Non-European citizens are allowed to apply for Residence Permit
in Cyprus on the basis of the Categories referred to in Regulations
5 and 6(2) of the Aliens and Immigration Regulations. Cyprus
Resident and Immigration Permits are granted according to certain
provisions and criteria. Depending to the different circumstances
of each applicant, different provisions and different type of
Residence Permits can be granted.
There are many reasons for someone in order to obtain a Permanent
Residency in Cyprus. Firstly, Cyprus is a popular destination for
foreign citizens looking to reside to due to Cyprus'
geographical position, combined with low tax on income, its'
cosmopolitan city style and international business establishments.
Apart from that demand for the residency in Cyprus remains strong,
as third country nationals seek to use Cyprus as a gateway for
their business in Europe. In addition, Permanent Residence Permit
excludes a Non-EU national from any Immigration entry procedures
and controls.
The Permits
- Under regulation 6(2) for Fast Track Permanent Residence Permit, for purchasers of real estate of a market value of over ?300,000 + VAT. Such applicants are entitled to take advantage of a fast track Residence Permit, issued within 2 months.
- Under regulation 5 for Long Term
Residence Permits for applicants falling into any one of the
following Categories:
- Categories A, B, C and D: For self employees in different sectors of trade or profession (agriculture, breeding, mining, science etc.)
- Category E: For persons offered employment in Cyprus (advance work permit is a requirement)
- Category F: For persons who wish to reside in Cyprus, with secure annual income without the need to engage in any business in Cyprus.
Expedited Process-Immigration Permit (6.2)
The main benefit of the Fast Track Permanent Residence Permit is that it is granted within 2-3 months for an indefinite duration.
Applicants must have:
- Purchased in Cyprus one or two, new real estate properties with total purchase cost of at least ?300.000 (excluding VAT). Properties can be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop. At least ?200.000 of the purchase cost must be settled
- A secure and steady annual income transferred on a regular basis from abroad to a bank operating in Cyprus. The income should derive from sources other than employment in Cyprus
- Funds transferred from abroad and deposited in a Bank operating in Cyprus in a 3-year Fixed Deposit Account
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.