Permanent Residence Permit
Overview
Cyprus has become an increasingly popular destination for non-EU individuals seeking permanent residency in an EU-member state. Cyprus Immigration boasts of one of the easiest & fastest immigration routes into Europe, where most cases are completed within a period of 2 months.
The Cyprus Residence Permit does not require the applicant to show any education, work experience or language competency and is valid forever, without the need for constant renewals. It does not impose any residency requirement (hence applicants can continue to live somewhere else & save the permit for whenever they want to or need to use it). It only requires that all applicants visit Cyprus once every two years. Hence, the Cyprus Residence Permit can act as a safe plan for the future.
It also give the opportunity for the applicant & eligible family members to obtain citizenship in Cyprus after 7 years, subject to certain conditions being met.
Besides the main applicant, the following family members are also eligible to be included in the same application:
- Spouse
- Children up to the age of 18
- The applicant’s parents & parents-in-law
Financial Criteria
An applicant has to satisfy the following financial criteria:
- Invest in Cyprus real estate
- Deposit a minimum amount in a Cyprus Bank for 3 years
- Provide proof of prescribed annual income
Qualitative Criteria
- Applicants must be over the age of 18 years
- Applicants must provide proof of having a clean criminal record
- Applicants & their dependents cannot undertake any employment in Cyprus. They can only be shareholders in a company and receive income from the dividends of such company.
Due Diligence
Due Diligence is carried out by both us at Migratesmart® and the government of Cyprus on the main applicant & dependants, as well as by the bank receiving the investment funds on the applicant’s source of funds. The period of due diligence depends on the circumstances of each client.
You can apply for Cyprus Citizenship after 7 years, subject to having lived for at least 5 years of that period in Cyprus.
