Move to Cyprus: Obtain permanent residence in Cyprus

Cyprus

Our team specializes in assisting individuals and families through the complex process of moving to Cyprus and obtaining residency permits. We offer personalized support at every stage, skillfully managing the entire process from application submission to acquiring permanent residency.

Advantages of Permanent Residence in Cyprus

Climate

The island enjoys more than 300 days of sunshine per year, making it attractive for those seeking a warm Mediterranean climate.

Access to Education and Healthcare

Permanent residents have the same access to public education and healthcare as Cypriot citizens.

Free Movement within the EU

As a permanent resident of Cyprus, an EU member state, individuals can travel visa-free or with simplified visa procedures within the Schengen Area, which encompasses most European countries.

English Proficiency

A significant portion of the population is fluent in English, facilitating easier integration for English-speaking expatriates.

No Requirement to Reside

Permanent residents are not required to live in Cyprus continuously. However, they must visit Cyprus at least once every two years to maintain their residency status.

Favorable Tax Regime

Cyprus is known for its beneficial tax system, which includes low personal income tax rates and attractive corporate tax rate at 12.5%.

Available Programs

About the Permanent Residence in Cyprus by Investment

Investors interested in obtaining Cypriot permanent residence have several options, each requiring an investment of €300,000:

Acquiring residential property in Cyprus.
Investing in commercial real estate within the country.
Making an investment in a Cypriot-based company.
Purchasing units in Cypriot investment funds.

To successfully obtain a permanent residence permit, applicants must not only meet the investment criterion but also pass the Due Diligence process conducted by the Cyprus Migration Department. Additionally, they must comply with all other program requirements.

Requirements for Residence Permit Applicants

To be eligible for a residence permit in Cyprus, individuals must satisfy the following criteria:

Age Requirement: The applicant must be at least 18 years old.
Income Requirement: Applicants must demonstrate a legal income of at least €50,000 from sources outside Cyprus.
Legal Background: A clean criminal record is mandatory, along with no history of visa denials and no outstanding financial obligations in Cyprus.
Accommodation: Applicants are required to have established housing arrangements in Cyprus, either through ownership or a rental agreement.

Additionally, family members of the applicant qualify under certain conditions:

Spouse: Must have a clean criminal record.
Children Under 18: Must be financially reliant on the applicant.
Children Aged 18 to 25: Must be financially reliant on the applicant, enrolled in educational programs, unmarried, and not engaged in full-time employment.

Applicant’s Expenses

An investor can acquire residential property in Cyprus, which may include a house or an apartment. They are permitted to purchase a maximum of two housing units, with the condition that both properties are newly constructed and their combined market value is no less than €300,000. Additionally, the investor is responsible for covering all related fees.

Option 1: Purchase residential property in Cyprus.

Property Acquisition: €300,000+.
Legal Transaction Assistance by a Cypriot Attorney: €3,000+.
Permanent Residence Application Processing Fee: €500 for each applicant.
Permanent Residence Card Issuance: €70 for each applicant.
Health Insurance Policy: Approximately €200 for each applicant.
Additional Expenses: €15,000+ , covering various costs like stamp duty, VAT on real estate purchases, and the submission of the purchase-sale contract to the Land Department.

Investment in commercial properties such as offices, shops, or hotels follows a similar procedure to that of residential properties. The key difference is that investors have the option to purchase commercial real estate from the secondary market.

Option 2: Purchase commercial real estate in Cyprus.

Property Acquisition: €300,000+.
Legal Transaction Assistance by a Cypriot Attorney: €3,000+.
Permanent Residence Application Processing Fee: €500 for each applicant.
Permanent Residence Card Issuance: €70 for each applicant.
Health Insurance Policy: Approximately €200 for each applicant.
Additional Expenses: €57,000+ , covering various costs like stamp duty, VAT on real estate purchases, and the submission of the purchase-sale contract to the Land Department.

Investment in shares of companies physically established in Cyprus, which employ a minimum of five staff members, is another option. Like the other investment choices, this too requires a minimum investment of €300,000.

Option 3: Investment in a Cypriot company.

Invest in Cypriot company: €300,000+.
Permanent Residence Application Processing Fee: €500 for each applicant.
Permanent Residence Card Issuance: €70 for each applicant.
Health Insurance Policy: Approximately €200 for each applicant.

Investors have the option to purchase units from Cypriot investment funds, including AIF (Alternative Investment Funds), AIFLNP (Alternative Investment Funds with Limited Number of Persons), and RAIF (Registered Alternative Investment Funds). The minimum investment required is €300,000. Additionally, investors are responsible for any associated fees.

Option 4: Invest in units of mutual investment fund.

Invest in shares: €300,000+.
Permanent Residence Application Processing Fee: €500 for each applicant.
Permanent Residence Card Issuance: €70 for each applicant.
Health Insurance Policy: Approximately €200 for each applicant.

Timeframe for Processing

The typical processing time for obtaining permanent residence in Cyprus is approximately 3 months. This duration is dependent on the swift submission of required documents by the applicant and the current processing capabilities of the government at the time the application is filed.

