Requirements for the Cyprus Permanent Residence Program
To qualify for the Cyprus permanent residence program, certain criteria need to be met, including:
- Proven annual income of €50,000 from abroad
- Ability to pay additional spouse and dependent child fees (if applicable)
- Possess health insurance covering medical care in the country
- Visit Cyprus once every two years to maintain residency
- Hold a clean criminal record in the home country
Applicants must also not be permanent residents of another EU country, e.g., France, Estonia, Italy, nor have plans to be employed in Cyprus. However, you can own your own business.
If you add a spouse or child to your application, you need to meet additional income requirements. For a spouse, it's €15,000 of additional income. Children require €10,000 each.
Once you have proven all of these requirements, you'll be able to benefit from the Cyprus permanent resident program, enjoying the Mediterranean lifestyle and new business opportunities.
Fast Track Cyprus Permanent Residence Application
In a hurry? The Civil Registry and Migration Department of Cyprus offers a Fast Track Route for the permanent residence program.
To qualify, you must purchase a brand-new-to-market property from a developer. Additionally, you need a confirmation letter from a Cyprus banking institute (Bank of Cyprus, Hellenic Bank, Eurobank Cyprus) verifying a minimum fixed deposit of €30,000 for at least 3 years.
Under the fast-track route, your permanent residence is typically granted within 2 to 4 months, instead of up to 12 months via the regular path.
Steps to the Cyprus Permanent Residence Program
The Cyprus permanent residence program is simple. In just 6 steps, you can be on your way to collecting your permit card for residency.
- Purchase selected property
- Sign the contract and send it to the Cyprus Land Registry
- Submit the MIP1 application form
- Civil Registry examines the application
- Hear back from the Ministry of Interior
- Visit Cyprus within the year to collect a permit card
Benefits of Obtaining Cyprus Residency
Becoming a resident of Cyprus through the investment scheme comes with the obvious benefits – property ownership on the Mediterranean island.
Property ownership is not the only benefit, though, as there are plenty more perks to enjoy as a resident, such as:
- Access to EU markets
- Use of education in the country
- Ability to own and operate your own business
- Travel in and out of the country freely
- Minimum renewal requirements for resident status
Once you have residency status for 7 years within the last 10 years, pathways to citizenship become available to you, too.
Start the Cyprus Permanent Residence Program with DNP Property
Here at DNP Property, we've been leading the property development space in Cyprus since 1995.
If you're looking to gain permanent residence through property investment, we have plenty of developments to explore. Our Melrose Gardens property is ideal for a quiet, luxury getaway, while Elea Residence offers a lively city break.
Get in touch with us today to discuss which development suits you, as well as how we can help with the Cyprus permanent residence program. Call us on + 357 7000 8188 to speak with a member of our team. Alternatively, fill out our contact form, and we will give you a callback.
FAQs
How much does the Cyprus permanent residence program cost?
The Cyprus permanent residence program costs a minimum of €300,000 for the initial property investment. However, you need to consider government fees, legal costs, property taxes, and advisory fees, too.
The total cost at the end will be more than your initial investment. It's a good idea to budget for at least €20,000 to €80,000 to cover the additional fees. However, your advisor will be able to give accurate figures for your circumstances.
How long does the Cyprus permanent residence program take to complete?
Once your investment property is signed for and all the relevant documents and forms have been filed, the process can take anywhere from 2 to 4 months to complete when using the fast track route. For a non-fast-track application, it can take up to a year.
To avoid delays, make sure all of your documents are up to date, and the information provided is accurate.
Can I bring my family as a permanent resident?
Yes, you can generally bring your family as a permanent resident of Cyprus. Spouses and dependent children can be added to your application form for a fee, but they must meet eligibility requirements, including a clean criminal record and being covered by valid health insurance. Spouses must be legally married to the main applicant.
Can I get citizenship as a resident?
Yes, you can get citizenship as a resident. However, it is not an automatic process. Eligible residents can apply for citizenship through naturalisation once they have been a legal resident for at least 7 years.
Do I need to live in Cyprus permanently as a resident?
No, you do not need to live in Cyprus permanently. However, you will need to visit at least once every two years to keep hold of your permanent resident status.
