How to relocate to Cyprus - Permanent Residency and Citizenship

The Cyprus Investment Program provides a streamlined way for non-EU nationals to obtain Cyprus Permanent Residency within 4 months. The program is based on a real estate investment in a new property purchased from a developer, with a minimum value of €300,000 (including VAT). The PRP (permanent residency permit) is granted indefinitely to the investor, their spouse, parents of both the investor and spouse, and dependent children under the age of 25. Permanent residents are required to visit Cyprus every two years.

To apply for permanent residency, the process involves the purchase of a new residential property for a minimum of €300,000 (including VAT), and then the submission of a permanent residency application to the Civil Registry and Migration Department. The authorized representative can act on behalf of the investor in both purchasing property and submitting applications. Upon successful application, the PRP is issued within 4 months, and the applicant must visit Cyprus within a year to provide biometrics and obtain the residency permit.

In addition to the property investment, there are some additional criteria that must be met. Proof of an annual income from abroad in the amount of €30,000 is required, with an increase of €5,000 for each family member, and €8,000 for each parent and spouse of the main applicant. The applicants must have no criminal history and there is no need for a language or medical exam. It's important to note that holders of a Cyprus permanent residency permit are not permitted to work in Cyprus.

There are several advantages to obtaining Cyprus Permanent Residency. This includes the right to permanently reside in Cyprus without an entry visa, the ability to obtain a multiple entry Schengen visa from any European Embassy in Cyprus, access to education at prestigious British universities, the lowest corporate tax rate in Europe, excellent opportunities for international tax planning, high-quality medical facilities and healthcare, no inheritance tax, and excellent banking services with global networks. Additionally, Cyprus offers an excellent climate, a safe living environment, and a multicultural community.

For those interested in obtaining Cyprus Citizenship, the process of naturalization is an option. A person can become a Cypriot citizen by meeting certain criteria over time. The criteria for citizenship through naturalization includes being over the age of 21, living in the country for at least 7 years (reduced to 5 years for those with Cypriot descendants or PRP through property investment), legally and continuously residing in the country for a year prior to the application, and being of good character with no criminal record.

Cyprus Citizenship provides several benefits, including the freedom to live, work, own and run a business, travel, and study in any EU member state. Cyprus also has a low 12.5% corporate income tax rate, modern communications and legal services, visa-free travel to 173 countries, no language requirements, and a high standard of living in a wonderful climate, with a safe and multicultural community.

At NEFELINI, our team of highly qualified lawyers can assist you in obtaining Cyprus Permanent Residency (PR) through real estate investment. Our legal experts and financial advisors will guide you through the entire process, from selecting the best investment opportunities to ensuring that all necessary documentation is in order and submitted in a timely manner.

We understand that the process of obtaining PR in a foreign country can be complex and confusing, which is why our lawyers will provide you with personalized guidance and support. They will help you understand the eligibility criteria, including the minimum investment amount of €300,000 (plus VAT) and the proof of annual income requirement. Our lawyers will also make sure that you meet the additional qualification criteria, such as having no criminal history.

We will assist you in preparing and submitting the permanent residency application to The Civil Registry and Migration Department and will handle all communications with the relevant authorities on your behalf. Contact us today to schedule a consultation and start your journey to obtaining Cyprus Permanent Residency.