Cyprus Permanent Residency Programme (PRP)

To qualify, applicants must hold citizenship outside the EU, EEA or Switzerland, be over 18 years old and have a clean criminal record. They must also be able to demonstrate an annual income from sources outside Cyprus and evidence legal source of funds.

The PRP permits family reunification for the applicant’s spouse or partner and dependent children under the age of 25. Parents and adult children wishing to qualify are required to make their own investments.

Permit holders are not required to reside full-time in Cyprus to maintain permanent residence. They are only required to visit Cyprus at least once every two years to maintain their status.

Permit holders cannot be employed by Cypriot companies but they are permitted to own and operate their own businesses and to invest in local enterprises.

PRP status is valid for life, subject to conditions. Visa holders are required to demonstrate on an annual basis that both the capital investment and minimum income levels have been maintained. Failure to provide evidence could result in the permanent residence permits being cancelled.

There are two main routes to acquire PRP status: a ‘fast-track’ route (Regulation 6.2), which offers typical processing times of between two and five months, and a ‘slow-track’ route (Category F) under which the applicant must live in Cyprus for five years with a valid temporary residence permit.

'Fast-Track' PRP route – Golden Visa

Regulation 6(2) of the Aliens and Immigration Regulations empowers the Ministry of Interior to grant residence permits to individuals from non-European countries intending to make investments in the republic.

Investment Options

Applicants are required to make a minimum investment of €300,000 (plus VAT, if property-related) into one of the following four investment options:

Purchase of a qualifying new residential real estate (up to two housing units) from a developer with a minimum total value of €300,000 (plus VAT).
Purchase of other types of real estate such as offices, shops, hotels or related estate developments with a total value of €300,000. These purchases may result from a resale.
An Initial investment worth €300,000 in the share capital of a newly registered company in the Cyprus or an increase in the share capital worth €300,000 of an existing company registered in the Cyprus, based and operating in Cyprus and having a proven physical presence in Cyprus, and employing at least five people.
Investment worth €300,000 in units of Cyprus Investment Organisation Collective Investments, whose investments should be held in the Republic of Cyprus.

Qualification Requirements

The main qualification requirements are as follows:

01

Provide evidence that the main applicant has invested the minimum requirement into a qualifying investment option.

02

Demonstrate proof of a secure annual income of at least €50,000, which is increased by €15,000 to include a spouse and by €10,000 per dependent minor child. Under the residential real estate investment (Option 1 above), this income should derive only from abroad and must be evidenced through a tax return declaration from the applicant's country of tax residence or through official certificates from an independent Certified Accountant. Eligible income includes salaries, fees, pensions, dividends from shares, bank deposits interest, rents and more, and a spouse’s income can also be taken into account. Under the three other investment options, the whole or part of the income can derive from activities within Cyprus.

03

The applicant and any spouse must provide a clean criminal record certificate from their country of origin and, if different, their country of residence.

04

Submit a health insurance policy certificate for medical care covering inpatient and outpatient care.

05

The applicant and any spouse must confirm that they do not intend to undertake any form of employment in Cyprus, other than employment as Directors in a company in which they have chosen to invest under this policy.

06

Applicants investing under Options 2, 3 and 4 must provide evidence – title of ownership or rental agreement – of suitable accommodation in Cyprus.

07

In cases where the residential investment property under Option 1 has insufficient accommodation to satisfy the needs of the applicant's dependent family members, the applicant should provide evidence – title of ownership or rental agreement – of another property or properties that will serve as the residence of these individuals.

Dependent Persons

The Residence Permit is issued to the applicant and covers their spouse and any children under the age of 18 as dependent persons. Two separate Permits may be granted to each spouse, if desired, provided that a separate application is submitted and the relevant fee is paid. The other spouse is not required to satisfy the main investment criteria.

Unmarried children between the ages of 18 and 25, who evidence that they are students of tertiary education abroad at the application’s submission date and are financially dependent on the applicant, can submit a separate Permit application. The applicant must evidence an additional annual income of €10,000 for each such dependent child.

Provided the main applicant’s Permit remains valid, a child’s Permit will remain valid even if they exceed the age of 25, cease to be a student, cease to be financially dependent on the applicant, or marry. However, their permit cannot be extended to a future spouse or children.

Non-dependent Children

A Permit may also be granted to children of the applicant who are over the age of 18 and not financially dependent on the applicant, subject to a higher value investment. The market value of the €300,000 minimum investment should be multiplied by the number of relevant adult children on the application (eg. €600,000 minimum investment to include one adult child, €900,000 for two adult children etc.).

In the case the real estate investment Options, proof of payment of at least 66% of the market value of the real estate must be submitted upon application.

The investment may be made jointly in the applicant and the adult child’s name, or solely in the applicant’s name.

Each adult child will further be required to prove that they have a secured annual income of at least €50,000, which would increase by €15,000 for a spouse and by €10,000 for each dependent underage child.

Duration of Permit

The residence right of a Permit is of unlimited validity, for the holder and adult dependents. For underage dependents it is valid until the age of 18. The residence permit card has an expiry date of ten years from the date of its issuance and must be replaced on expiration.

An Immigration Permit issued to an applicant residing outside Cyprus will cease to be valid if the applicant and dependents fail to acquire residence in Cyprus within one year from the approval of the application.

A Permit will cease to be valid if the holder and their dependents acquire permanent residence abroad or are absent from Cyprus for a period of two years.

Monitoring Mechanism

From the date of obtaining the Permit, the applicant is obligated to provide the Migration Department, annually, evidence of maintaining the investment and proof of valid health insurance. In addition, the applicant and all adult family members must provide a clean criminal record certificate from their country of origin and country of residence every three years.

Failure to do so will result in the cancellation of the Permit for both the holder and family members.

Permanent Residency Programme (PRP) – 'Slow Track'

The Cyprus Permanent Residency ‘Slow Track’ (also known as ‘Category F’) programme is available to applicants who possess, and have fully and freely at their disposal, a secured annual income, high enough to provide a reasonable standard of living in Cyprus, without having to engage in any business, trade, or profession.

Whilst applicants are allowed to reside in Cyprus from the date of the official submission of the application, they should allow for 12 to 18 months to obtain the Permit.

The main qualification requirements are:

01

Annual income, that is sourced from outside Cyprus, of at least €9,568 for the applicant and an additional €4,613 for every dependent person. This income may include pensions, dividends, fixed deposits interest and rental.

02

A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family.

03

A certificate of 'no criminal record' and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant's country of current residence.

04

Provide evidence of Private Medical Insurance.

05

No minimum investment amount is specified, but the higher the financial commitment the more likely it is to be considered favourably. Typically, a property purchased for €150,000 will fulfil this requirement.

Cyprus Long Term Residency Permit

The Cyprus Long Term Residency Permit is available to those who have held a valid residency permit for a minimum of five years.

The main qualification requirements are as follow:

Continuous Legal Residence in Cyprus for a minimum of five years.
Annual income, sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependent child.
Demonstrate proficiency in the Greek Language having passed the A2 Greek language exam.
Demonstrate knowledge of the Culture and History of Cyprus having passed the exam.
A certificate of ‘no criminal record’ and of not being under investigation for criminal offences, that is attested by the relevant authorities.
Private Medical Insurance

The Cyprus Long term residency permit provides holders the following benefits:

The right to work in Cyprus.
Access to various social services, including healthcare and education.
The permit includes family members, the spouse and children.
After five years of continuous legal residence, individuals may apply for permanent residency.