A person can apply to obtain a permanent residence permit pursuant to the accelerated procedure in order to take residence in Cyprus for an indefinite period.
The applicant must have a secured annual income generated from overseas which is high enough to give them a descent standard of living in Cyprus. This has been set to at least Euro 30.000 for the applicant and Euro 5.000 for each dependent (spouse/child). It is now possible for the applicant’s parents and the spouse’s parents to apply for a permanent residence permit through the applicant if the applicant is able to show a secured annual income of Euro 8.000 for each parent.
Importantly, the applicant and each dependent of the applicant over the age of 18 must sign a statement that they will not take up any employment in Cyprus.
- Contract of sale of a property in Cyprus of a minimum market value of Euro 300.000 plus VAT (if applicable), duly stamped and deposited
- Evidence of payment of at least Euro 200.000 to the seller of the property
- Secured annual income from abroad for the applicant and his/her dependents
- Clean criminal record for the applicant and his/her spouse obtained from their country of residence (duly certified and translated)
- The amounts paid for the property must be proven to have been transferred to Cyprus from abroad.
- Deposit of Euro 30,000, pledged for three years in a financial institution of Cyprus
Additional documents required:
- Completed and signed MIP1 form
- Copy of valid passport of the applicant and his/her dependents
- Curriculum Vitae for applicant and his/her spouse
- Official statement signed by the applicant and his/her spouse that they do not intend to undertake any sort of employment in Cyprus
- Health insurance policy of the applicant and his/her dependents
- Marriage certificate (duly certified and translated)
- Birth certificate for each dependent child (duly certified and translated)
The applicant may authorize his/her lawyer to submit the application and supporting documents by completing the necessary authorization form. The applicant and his/her dependents will need to appear in person at the Civil Registry and Migration Department for the collection of the permanent residence permits as the collection of the applicant’s biometric data (fingerprints and photograph) and signature is essential. The original passports of the applicant and his/her dependents will need to be presented on such occasion.
Once the above process has been completed, an immigration permit card will be issued to the applicant and his/her dependents within 5 business days.
It is now possible for dependent children who are students aged between 18 – 25 years old to obtain permanent residence permit by applying with their applicant parent(s). It is not necessary to acquire an additional home provided the applicant parent has provided evidence of a secured annual income for each such dependent child of at least Euro 5.000. As mentioned above, it is also possible for the applicant’s parents or his/her spouse’s parents to apply through the applicant without acquiring an additional home provided the secured annual income is evidence for each such parent.