How long does it take to obtain a Permanent Residency Permit in Cyprus?
A Permanent Residency Permit in Cyprus allows Non-EU Nationals and qualifying dependents to reside in Cyprus on a permanent basis.
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.
Investment options which qualify for the Fast-Track Mechanism include:
- Investment in a residential property
- Investment in real estate (other than residential property)
- Investment in the share capital of a Cyprus company with activities and physical presence in Cyprus (with at least 5 EU Employees on payroll)
- Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF)
Feel free to contact our team before concluding an agreement for the purchase of real estate property in Cyprus 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 submitted under the Slow-Track Mechanism and 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.
Applicants do not have the right to reside in Cyprus while their Permanent Residency Application (whether submitted under the Fast or Slow Track Mechanism) is pending examination.
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 generated in a country other than Cyprus.
What about my Family?
The spouse and any underage or dependent children of an Applicant may also obtain a Permanent Residency Permit through the Fast or Slow Track Mechanisms. The Applicant’s minimum annual income required increases by €5,000 for each dependent family member.
Why Cyprus?
Here’s a few of the benefits which you can enjoy when residing on the Mediterranean island of Cyprus:
- Cyprus is a country with a growing economy and established democracy.
- EU Member State and Member of the Eurozone.
- 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.
- Access to world class education facilities.
Looking to find out more? Do not hesitate to contact our team at info@paraschou.com.cy.