22 Apr 2022

How to get Permanent Residency in Cyprus?

Cyprus has recently emerged as one of Europe's most desirable business and residence locations, thanks to its omnipresent sunshine, stunning beaches, and crystal-clear waters. The island is at a fantastic strategic location with plenty of opportunities and a population that is well-educated and welcoming.

Cyprus boasts a business-friendly environment with an effective and transparent regulatory and legislative structure, as well as a very competitive tax system with a 12.5 per cent corporate tax rate.

The Cypriot government has implemented a program that permits foreign nationals to invest in the economy and receive Permanent Resident Permits (PRP) as a result of their efforts. This is a reference to a fast-track program available to any non-EU nationals interested in a new chapter and relocating as Permanent Residents for an indefinite period with their families.

The country, recognized as the world's fifth-best relocation destination, provides investors and their families with a safe and comfortable lifestyle, a wide variety of properties for sale in Cyprus, a rising and wealthy economy, and easy access to the rest of Europe.

Permanent Residency Requirements

Just investing money is not enough to obtain status: the applicant is still required to prove the legality of the source of funds, earn enough money and have a permanent registration address in Cyprus.

  • Sales contract registration in the Land Registry Department.

  • Receipt of payment of at least €200,000 plus VAT to the Developing Company.

  • Copy of valid passports for all members included in the application.

  • CV for all Adult members of the application.

  • Original Letter from a financial institution in Cyprus (Bank) of a deposit of €30.000, pledged for three years.

  • Declaration of a secured annual income with supporting documentation, from abroad of at least €30.000 + €5.000 for each child + €8.000 for each of the parents.

  • Official Statements by all adult members of the application declare that they do not intend to undertake any sort of employment in Cyprus.

  • Original Criminal Record Certificates for all adult members of the application, duly certified with an official and certified translation.

  • Marriage Certificate duly certified (official and certified translation)

  • In case an adult child, under the age of 25, is applying, we will also require a letter from an institution of tertiary education abroad that the applicant is a registered full-time student with at least 6 months remaining study period.

  • Children’s Birth Certificates duly certified (official and certified translation).

  • The birth certificate of the main applicant is duly certified (official and certified translation) as we need to show the relationship between the main applicant and his/her parents (only if parents apply).

  • The birth certificate of the main applicant’s spouse is duly certified (official and certified translation) as we need to show the relationship between the main applicant’s spouse and his/her parents (only if parents apply).

  • MIP 1 Form: this is the official application form required by the Migration Department – Only a signature need, no certification.

Cyprus is a popular destination for immigration or getting a "haven" among wealthy families, entrepreneurs and investors. The island is already a member of the European Union, but is not yet part of the Schengen zone; a membership application is still pending.

The country has a high standard of living, quality medicine and good education, including several British schools. Cyprus has one of the lowest crime rates in the European Union as it is the fifth safest in the world.

Over the past decade, Cyprus' GDP has steadily increased by several per cent per year, which makes the country's economy one of the fastest-growing in Europe.

Benefits of the Permanent Residency Programme

  • A Lifetime Permit: no need to renew it in the future, issued once and forever.

  • No residency is required. Maintain Permanent Residence status by visiting Cyprus once every 2 years.

  • No language tests.

  • The whole family can also obtain the Permanent Residence Permit (spouse and children up to the age of 25 and Parents/Parents in Law).

  • Cyprus offers an ideal family environment, enabling your children to benefit from excellent schools and universities.

  • Access to an exceptional education system.

  • Access to the superb medical system and facilities of Cyprus.

  • Easier access to travel along with Europe.

  • Freehold Property.

  • NO inheritance tax / NO property taxes.

  • VAT to be reduced to 5% for the first residency. No transfer fees

  • One of the lowest corporate taxes in the EU.

Necessary Documents to apply for the permanent residence in Cyprus

You can become the owner of a permanent residence in Cyprus by investment in just two months.

Immigrant Invest lawyers will help in the collection and preparation of all papers including translation and apostille, filling out and submitting applications, as well as drafting affidavits for remote submission of documents.

But first, you need to collect all the necessary documents:

  1. A completed application in the MIP1 form.
  2. Originals and copies of valid passports of the applicant and his family.
  3. Biography of the main applicant.
  4. Declaration of income confirming the amount of annual income of at least €30,000.
  5. A bank confirmation letter for a €30,000 deposit and a bank transfer document as a confirmation that the money came to a Cypriot bank from abroad.
  6. Proof of investment. When investing in real estate, this is a certificate of ownership or a sale and purchase agreement (if the object has not yet been completed, then a sale and purchase agreement is certified by the land department and confirmation of payment of at least €200,000). When investing in local securities, a share purchase agreement, a certificate of the owner of the shares and a certificate of incorporation.
  7. Proof of permanent address in Cyprus: certificate of ownership, sales or lease agreement.
  8. Declaration of the absence of employment in the territory of Cyprus.
  9. Applicants’ certificates of no criminal record.
  10. Marriage certificate.
  11. Birth certificate.
  12. Medical insurance for the whole family.

Children over 18 years of age need documents stating that they are studying at a university and financially dependent on the main applicant. We translate these documents into English or Greek and certify them with an apostille.

Cyprus is the pearl of the Mediterranean. The island is sunny all year round with a mild climate, beaches, mountain landscapes, a wide variety of properties for sale in Cyprus as well as many historical and cultural attractions

The benefits make Cyprus one of the most attractive destinations in the European Union for relocation: the country is comfortable both for life and for doing business.

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