Permanent Residency in Cyprus is a legal status that allows Non-EU Nationals and qualifying dependents to reside in Cyprus as permanent residents without a restriction as to the duration of their stay. Contrary to other Residency Permits available in Cyprus, a Permanent Residency Permit does not expire and its  holders are not required to renew it. 

Fast-Track Mechanism

The popular Fast-Track mechanism requires that an Applicant invests at least €300,000 (plus VAT) in real estate in Cyprus, providing evidence that the capital invested was channelled from sources abroad.

Applications submitted under the Fast-Track Mechanism are usually examined and a Permanent Residency Permit is granted within 5-8 months from the date of application. 

Feel free to contact our team before concluding an agreement for the purchase of a real estate to confirm whether this qualifies for the Fast Track Application Mechanism.

Slow-Track Mechanism

Unlike the Fast-Track Mechanism, no investment is required for Permanent Residency Permit applications to be submitted under the Slow-Track Mechanism, while Applicants may rent a house or an apartment instead.

Applications submitted under the Slow-Track Mechanism take longer to be examined, with Permanent Residency Permits being granted within 2-3 years from the date of application.

Can I Work in Cyprus?

The Permanent Residency Permit (whether obtained through the Fast or Slow Track Mechanism) does not grant its holder the right to engage in any form of employment in Cyprus, therefore Applicants need to demonstrate a secured annual income of at least €30,000 from sources other than employment in Cyprus. l

What about my Family?

The spouse of the Applicant and any underage or dependent children may also obtain a Permanent Residency Permit through the Fast or Slow Track Mechanisms. The minimum annual income is increased by €5.000 for each dependent family member.

The filing of a Permanent Residency Permit application (whether under the Fast or Slow Track Mechanism) does not grant the Applicant a right to reside in Cyprus as of the date of application. If an immediate relocation to Cyprus is desired, other Residency Permit options (such as the so-called Pink Slip) are available.

Why choose Cyprus? 

Here’s a few of the benefits which you can enjoy when residing on the Mediterranean island of Cyprus:

• As an EU Member State, Cyprus is a country with a growing economy and established democracy.
• It is a safe place to raise one’s family with one of the lowest crime rates in Europe.
• Communication is easy as locals speak English fluently.
• It has one of the lowest corporate tax rates (12.5%) in the European Union. 
• Cyprus has an average of 300-340 sunny days per year

Looking to find out more?

Do not hesitate to contact our team at info@paraschou.com.cy.