is in residential property under category (A) but the property cannot accommodate the family, additional property details must be provided.
• Children who turn 18 must submit a separate PR application if they remain students abroad and financially dependent, up to the age of 25. Their permits remain valid even after age 25 or if they cease being students/dependents.

Legal Requirements

• At least €300,000 plus VAT must be paid before submitting the application.
• The investment funds must originate from abroad and be transferred from the applicant’s or spouse’s bank account into the seller’s Cyprus bank account (if the spouse is included as a dependant).
• The Immigration Permit becomes invalid if the applicant and family fail to take up residence within one year of approval or if they remain abroad for over two consecutive years.

Ongoing Obligations

Permit holders must provide the Migration Department with annual evidence of:

• Maintaining the investment.
• Holding a valid health insurance policy (if no longer covered by GESY).
• Clean criminal record certificates for the applicant and adult dependents.

Failure to comply may lead to cancellation of the permit.

How Long Does It Take to Obtain Permanent Residency?

The application process usually takes a minimum of two months.

During this period, applicants and dependents cannot legally reside in Cyprus unless they apply for a temporary residence permit as visitors, which allows them to remain lawfully until their PR application is decided.

Benefits of Permanent Residency in Cyprus

• Eligibility to register with the National Healthcare System (GESY).
• Ability to act as a shareholder and unpaid director of a Cyprus company, providing full access to EU markets and the Republic’s attractive tax regime.
• No language requirement.
• The permit is permanent and lifelong.
• Eligibility to apply for Cypriot citizenship by naturalisation, subject to specific conditions