Know in detail about Permanent Residence Cyprus

Cyprus is a tranquil island situated in the European heart across three continents, Africa, Asia, and Europe. Cyprus has a European outlook with a warm, relaxed climate. It also offers a reasonable tax regime making it one of the best relocation destinations globally.

Cyprus joined the European Union in 2004 and became a member of the Eurozone in 2008. Permanent residency under this program gives the nationals the right to travel anywhere in Europe without visa requirements. In 2022, many high net worth non-EU nationals applied for the permanent residence Cyprus permit through its property investment program.

Check out the different options in detail.

The permanent residence permit in Cyprus is valid for five years and should be renewed before its expiry. It is issued in two situations:

If you have resided in Cyprus with temporary residence permits for at least five years, during which you should not have left Cyprus for more than three months. You should have a work contract for 18 months or an open duration.

 Or

If you have bought a property in Cyprus for a minimum of € 300,000, you can get permanent residency. It is a fast-track alternative for those seeking residency within two months. However, the applicant should fulfill these conditions

– You should prove you have bought the property with funds you owned outside Cyprus.

– You should have a yearly income of €30000 in a Cyprus bank which will be locked for three years, and then you can use it.

– If you have dependents such as a spouse or kids under 18, you should have additional yearly earnings of €5000 for them individually.

– If you have dependent parents, you should have an extra €8000 per year for each of them.

– You should come to Cyprus every two years to ensure you want to keep your permanent resident status.

The rights of a permanent residence Cyprus

• The citizen has access to all employment and self-employment opportunities
• The citizen can move freely in European territories
• The citizen enjoys social help and social security
• The citizen enjoys tax benefits

The immigration permits of Cyprus:

The non-EU nationals can get residency here if they fall into these categories:

• Category A: Foreign nationals who are self-employed in cattle breeding, agriculture, or fish culture in Cyprus, own land or means to get a property here, and whose actions don’t affect the Cyprus economy.
• Category B: Foreign citizens employed in the mining sector here with sufficient money and permit, and their actions don’t impact the Cyprus economy.
• Category C: Foreign citizens who are an employee in trading have sufficient money and permit, and their actions don’t impact the Cyprus economy.
• Category D: Foreign nationals who work in a scientific field and have the qualifications with sufficient money.
• Category E: Foreign citizens who have been given job offers for permanent work positions here.
• Category F: Foreign citizens with independent earnings can live comfortably in Cyprus without working.

If you belong to any of the categories mentioned above, you can get a permanent residence Cyprus card. You should apply for the card with the help of professionals Read more