Permanent Residency  

Permanent and Temporary residence in Cyprus

Many people who choose to buy property in Cyprus intend to reside permanently. However, when the purchaser of the property is not a European citizen, they are legally restricted from residing in the Republic for more than 90 days per year. Consequently, if they wish to remain longer, they must obtain the relevant permanent residence (PR) permit in Cyprus. There are three different types of permanent residence permits in the Republic.

A. Fast Track

The first category concerns applications based on investment criteria under Regulation 6.2 of The Population Register Law of 2002 (L. 141(I)/2002). This process is commonly known as ‘Fast Track.’ A holder of a residence permit under Regulation 6.2 is permitted to remain in the Republic for as long as they wish. For this purpose, a relevant card is issued, which is renewable every 10 years. The criteria for obtaining the residence permit under Regulation 6.2 are outlined as follows:

1. The applicant must purchase a property with a minimum value of €300,000 plus VAT. This entails acquiring a new property from a construction company in Cyprus. To be able to submit the application, the applicant must make a minimum payment of €300,000 plus VAT to the construction company. They may purchase a property valued at €300,000 plus VAT, but in order to submit the application, they must make this payment to the construction company.
2. The funds for the purchase of the property must come from a foreign bank account, and they must be from either the applicant's account or the account of the applicant's spouse, if the spouse is included in the application. Upon submission of the application, it is required to provide bank statements clearly indicating the transfer of funds from either the applicant's account or their spouse's account to the bank account of the construction company. In addition to the application, proof of payment of the amount of €300,000 plus VAT from the construction company must be attached.
3. The applicant must have a minimum annual income of €50,000. If the applicant's spouse is included in the application, then the required annual income increases by €15,000. Hence, the applicant must demonstrate an annual income of at least €65,000. If the applicant includes their minor children in the application, the required annual income increases by €10,000 for each minor child. For instance, if the applicant has a spouse and two minor children, they must demonstrate an annual income of at least €85,000. The only document recognised by the Republic as valid evidence of the applicant's income is the applicant's tax declaration in their country of residence.

Income includes:

i. Salary
ii. Pension
iii. Deposits in a foreign bank account
iv. Rents
v. Dividends
vi. Interest on deposits or, by exception, dividends from a company in the Republic (with certification by the Company's Accountant that he does not receive any salary from his position) or rents in the Republic, or from income in his bank account in the Republic from a salary from his previous work in a company of foreign interests.

The applicant must also provide:

1. Copy of a valid passport or other travel document with validity of at least three (3) months from the date of the submission of the application.
2. Original Clear Criminal Record Certificate from the country of origin or residence, if the applicant resides in a country other than the country of origin, along with an official translation in Greek or English. The document must also be apostilled.
3. Marriage certificate along with an official translation in Greek or English, duly certified and apostilled.
4. Certificate of Health Insurance covering medical care, including inpatient and outpatient care, as well as transportation of the corpse.
5. Title deed/purchase document deposited in the land registry duly certified.
6. Official receipts evidencing the payment of at least €300,000 plus VAT to the construction company, regardless of the delivery date of the property to the applicant. These receipts must be accompanied by relevant documents proving the transfer of funds from a foreign bank account, such as bank statements from the applicant's bank account and bank statements from the construction company confirming receipt of the funds from the applicant.
7. A declaration from the applicant and his spouse that they do not intent to work or engage in any form of business in Cyprus.
8. The applicant must annually provide the Migration Department with evidence proving that they still hold the investment (a utility bill is sufficient), that they continue to have the required annual income for themselves and their family members, and a health insurance certificate if they are not registered with the national health system (GESY). Additionally, the applicant and their family members must annually submit a certificate of clean criminal record from their country of origin.
9. Health insurance for the applicant and any other person included in the application.

Regarding minor children, if they reach the age of 18, their residence permit terminates. However, if the child is a student, they may request the issuance or renewal of a residence permit until the age of 25. In order to proceed with the aforementioned application, the applicant must provide a certificate of enrolment from an educational institution. After reaching the age of 25, the child loses their residence permit, and to obtain a new residence permit, they must apply not as a dependent anymore but as the principal applicant. Therefore, they should follow the procedure described above.

B. Category F Application

The second method of acquiring permanent residency is through application under category F. In this category, there is no restriction on the value of the property to be acquired. Moreover, someone can apply for a residence permit even with a rental agreement. The only prerequisite is that the applicant must have a residence in the Republic. The income criteria are as follows:

1. The applicant must have a residence in the Republic.
2. The applicant must have a minimum annual income of €30,000.
3. If the spouse is included in the application, the annual income increases by €5,000, as well as for each dependent child.

For instance, if the applicant applies for permanent residency together with their spouse and one dependent child, they must demonstrate a minimum annual income of €40,000.

Income includes:

i. Salary
ii. Pension
iii. Deposits in a foreign bank account
iv. Rents
v. Dividends
vi. Interest on deposits or, by exception, dividends from a company in the Republic (with certification by the Company's Accountant that he does not receive any salary from his position) or rents in the Republic, or from income in his bank account in the Republic from a salary from his previous work in a company of foreign interests.

The applicant must also provide:

1. Copy of a valid passport or other travel document with validity of at least three (3) months from the date of the submission of the application.
2. Original Clear Criminal Record Certificate from the country of origin or residence, if the applicant resides in a country other than the country of origin, along with an official translation in Greek or English. The document must also be apostilled.
3. Marriage certificate along with an official translation in Greek or English, duly certified and apostilled.
4. Certificate of Health Insurance covering medical care, including inpatient and outpatient care, as well as transportation of the corpse.
5. Title deed or purchase document submitted to the land registry, duly certified, along with a tenancy agreement of at least 12 months, stamped and certified.
6. Health insurance for the applicant and any other person included in the application.

C. Temporary residence permit/ Pink slip

Temporary residence permit is also known as ‘Pink Slip’. This specific permit is valid for a period of 12 months and is renewable every 12 months. The prerequisites are as follows:

1. The applicant must have a residence in the Republic.
2. The applicant must have a bank account with a Cypriot bank, into which €10,000 must be deposited during the first year of application submission. In the second year of the application, the amount deposited in the Cypriot bank must be increased to €24,000. If the spouse is included in the application, the required deposited amount increases to €28,400.
3. Copy of a valid passport or other travel document with validity of at least three (3) months from the date of the submission of the application.
4. Original Clear Criminal Record Certificate from the country of origin or residence, if the applicant resides in a country other than the country of origin, along with an official translation in Greek or English. The document must also be apostilled.
5. Marriage certificate along with an official translation in Greek or English, duly certified and apostilled.
6. Certificate of Health Insurance covering medical care, including inpatient and outpatient care, as well as transportation of the corpse.
7. Title deed or purchase document submitted to the land registry, duly certified, along with a tenancy agreement of at least 12 months, stamped and certified.
8. Chest X-rays and blood tests.