Cyprus Permanent Residence
Investing in real estate allows you to obtain a Permanent Residence Permit in Cyprus.
The Cyprus Permanent Residency Program (PRP) grants the right to travel within the EU with less elaborate visa requirements and obtaining Cyprus citizenship.
Cyprus permanent residence for property buyers
- Issued within 2 months
- Life-long validity without need for renewal
- Granted to all family members including children and parents from both sides of the family
- Non-residency requirement other than to visit Cyprus once every two years, unlike other European member-states, which insist on residency for at least 3 months per year
- Makes it possible to have a business in Cyprus and to receive shareholder dividends
developed services sector providing legal
and accounting services
and goods within the European Union
Why choose PRIME PROPERTY GROUP?
Main 4 steps
Get your free consultation from Prime Property group (by phone / Skype or personally) regarding the Residence permit in Cyprus and properties qualified for obtaining residency
Familirisation tour (2-4 days)
1. Private transfer from and to the airport with our own exclusive transportation
2. Introduction to Cyprus by becoming familiar with its unique culture and lifestyle
3. Presentation of PRIME PROPERTY GROUP
4. Meeting with the legal department of PRIME PROPERTY GROUP, including a detailed presentation and discussion about the Permanent Residence Programme
5. Tour of pre-selected real estate options, accompanied by our team of experts
Final Decision (1 day)
1. Liasing with client on his final real estate options
2. Assisitng client to take final decision and if affirmative, proceed to the next step
Investment (1-5 days)
1. Obtainment of official documentation of Permanent Residence Permit
2. Enjoyment of newly found way of living in Cyprus
Questions and Answers
1. What type of investments qualify someone to apply for the PRP?
The applicant must proceed with an investment of min €300.000 in one of the following categories:
- Investment in house/apartment of at least €300.000 plus VAT from a land development company and should be the first purchase, therefore it will bear VAT. Note that the the applicant may purchase up to two (2) units (apartments or houses), that are sold by land development companies (not necessarily from the same developer) for first time.
- Investment in other types of properties (excluding houses/apartments): such as offices, stores, hotels or combination of such for a total of €300.000. These types of properties can be resales.
- Investment in the share capital of a Cypriot Company with activities and personnel in Cyprus: of at least €300.000. The company must demonstrate actual physical presence in Cyprus and employment of at least 5 (five) people.
- Investment in shares/units of AIF, AIFLNP, RAIF of at least €300.000.
2. Should the property be brand new?
3. How to distinguish between a resale and a new property?
4. Can the purchase of property be made by a company?
5. Are trust deeds accepted instead?
6. What is the difference between Category F and Regulation 6(2)?
Regulation 6(2) concerns the information given in this fact sheet. Category F takes longer to be examined and its main provisions are:
- Examination period is approximately 1,5 year;
- Under this category you do not have to make any fixed deposit;
- Any property either new or for resale is admissible;
- Children under 18 when they become 18 lose their P.R. status and they cannot get it later unless they purchase a property and apply separately themselves;
- The parents of the applicant cannot secure permanent residency under this category;
- The holder of PRP is not allowed to be a shareholder and/or director in a Cyprus company.
7. Can the property be bought from a third party?
8. Are there specific banking requirements to apply for a PRP?
- The applicant must provide evidence, that the investment money has come from abroad and is not a product of domestic borrowing (remittances, foreign card payment receipts, bank certificate).
- The applicant must satisfy the KYC (Know Your Client) and AML (Anti Money Laundering) requirements of the receiving banking institution (i.e the bank of the seller).
9. Which family members get PRP?
- The main applicant;
- His/her spouse;
- Minor children up to the age of 18 years;
- Adult children up to the age of 25 provided that evidence is shown that these children are not married and are students at tertiary level of education and that are financially dependent on the applicant. For this category, the adult children must apply separately for the PR (will not be included on the applicant’s application).
- His/her parents and parents-in-law. For this category, separate applications need to be submitted.
10. If I am married with grown up children, will they all become resident?
Provided that they are higher education students abroad at the time of application and that are financially dependent on the applicant (see 9(iv) above)
If the children are students in Higher Education Institutions of the Republic, they must apply for a temporary residence permit in the Republic as students under the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit. The aforementioned Permit will remain valid after reaching the age of 25 even if the child is married and/or no longer a student and/or financially independent from his or her parents, but in such case, the permit cannot be extended to the spouse and children.
11. Do I have to renew the PRP?
12. Is there a fast-tract process in obtaining a PRP?
13. Can I work in Cyprus and be granted a PRP?
No. The applicants of PRP must not work in Cyprus, with an exception of their employment as directors in a Company in which they have chosen to invest in (see 1C category).
In cases where the investment does not concern the Company's share capital, the applicant and / or his spouse may be shareholders in Companies registered in Cyprus and receive dividends. They may also hold the position of director (but unpaid) in such companies.
14. Can I travel to Shengen countries without a visa?
15. Do I have to live in Cyprus to keep the PRP?
16. Can I travel to USA with PRP?
17. Do I need to sit special language and history exams?
18. Do I need to deposit €30 000?
19. Can I buy two properties?
20. Can I rent my property?