The fast-track option of Cyprus residency is the Cyprus Permanent Residency Permit (PRP).
Recently the Ministry of Interior has simplified the procedure for obtaining the Permanent Residency permit. The Category F 6(2) Immigration Permit, gives to Non-EU nationals, the right to permanently reside in Cyprus.
Reasons to apply for the Cyprus Permanent Residency permit
- The PRP is valid for life;
- The PRP granted covers the whole family (PRP can be obtained for the spouse of the main applicant, dependent children up to 24 years, and the parents of main applicant and/or his/her spouse);
- Fast process; the permit can be issued within 2 months from the date of successful application filing;
- If the PRP holder is Cyprus Tax Resident is exempted from tax on worldwide dividends and interest for 17 years. Also Cyprus tax residents are exempted from tax on gains on disposable of securities;
- Visa free access to some EU member states, including Germany, France, Italy, Luxemburg and the Netherlands (“mini Schengen”).
- Ranked as the 5th best relocation destination in the world (source: 2014 report prepared by Knight Frank, a leading independent, global real estate consultancy firm);
- Cyprus enjoys 320 days of sunshine a year and is classified as the sunniest European location;
- High standards of Education and access to many leading private schools, public schools and Universities in Cyprus and Europe;
- Strategic geographic location between the three continents of Europe, Africa and Asia;
- Legal system based on English common law;
- English language is widely spoken and the accepted language for business;
- Excellent telecommunication and air travel connections;
- Rich history with four UNESCO World Heritage Sites;
- One of the safest countries in Europe with lowest crime rates and relaxed lifestyle.
Financial Criteria for Applying for the Cyprus Permanent Residency permit
- Purchase of residential property (first time sale) in Cyprus of minimum €300.000 (non incl. of VAT). The minimum amount of €200.000 must be settled before the filing of the permit application;
- Keep a three year fixed deposit account with a Cyprus bank for an amount at least €30,000. This amount must be originated from abroad;
- Provide confirmation of secured annual income of at least €30,000, originating from abroad (increased by €5,000 for each dependent included in the application, and €8,000 for each parent of the main applicant and/or spouse).
Other qualifying criteria & terms
The applicant must adhere to the below terms:
- Submit duly completed application and legal documents to the Civil Registry and Migration Department;
- When the PRP is issued a visit to Cyprus within one year is mandatory; to obtain the actual permit and have biometrics taken by the authorities. Thereafter, the PRP holder must visit Cyprus every two years;
- Have a clean criminal record;
- Must not be included in the list of persons whose property is ordered to be frozen by the EU;
- Declare to have a secured annual income from abroad;
- Declare their intention not to be employed in Cyprus (holders of a PRP may however, own a Cyprus Company and receive dividends from its profit).
When can a PRP be cancelled
The PRP Permit is valid for life unless:
- The PRP holder is granted a permanent residence permit in another Country (other than the country of his nationality);
- The PRP holder does not visit Cyprus every 2 years.