Permanent Residency in Cyprus
Cyprus is a top destination for individuals seeking European residency due to its attractive lifestyle, warm climate, and beneficial tax regime. A Permanent Residency Permit (PRP) in Cyprus allows non-EU nationals to live indefinitely on the island with various advantages, including visa-free access to the Schengen Zone in the future.
Benefits of Permanent Residency in Cyprus
- Lifetime residency with no renewal required
- Access to high-quality healthcare and education
- Favorable tax benefits and business opportunities
- The right to live in a safe, EU-member country with a high standard of living
Types of Permanent Residency Permits in Cyprus
There are two main routes to obtaining permanent residency in Cyprus:
1. Fast-Track Permanent Residency (Regulation 6(2))
This route is ideal for investors and high-net-worth individuals wishing to obtain PRP quickly.
Key Requirements:
- Purchase a new residential property in Cyprus worth at least €300,000 + VAT
- Maintain a stable annual income of at least €50,000, plus additional funds for dependents
- Provide proof of a clean criminal record
- Have no employment obligations in Cyprus but can own a business
- Maintain a fixed deposit in a Cypriot bank for at least 3 years (previously required but now relaxed in some cases)
2. Standard Permanent Residency (Category F)
This category is for retirees or individuals with a stable annual income without a significant investment requirement.
Key Requirements:
- Provide proof of a steady annual income from abroad (minimum €24,000 per year, plus €5,000 per dependent)
- Own or rent a home in Cyprus
- There is no requirement to make a large property investment
- Application processing may take 12–18 months
Step-by-Step Application Process
- Choose the Residency Route – Decide between the Fast-Track or Standard PRP application.
- Purchase Property (if applicable) – Ensure compliance with the investment requirements.
- Gather Documentation – This includes proof of income, a clean criminal record, medical insurance, and title deeds or rental agreements.
- Submit the Application – Apply with Cyprus’s Civil Registry and Migration Department.
- Biometric Data Submission – Required for the issuance of the residency permit.
- Await Approval – Processing times vary: 2–3 months for Fast-Track PRP and up to 18 months for Category F.
Why Choose Cyprus for Permanent Residency?
- Strategic Location: Easy access to Europe, the Middle East, and Africa
- Excellent Climate: Over 320 days of sunshine per year
- Business-Friendly Environment: Low corporate tax rate of 12.5%
- Safe and Secure: Low crime rates and high quality of life
How Our Law Firm Can Help
Our expert legal team specializes in Cyprus immigration law. We assist clients with document preparation, application submission, and legal compliance. We ensure a hassle-free and efficient process for securing your Cyprus Permanent Residency Permit. If you’re considering relocating to Cyprus, contact us for a personalized consultation. Our team is ready to guide you through every step of the process.
