PERMANENT RESIDENCY
Cyprus offers a compelling Permanent Residency Program (PRP) for non-European Union nationals seeking to establish a long-term presence in the country. This program provides a streamlined pathway to reside in Cyprus, leveraging its strategic location, favorable tax regime, and high quality of life.
Key Features of the Cyprus Permanent Residency Program
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Investment Requirement:
- Real Estate Investment: Applicants must invest a minimum of €300,000 (plus VAT) in new residential properties. The properties must be purchased from a developer and can include up to two housing units.
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Financial Criteria:
- Stable Income: Applicants must demonstrate a secure annual income of at least €30,000, derived from abroad. This amount increases by €5,000 for each dependent (spouse and children) and by €8,000 for each dependent parent or parent-in-law.
- Bank Deposit: A deposit of €30,000 in a Cypriot bank account, pledged for a minimum of three years, is required.
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Additional Requirements:
- Clean Criminal Record: Applicants and their dependents must have no criminal record.
- Residency: While there is no strict requirement to reside in Cyprus, applicants must visit the country at least once every two years.
- Health Insurance: Comprehensive health insurance coverage is necessary for all family members included in the application.
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Application Process:
- Submission: Applications are submitted to the Civil Registry and Migration Department, either directly or through authorized representatives.
- Processing Time: The examination period is typically within two months from the date of submission.
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Benefits of Permanent Residency:
- Family Inclusion: The permit covers the main applicant, their spouse, children under 18, and unmarried dependent children aged 18 to 25 who are full-time students.
- Indefinite Validity: The residency permit is permanent, with no renewal requirements, provided the investment is maintained and the applicant visits Cyprus once every two years.
- Pathway to Citizenship: While the PRP does not lead directly to citizenship, it offers a stable status that can be beneficial for those considering long-term integration into Cypriot society.
Cyprus's Permanent Residency Program presents an attractive opportunity for investors and their families to establish a foothold in a country known for its favorable business environment, excellent quality of life, and strategic access to European markets.