Step-by-Step Procedure for Obtaining a Cyprus Permanent Residence

Due Diligence Preliminary Check: Mandatory for any residency program, Due Diligence determines the investor's eligibility for residency. To enhance approval chances, AMS Europe conducts an initial Due Diligence. A Certified Anti-Money Laundering Officer reviews the investor's documentation and searches international databases for relevant information. If issues arise, we offer solutions such as adding an affidavit to the application or exploring alternative programs.
Document Assistance: We aid in gathering, translating, and apostilling documents, arranging medical insurance, and finalizing real estate lease agreements. Once prepared, documents are handed over to our agent in Cyprus.
Investment Condition Compliance: For property purchases, we file necessary documents with Cyprus' Department of Lands and Surveys, including a VAT rate reduction application to 5%. The investor must transfer €300,000 plus VAT to the property developer. We offer a property database, including under-construction options, and assist in selecting the investment type, property, sale contract preparation, and transaction completion.
Cyprus Migration Service Application: Our Cyprus agent can submit all documents, eliminating the need for the applicant to travel to the island.
Application Processing and Permanent Residence Acquisition: The decision for permanent residence is typically made within two months. Within a year of approval, the investor and their family must visit Cyprus to provide biometric data and receive their permanent residence.

Dual Citizenship in Cyprus

In Cyprus, individuals are permitted to have dual citizenship, allowing them to retain their citizenship from another country while also becoming a Cypriot citizen. This flexibility is particularly advantageous for those who wish to preserve their connection with their country of origin while also enjoying the rights and privileges of citizenship in Cyprus. However, it's essential to be aware that the regulations of the other country are also a factor, as there are countries that either do not permit dual citizenship or impose certain limitations on it.

About Cyprus

Cyprus, a stunning Mediterranean gem, boasts an impressive blend of scenic landscapes, rich cultural heritage, and a thriving economy. This picturesque island, situated at the strategic crossroads of three continents, is renowned for its historical significance and diverse cultural influences. Cyprus' 9,251 square kilometers encompass an array of natural wonders from pristine beaches to rugged mountain ranges, attracting over 3 million tourists annually.

An Overview of Cyprus

With a population of approximately 1.2 million, Cyprus is the third largest island in the Mediterranean. The country's unique cultural mosaic is a result of its historical connections with Europe, Asia, and Africa. Cyprus enjoys a temperate Mediterranean climate, marked by hot summers and mild winters, ideal for year-round outdoor activities. The Cypriot economy, with a GDP of about €24 billion, is characterized by sectors like tourism, shipping, real estate, and financial services.

Living in Cyprus

Cyprus ranks high in terms of quality of life and safety, with one of the lowest crime rates in Europe. The cost of living index in Cyprus is around 57.93, which is lower than many Western European countries. Healthcare in Cyprus is ranked as one of the best in the world, and the education system offers several reputable English-speaking schools and universities. The Cyprus Permanent Residence Permit, often acquired through a minimum real estate investment of €300,000, is a gateway for non-EU nationals to enjoy these benefits.

Engaging in Business Activities in Cyprus

Cyprus's strategic location offers a gateway to over 500 million EU citizens. The corporate tax rate stands at an attractive 12.5%, one of the lowest in the EU. The country has more than 60 double tax treaties, boosting its appeal as an international business hub. Cyprus is also experiencing a boom in sectors like information technology and renewable energy, making it a fertile ground for new investments.

Political Environment in Cyprus

As a member of the European Union since 2004 and the Eurozone since 2008, Cyprus upholds democratic values and political stability. This stability is a key factor in attracting foreign direct investment, which reached €9.8 billion in 2019. The government actively promotes business-friendly policies to encourage economic growth and foreign investment.

Legal Framework in Cyprus

Cyprus' legal system is based on English common law principles, ensuring transparency and reliability in legal proceedings. The country's legal framework is harmonized with EU laws and regulations, offering a secure legal environment for residents and investors. The Permanent Residence Permit program is streamlined, with a processing time of approximately 2 months, provided all criteria are met.

Cyprus Advantages

Residing in Cyprus offers a plethora of advantages:

Tax Benefits: The non-domicile status in Cyprus can result in zero taxation on worldwide dividend and interest income for 17 years.
Quality of Life: Ranked consistently high for its living standards, Cyprus offers a safe, stable, and family-friendly environment.
Business Opportunities: Strategic location, a robust economy, and EU membership make Cyprus a lucrative option for business expansion and startups.
Real Estate Market: With a vibrant real estate sector, property investments in Cyprus have shown consistent appreciation, making it a wise choice for investors.

Frequently Asked Questions

What is the Difference Between Permanent Residence and Residence Permit in Cyprus?

Permanent Residence in Cyprus is intended for non-EU nationals seeking long-term residence without the need to renew their status frequently. It requires a significant real estate investment. In contrast, residence permit in Cyprus, often granted to students or employees, is of limited duration and typically tied to the specific purpose of the stay, such as education or employment.