Permanent Residency
Benefits of Permanent Residency in Cyprus
Cyprus offers an attractive Permanent Residency Program that provides various benefits for individuals seeking to reside in the country. This program is especially appealing due to its straightforward process, favourable living conditions, and numerous advantages. Here’s an overview of the Permanent Residency Program in Cyprus:
1. Right to Reside Indefinitely
Permanent residents can live in Cyprus indefinitely without the need for renewal of visas or residence permits.
2. Family Inclusion
The residency permit extends to the applicant’s spouse and dependent children up to the age of 25.
3. Access to Education and Healthcare
Permanent residents have access to the Cypriot education system and can benefit from the country’s healthcare services.
4. Tax Benefits
Cyprus has a favourable tax regime with low personal income tax rates and exemptions for foreign income, making it an attractive destination for tax planning.
5. High Quality of Life
Cyprus offers a high standard of living, a Mediterranean climate, excellent infrastructure, and a safe and secure environment.
6. Visa-Free Travel
Permanent residency in Cyprus allows for visa-free travel to all Schengen Area countries for short stays, once Cyprus joins the Schengen Area.
7. Business Opportunities
Cyprus is a strategic location for business, offering numerous opportunities for entrepreneurs and investors.
Requirements for Permanent Residency
To qualify for permanent residency in Cyprus, applicants must meet specific financial and investment criteria:
Property Investment
The applicant must invest at least €300,000 (plus VAT) in new residential property in Cyprus. The property can be a house or an apartment purchased from a developer.
Stable Income
The applicant must provide proof of a stable and sufficient annual income originating from abroad. The minimum annual income required is €30,000, plus an additional €5,000 for each dependent.
Deposits and Financial Stability
The applicant must maintain a fixed deposit of at least €30,000 in a Cypriot bank, held for a minimum of three years.
Clean Criminal Record
The applicant must have a clean criminal record from their country of origin and residence.
Declaration of Intent
The applicant must declare that they do not intend to undertake any employment in Cyprus, except for owning a business registered in the country.
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