Cyprus offers a unique program that allows foreign investors to obtain permanent residency by purchasing real estate worth at least 300,000 euros. This program is particularly notable because there are few such opportunities within the European Union, especially for Russian citizens. In this article, we will detail who can apply for Cyprus permanent residency (PR), the required documents, and the step-by-step process.
Table of Contents
1. Advantages of Cyprus Permanent Residency
2. Permanent Residency for Real Estate Investment
3. Procedure for Obtaining Cyprus Permanent Residency
4. Applicant Requirements
5. Required Documents for Cyprus PR
6. PR for High Passive Income (Category F)
7. Other Ways to Obtain PR in Cyprus
Advantages of Cyprus Permanent Residency
• Exclusive EU Program: Cyprus offers one of the few EU programs that grants PR for a property investment of 300,000 euros, available to Russian citizens.
• Low Rejection Rates: The approval rate for PR applications is very high.
• Indefinite PR: The residency permit is permanent and does not require renewal.
• Minimal Stay Requirements: Only two days every two years are required to maintain PR.
• Remote Application: The entire application process can be completed without visiting Cyprus.
• Family Inclusion: Spouses and children under 25 can be included in the application.
• Tax Benefits: Significant tax advantages when opening a business in Cyprus.
• Path to Citizenship: Eligible for Cypriot citizenship after seven years.
Permanent Residency for Real Estate Investment
Cyprus grants PR to foreigners who invest in real estate worth at least 300,000 euros (excluding VAT). Multiple properties can be combined to meet this threshold. The eligible categories for real estate include:
• Residential Property: One or two residential units from the same developer.
• Commercial Property: Offices, shops, hotels, or other commercial properties, either new or resale.
Investment Potential: As of June 2024, there has been a significant interest in relocating businesses to Cyprus, resulting in a surge in commercial property investments.
VAT: The standard VAT rate on real estate is 19%, but a reduced rate of 5% applies if the purchased property is the buyer’s only residence in Cyprus.
Readiness Status: The property’s readiness status (e.g., under construction, off-plan) does not affect eligibility for PR.
Procedure for Obtaining Cyprus Permanent Residency
1. Property Selection: Determine criteria (type, budget, location) and select suitable properties. Virtual or in-person tours can be conducted.
2. Purchase Agreement: Sign the sales contract.
3. Document Preparation: Gather and translate required documents into Greek.
4. Deposit Payment: Pay a deposit (30-40% of the property price).
5. Full Payment: Complete the full payment of at least 300,000 euros.
6. Application Submission: Submit the application and documents to the Civil Registry and Migration Department.
7. Biometric Data: Provide biometric data in Cyprus within one year of application approval.
Applicant Requirements
• Age: Must be at least 18 years old.
• Clean Criminal Record: No criminal convictions or sanctions.
• Income Proof: Verified annual income from outside Cyprus of at least 50,000 euros (+ 15,000 euros for spouse + 10,000 euros per dependent child).
• Non-Employment: No intention to work in Cyprus, except in a managerial role in one’s own company.
Family Inclusion: Spouses, minor children, and financially dependent unmarried children up to 25 years old can be included in the application.
Required Documents for Cyprus Permanent Residency
• Valid passport (at least two years).
• Title deed or sales contract and proof of payment.
• Bank statements showing regular income from abroad.
• Health insurance.
• Clean criminal record certificate.
• Marriage and birth certificates for family members.
• Declaration of non-employment intent in Cyprus.
• Personal resume outlining the applicant’s biography and plans in Cyprus.
Additional documents may be requested based on legal advice. A complete list of required documents is available on the official website of the Civil Registry and Migration Department of Cyprus.
PR for High Passive Income (Category F)
Cyprus also offers PR to foreigners with high passive incomes sufficient to sustain a comfortable life without employment in Cyprus. The minimum income requirement is 9,568 euros for the applicant and 4,613 euros for each dependent. Most applicants in this category are retirees.
Requirements: Proof of income and accommodation (rental agreement or property ownership) is needed. This type of PR is invalidated if the holder leaves Cyprus for more than two years.
Other Ways to Obtain PR in Cyprus
• Corporate Shares: Purchase shares in Cypriot companies for at least 300,000 euros.
• Investment Funds: Invest 300,000 euros in Cypriot investment funds.
• Marriage: Marrying a Cypriot citizen and living together for at least three years (two years in Cyprus) allows for PR or citizenship application.
The Cyprus PR program offers a streamlined path to permanent residency through real estate investment, providing numerous benefits and a straightforward application process. With its favorable conditions and strategic advantages, Cyprus remains an attractive destination for investors seeking residency in the European Union.
For more detailed information, visit the official website of the Civil Registry and Migration Department of Cyprus.