Third Country Nationals Long Term Residency Permits
PERMANENT RESIDENCE PERMIT (REGULATION 6.2) – ACCELERATED PROCEDURE
The accelerated procedure for the Permanent Residence Permit (PRP) applies to third country nationals and their family members who wish to have the option to permanently reside in Cyprus and even be able to apply for a Cyprus passport based on the years of stay.
The procedure of obtaining the PRP is simple and fast. The applicant should satisfy one of the following investment options:
INVESTMENT OPTIONS:
Disposal of an investment without its immediate replacement shall result in the cancellation of the Permanent Residence Permit.
The property being purchased from the land developer must be a “first time” sale, i.e. not a repurchase of a previously sold property unless such repurchase was concluded before 07/05/2013.
Additionally, the applicant must show a steady annual income of at least €50.000. This amount is increased by €10.000 for each underage child, or a financially dependent child up to 25 years old, and by €15.000 for the applicant’s spouse. Such income must derive exclusively from abroad, as evidenced by a copy of a duly submitted tax return in the applicant’s tax domicile. Both the applicant’s and the applicant’s spouse’s income is taken into account.
The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without receiving any remuneration.
The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).
The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without remuneration.
Additionally, the applicant must show a steady annual income of at least €50.000. This amount is increased by €10.000 for each underage child, or a financially dependent child up to 25 years old, and by €15.000 for the applicant’s spouse. Such income may derive both from abroad and Cyprus; provided that the applicant is taxed in Cyprus. Both the applicant’s and the applicant’s spouse’s income is taken into account.
The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).
The applicant and/or their spouse can be directors (with remuneration) of the company they have invested.
The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).
The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without remuneration.
b. Health insurance certificates for the applicant and their dependents.
c. Copy of valid passport.
d. Copy of valid temporary residence permit (if the applicant resides in Cyprus).
e. Curriculum Vitae (including academic qualifications).
OPTIONS FOR FAMILIES:
Spouse of the applicant is entitled to apply simultaneously with the applicant for the acquisition of the PRP.
2.1 Under the age of eighteen are eligible to apply for PRP simultaneously with the applicant.
2.2 Over the age of eighteen.
Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain a PRP. In such a case, the father or mother and/or both parents together must show an additional annual income of €10.000 for every such dependent child. The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. Future spouses or underage children cannot be included as dependent persons on this permit.
If children wish to study in an institution of tertiary education in the Republic, they have to submit through the institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, with the only condition that their parents show an additional annual income of €10.000 for every such child.
2.3 Over the age of eighteen that are not financially dependent.
The market value of the €300.000 investment should be multiplied by the number of the adult children, who will invoke the same investment for the purpose of obtaining the PRP. For example, in case the applicant has an adult child he should make an investment worth €600.000, if he has two adult children the value of the investment should amount to €900.000, etc.
In case the investment will concern the real estate market, i.e. where the applicant chooses to invest to Investment Option A or B, proof of payment of at least 66% of the market value must be submitted.
It is understood that, in such a case, each adult child will be able to prove that he has at his disposal an insured annual income of at least €50.000, which will increase by €15.000 for their spouse, and by €10.000 for each other dependent.
In addition, it is noted that the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.
- The applicant is required to submit to the Civil Registry and Migration Department, on an annual basis from the date of obtaining the Immigration Permit, evidence that he maintains the investment, that he maintains the required income determined for him and his family and that he and his family members are holders of a health insurance certificate, in case they do not continue to be beneficiaries of GESY.
- In addition to the above, the applicant and his adult family members are required to provide an annual certificate of a clean criminal record from their country of origin, as well as from their country of residence.
- It is understood that, in case the holder of the Immigration Permit fails to prove the above, it will entail the activation of the process of cancelling the PRP of himself and his family members based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
- The funds used for the investment need to be remitted from a foreign bank account (i.e. not from a Cypriot bank account) of the applicant.
- The applicant must provide, on an annual basis, proof of maintaining their investment, proof of income, copy of their health insurance policy, and refreshed clean criminal record certificate.
- The applicant and the family members should visit Cyprus at least once every two years.
- The application can be submitted by a representative while the applicant and family members reside abroad.
- The applicant and family members should visit Cyprus within the first year from the approval date for the provision of biometric data.
- The anticipated processing time by the Civil Registry and Migration Department following submission of the application is four months.
Contact Us
