Second Citizenship
March 24, 2023
Reading Time: 7 min

Complete guide to obtaining Cyprus permanent residence

How to describe Cyprus? It’s up to 300 sunny days yearly, a mild Mediterranean climate, rich culture, enough sights, and widely spoken English.

At the same time, it is the 23rd economy in the World and 16th in Europe, with respect to property rights. The maximum individual income tax rate is 35%, and the maximum corporate rate is 12,5%.

It is an attractive place both for life and business. And almost any foreign can access these benefits by obtaining the Cyprus Permanent Residence Permit. There is a way to get RP through a mix of business visas and naturalisation, and there is a way through investments. This article observes all ways of getting it.

Alevtina Kalmuk
Alevtina Kalmuk

Provided details about Cyprus PR program

Cyprus residence permit: how to obtain in 2023

Complete guide to obtaining Cyprus permanent residence

Cyprus permanent residence types

Cyprus, like other European countries, has numerous programs for obtaining residence cards. There are the ways to get a temporary residence permit card:

Cyprus Golden Visa. This visa allows one to live legally on the island and barter on investments in the country’s economy.

Investors get permanent residency, and the full process takes about 3 months. This way can be more affordable if you have the financial opportunity and want to get permanent residence shortly.

Cyprus Startup Visa. This program is valid till May 31st, 2024, and allows a residence for the founder and team of startups with high growth potential. This program is powered by the Ministry of Research, Innovation and Digital Policy, so applicants should transfer or create a branch of their innovative business in Cyprus.

Innovativeness will be evaluated when applying several factors, and an important nuance is that the company should demonstrate 15% growth over the two years. And if the company is successful, applicants can apply for permanent residency.

Digital Nomad Visa. This program allows obtaining a temporary residence permit for non-EU and non-EEA nationals who can perform their work location independently through the Internet.

€3,500

Monthly net income for an applicant for a Digital Nomad Visa

The essential condition is that the applicant should have a monthly net income of at least €3,500 after deducting contributions and taxes. There is no direct way to transform this visa into permanent residence, but this visa can be used as an argument for naturalisation.

Long-term residence permit. This program allows students, refugees, asylum seekers, and similar categories of applicants to get residence cards. There is a list of documents for any category of applicants, including a passport.

For example, in the case of employment — a contract registered with the Employment Registry, Certificates of academic qualification, bank account statements, certificates of knowledge of the Greek language and so on. The application review period is 6 months.

Naturalisation. You can get a permanent residence permit based on the years you legally lived in Cyprus. You need to have residence on the island 7 years before the application date.

This term is reduced to 5 years if the applicant has parents or children with Cyprus citizenship. Each family member applies independently.

Golden Visa. At the same time, Cyprus has a program for foreigners, also called a Golden Visa. This visa allows one to live legally on the island and barter on investments in the country’s economy.

Investors get permanent residency, and the full process takes about 3 months. This way can be more affordable if you have the financial opportunity and want to get permanent residence shortly.

7 reasons to choose Cyprus

Cyprus’s golden visa program offers an investment route to getting a permanent residence permit. Compared to naturalisation, family reunion or marriage, the golden visa program is the quickest way to get Cyprus permanent residency.

How to obtain permanent residence in the European Union within half a year

Let’s understand why 180 thousands of immigrants choose Cyprus. There are five main rational advantages of this country:

1. Taxes. There are no taxes on foreign income and inheritance and low taxes on property and income. As we already said, the maximum individual income tax rate is 35%, and the total corporate rate is 12,5%.

2. High level of life. Cyprus is the 23rd economy in the World and 16th in Europe. The island also has the lowest level of crime in Europe.

3. Business climate. The country has a good level of trade freedom, which can be a point for bringing a business to European markets because investors with PR can buy a share in the local business.

4. Unlimited residency. The Cyprus permanent residency permit does not need to be renewed after it has been given. The permanent resident card is updated once every ten years, and the person must bring new photos.

It’s a more convenient residence permit type than a temporary residence one when investors must update their cards every 2—3 years.

5. The prospect of getting an EU passport. After 5 years of obtaining PR, you can apply for a Cyprus passport. And also important that a residence permit can be bequeathed.

