Permanent Residence In Cyprus
Cyprus aims in strengthening its competitiveness as one of the main investment and residency destinations in EU by continuously enhancing and developing its key economic sectors. On the 24th of March 2021, the Cyprus Government announced a number of important changes to the provisions of the Aliens and Immigration Regulations on Residency clause 6(2).
Permanent residency status in Cyprus can be obtained through the Permanent Residence Program. Arguably the best fast track program in Europe that permits foreigners to acquire an Immigration Permit through property investment.
It’s a wonderful opportunity where you can invest as little as €300,000 in a new property with Leptos Estates – VNIS Investment’s Partner in Cyprus and get Cyprus permanent residency program comes in 60 days. You can also apply for Cyprus citizenship and Cyprus passport after 7 years
The process of getting a Cyprus PR card takes only two months.
It grants you and your family visa-free entry to Cyprus, permanent residency, and the right to reside in the country and also open your business.
It’s valid for life with no need to renew. Also gives you easy access to Europe. You can make it your holiday home too & for the period you don’t want to live in it you can earn a good rental income.
Permanent residency is valid for life as long as the property remains in the name of the applicant.
- Real estate investment worth at least 300,000 EUR (must go through government approval) and must not be sold.
- Open an account of at least 30,000 EUR in Cyprus within 3 years.
- Proof of financial resources outside Cyprus must be at least 30,000 EUR per year; each additional person increases by 5,000 EUR (excluding parents of both parties);
- Each additional accompanying parent requires an additional proof of income of 8,000 EUR per year.
Why Chooses The Cyprus Permanent Residence Program?
- FOR THE ENTIRE FAMILY: PARENTS – CHILDREN – GRANDPARENTS: Cyprus Permanent Residence Permit covers the whole family including dependents and parents of the applicant and his/her spouse
- PROPERTY INVESTMENT: ONLY 300,000 EUROS: Guaranteed fast track straightforward procedure. The property must be bought from a licensed development company (first sale property)
- VALID FOR LIFE: NO NEED FOR FUTURE RECONSIDERATION: The Permanent Residence Permit is valid for Life. You need to visit Cyprus once every two years at least for one day
- EUROPEAN PASSPORT: YOU BECOME ELIGIBLE FOR CITIZENSHIP: A Cyprus Permanent Resident has the right (under certain conditions) to apply for a Cypriot passport following their physical presence on the Island.
- VISA REQUIREMENTS: NO VISA NEEDED TO ENTER CYPRUS: The Cyprus Permanent Residency holder and his family are free to enter Cyprus without the need of obtaining a visa
- SCHENGEN ZONE: CYPRUS IS EXPECTED TO ENTER THE SCHENGEN ZONE SOON: Cyprus along with Romania, Bulgaria and Croatia are expected to join the Schengen area soon
THE CYPRUS PERMANENT RESIDENCE PROGRAM
- Over 18 years;
- No criminal record;
- Not an EU citizen;
- Have health insurance.
The Cyprus Permanent Residence Program allows 3 generations to join:
- Main applicant;
- Legal spouse of the applicant;
- Children under 18 years old (or between 18 and 28 years old must prove financially dependent, unmarried and studying full time);
- Parents of the main applicant.
PERMANENT RESIDENCE COMPLIANCE REQUIREMENTS
- Stay in Cyprus: NO
- For real estate and commercial shares: No selling out to maintain permanent residency status.