Permanent Residence Permit in Cyprus with No Investment

12 November 2019

Contrary to common misbelief amongst third country nationals considering to relocate their family to Cyprus, it is possible to apply and obtain a permanent residence permit (PRP) without any investment in property. Specifically, under the applicable legal framework a foreign national may choose to  apply for and acquire permanent residency permit (PRP) in Cyprus  either (i) on the basis of what is referred to as  “Category F” under regulation 5 of the Aliens and Immigration Regulations of the Aliens and Immigration Law (Regulations) without the requirement for an investment, or (ii) on the basis  of the well known “fast-track” process under regulation 6(2) of the Regulations which requires, inter alia, an investment in newly developed property. Persons who acquire a PRP and their family members,  can freely travel and permanently reside in Cyprus, without a visa or other requirements. The conditions to obtain a PRP on the basis of either category are briefly explained below.

In a nutshell, under Category F an applicant must prove that they possess a secured annual income for them and their dependants to reside in Cyprus without having to engage in any business, trade or profession, as employment is not permitted under this category. The annual income required should be at least €9568,17 for a single applicant and moreover at least €4613,22 for every dependent person with the migration authority having the ultimate discretion to demand additional amounts as necessary. The applicant can either rent a property to reside or can choose to buy a property without any minimum investment or other conditions.  

In a like manner, under regulation 6(2) you can apply and secure a PRP but with a faster procedure. The main distinction between the two is that in such cases an applicant must acquire a newly developed  property  in Cyprus of a total market value of at least €300.000 plus VAT, at least €200,000 of which must be paid prior to the application. The applicant must also prove a secured annual income of €30.000 plus €5.000 for every dependent person of his/her family (spouse and children) and by €8.000 for every dependent parent or parent-in-law. Such income must derive from abroad and may be in the form of employment salaries, pensions, dividends from shares, fixed deposits, rents etc. Additionally a 3 year fixed deposit must be held with a Cyprus bank for €30.000.

The timeframe for examining Category F is approximately between 12-16 months whilst under Regulation 6(2) the application takes 2 months, but can take longer,  depending on the merits of each case and on the workload of the relevant authorities.


For more information on the process and requirements to obtain a permanent residence permits in Cyprus feel free to contact Eleni Miltiadous at e.miltiadous@playbell.com

 

The above is for information purposes only and does not constitute advice.