With its beautiful beaches and tropical Mediterranean climate, Cyprus is considered an ideal destination for permanent residence for non-EU nationals.

LIVING IN CYPRUS

Cyprus, with its warm and stable climate and convenient geographical position, is considered an attractive place for both business and residence. The investment landscape in Cyprus is beneficial due to the island’s well-qualified labor force and a reliable transport and telecommunications system.

Cyprus has a modern, free-market, service-based economy, where in conjunction with its effective and transparent regulatory and legal framework, it offers international investors and businesses the confidence to invest, grow, and prosper. Cyprus was ranked number 54 out of 190 countries on the World Bank’s Ease of Doing Business Index 2020. A number of new measures have been put into place to reboot the economy in the wake of the massive and difficult restructuring of the country’s banking sector. These measures are aimed, among other things, at helping to stimulate economic growth.

CYPRUS RESIDENCY BY INVESTMENT

Cyprus Residency by Investment program allows successful applicants and their families to get a Cyprus immigration permit with an unlimited duration in two months. An investor can apply for Cyprus citizenship after five years of residing in the country as a holder of such a permit.

In 2023 applicants obtain Cyprus residence by investing at least €300.000 in real estate or securities and showing an annual income of €30.000. If the applicant invests in a residential property, his income must be entirely from abroad. If he chooses any other investment options, his total income or part of it may also be from Cyprus.

Here are all the requirements to be eligible for the Permanent Residency scheme:

1. Purchase a new home in Cyprus for at least €300,000 (excluding VAT), where the first €200,000 must be paid upon the date of filing the application.
   Additionally, the purchase must be made from a property development company business for the first time.

2. Open and keep a fixed deposit of €30,000 minimum in a Cyprus Bank for at least 3 years.

3. Have a stable annual income of at least €30,000 coming from sources outside of Cyprus.  For each person included on the application, funds must be increased by €5,000 and €8,000.

4. The candidate will be required to go through a “Fit and Proper” test, where he/she will need to present a certificate showing a clear criminal background, as well as comply with the due diligence requirements.

5. The applicant will be required to travel to Cyprus once during the first year to register for biometrics and then once after 2 years.

Benefits of Cyprus Permanent Residency on a fast-track basis

The Permanent Residency procedure can take up to 2 months.
Once the residency is granted, you will be able to enjoy living in one of the safest countries in the EU!

Cyprus also has a very cost-efficient tax system, with favorable tax rates and a broad network of double tax agreements.

With this permit, non-EU residents living in Cyprus have the opportunity to travel anywhere they want including several Schengen nations without having a visa.

Permanent Residency on a ‘normal-track’ basis – residence within 1 year
According to Regulation 5(f), a citizen of a third country who rents or buys a home or apartment worth at least €300,000 is also eligible to apply for permanent residence on the normal-track basis as long as:

1. He/She has a stable income of approximately at least €10,000 from sources outside of Cyprus. The amount is increased by €5,000 per person added in the application.

2. He/She must not work in Cyprus and the income comes from sources outside Cyprus.

3. He/She provides proof that all of the family’s financial demands are met and come for reliable and sufficient sources.

4. He/She goes through the “Fit and Proper” test.

The normal-track basis has a lower minimum annual income requirement, and allows more flexibility in terms of the applicant’s choice to rent rather than buy a property. Finally, once the application has been filed, the applicant will be able to travel to and from Cyprus.

Permanent Residence Permit for non-EU citizens residing in Cyprus
Third-country nationals who have been living in Cyprus for at least 5 years and have held a Temporary Resident Permit for the entire period are also eligible to apply for a Permanent Resident Permit.

Family members of non-EU residents who also live in Cyprus can also apply for a Permanent Residence Card. This card is valid for 5 years and can be renewed!

Permanent Residence Permit for EU Citizens
The Yellow Slip stands for the permit required for EU residents who wish to live and work in Cyprus for a period longer than three months, without having to renew their visas. The Yellow Slip can be granted in just 12 business days.

Applicants of the Yellow Slip can also add their family members who will be permitted to live and work in the country.

On the contrary, non-EU national family members will be qualified for the Pink Slip, a temporary, renewable document which can be renewed every 5 years.

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