6. Cyprus is a member of the EU. Since May 1, 2004, Cyprus has been a member of the EU. Investors who become citizens of Cyprus after receiving a golden visa have the option to travel to all 27 EU nations without the need for extra documentation.

7. The emotional advantage of Cyprus is the last but not least benefit. The country has not only great weather and climate, but there are a lot of monuments of the cultural heritage of different epochs.

A lot of cosmopolitan people choose Cyprus because of a mild Mediterranean climate

Ruins of ancient Amphitheater Kurion, built in the 2nd century BC

4 ways to get a Cyprus residence permit by investment

There are four ways of getting a Golden Visa of Cyprus, and all of them will require investments for €300,000.

To purchase a real estate property. You can buy one or two objects of primary real estate for the total amount of €300,000 plus VAT. Standard VAT is 19%, but it decreases to 5% if you buy only an estate for a living. According to the terms of the program, you can’t invest in secondary real estate.

To buy a commercial estate property. Here you can buy one or two objects, but there is no difference between primary and secondary estate — both types fit the program conditions. You should pay VAT — 19%, without discounts.

To invest in the share capital of a Cyprus company. In this case, you need to choose a company conducting commercial activities and having 5 or more employees.

To buy the stocks of a Cyprus company. You can invest in stocks of local companies or investment funds. AIF, AIFLNP, and RAIF fit the program conditions.

These ways have nuances and additional costs, and we analyse them in detail further. Still, the main feature is that you can return your investments only after your Residence Card expiration date.

Documents to obtain Cyprus permanent residency

To apply for a permit of permanent residence in Cyprus, the applicant must provide the necessary paperwork, which includes:

  1. A completed MIP1 application form.

  2. Originals and copies of valid passports of all the applicants.

  3. A main applicant’s biography.

  4. A declaration confirming an annual income of at least €50,000.

  5. A confirmation of investment.

  6. Proof of permanent residence in Cyprus.

  7. A statement of the absence of employment in Cyprus.

  8. A certificate of no criminal record for the main applicant and their spouse.

  9. A marriage certificate.

  10. A birth certificate.

  11. Medical insurance for the whole family.

Requirements for applicants on Cyprus permanent residence card

The PR programs allow foreigners of non-EU and non-EEA countries to get residence permits. Generally, applicants should have no criminal records or violations of migration law. There may be exceptions, but they relate to categories of refugees or asylum seekers.

If you decide to get a permanent residency through an investment program without employment in Cyprus, you must confirm an income outside Cyprus of at least €50,000 per year.

The investor can apply with his family members:

  • spouse, without criminal records and employment in Cyprus,

  • children under 18 financially dependent on an investor,

  • children above 18 under 25 financially reliant on an investor, unmarried and studying in the university.

Cyprus permanent residency cost and processing time

As we already said, there are four ways to invest in the Cyprus economy and get a permanent residence card. The number of relatives has no bearing on the investment’s size. The registration process and card issuance come at an additional cost to the investment.

For clarity, we combine investments in shares and stocks and evaluate the primary and extra costs for one person.

Cost comparison for one person

Purchasing of real estate

Purchasing of commercial estate

Investments in shares or stocks

Investments

€300,000+

€300,000+

€300,000+

VAT

€15,000+

€57,000+

Confirmed income

€50,000 per year

€50,000 per year

€50,000 per year

Administrative fee

€500

€500

€500

Registration fee

€210

€210

€210

Permanent residence card fee

€70

€70

€70

As you can see, the minimum cost is in stocks and shares, but the risk of that type of investment is much higher than in estate. With passive income from the investments, you can rent out real estate and compensate for the difference in costs in the long term.

Investors can earn 5% a year by renting out their home. A 3-bedroom apartment in the heart of Limassol typically costs €2,500 per month to rent. In Ayia Napa and Nicosia, renting a comparable item will set you back roughly €1,000.

The processing time for obtaining Cyprus permanent residency is 3 months. The government typically considers the application for 2 months. Afterwards, the investors must come to the island to submit biometrics. The Cyprus permanent residence card is issued within 40 days after that.

Individual cost calculation of the Cyprus permanent residence

Individual cost calculation of the Cyprus permanent residence

How to get the Cyprus Residence Card through the investment program

There are 5 steps in the process of obtaining a residence card in Cyprus:

1

Preliminary Due Diligence

Anti Money Laundering Officer of Immigrant Invest checks your documents to evaluate your chances of getting the PR of Cyprus. Also, a Preliminary Check enables you to find and ensure some risks. For example, Officer can recommend expanding the package of documents.

2

Documents Collection

Our agent helps you to collect and apostille a complete list of documents. After this, we can transfer it to our local agent in Cyprus.

3

Fulfilment of the Program conditions

If you buy real estate, you need to transfer money and VAT to the developer in this step. After that, we submit the documents to the Land Registry Department.

4

Submission of Documents

After registration, our representative passes documents to the Civil Registry and Migration Department of Cyprus. There is no necessity to visit the island personally.

5

Obtaining a Cyprus Residence Card

The decision is made in 2 months. In the positive case, you must visit Cyprus during the year and submit biometrics.

Instead of conclusion

  1. There are four rational reasons to choose Cyprus: the level of taxes, the high level of life, the business climate and the prospect of getting an EU passport. And there is one significant emotional reason — the great environment and beautiful nature.

  2. You can get a resident permit in Cyprus through a naturalisation program or investments in the Cyprus economy. Startup Visa, Digital Nomad Visa and Long-term residence permit allow you to stay legally in the country but don’t give you an RP directly.

  3. Investment can be called the fastest way to get RP of Cyprus. To participate in this program, you must invest €300,000 in the Cyprus economy. You can buy residential or commercial real estate. Also, you can buy shares or stocks of Cyprus companies. You also should have confirmed income outside Cyprus — at least €30,000 per year.

  4. Investment program allows you to add family members: spouse, children and parents.

  5. There are additional costs for participation in the investment program, starting from €15,780. Minimum VAT and other expenses are when you buy shares or stocks, but this case is the riskiest. Maximum VAT is in case of purchasing a commercial estate. In this case risk of investments is low. And the case with average risk and expense is when you buy real estate.

  6. There are five main steps to getting a residence permit through investments: preliminary Due Diligence, document collection, fulfilment of the Program conditions and obtaining a residence card. So, we will be glad to accompany you at all stages.

Immigrant Invest is a licensed agent for citizenship and residence by investment programs in the EU, the Caribbean, Asia, and the Middle East. Take advantage of our global 15-year expertise — schedule a meeting with our investment programs experts.

Will you obtain Cyprus permanent residence?

Practical Guide

Will you obtain Cyprus permanent residence?

Frequently Asked Questions

  • Can I get permanent residency in Cyprus?

    Yes, you can get it in 4 ways — all of them are about investments: in the estate or local companies.

  • Is it easy to get Cyprus citizenship?

    It depends on your understanding of the word “easy”: the whole process takes at least three months and more than €300,000. With an Immigrant Invest agent, you can save time in bureaucratic issues and selecting an investment option.

  • How much is a Cyprus residence permit?

    The minimum amount of investment is €300,000. There are additional costs of €15,000 per spouse and €10,000 per child, and you also need proof of regular foreign income of €50,000 per year.

  • Does Cyprus give citizenship to foreigners?

    Yes, as in other European countries, Cyprus has a Golden Visa program for foreigners who want to get legal opportunities to live in the country and are ready to invest money in the country’s economy.

  • What are the benefits of Cyprus permanent residency?

    PR is the way to live in Cyprus legally; you also get an opportunity to develop your business or make a profit from investments.

  • How long does it take to get permanent residency in Cyprus?

    The obtaining period of Cyprus PR through investments is 3+ months. The other ways take more time — up to several years.

  • Can I travel to Europe with a Cyprus residence permit?

    No, but you can do it if you get a Cyprus passport. While waiting for a Cyprus passport, you can enjoy other benefits.

  • Can I get residency in Cyprus if I buy a house?

    Yes, you can get a residency in Cyprus if you buy a residential or commercial property for €300,000.