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Conditions of acquiring permanent residence in Cyprus

Thursday, 19 May 2022
Conditions of acquiring permanent residence in Cyprus

The Republic of Cyprus is located on the southern part of the island of the same name in the Mediterranean Sea. The capital of Cyprus – is Nicosia. Cyprus attracts tourists and investors from all over the world. The comfortable Mediterranean climate, clean ecology, quality of life and affordable investment options – are only a small part of the benefits of The Republic of Cyprus. Cyprus has been a member of the European Union since 2004. Next, we will tell you how to apply for permanent residence in Cyprus and what the status holder receives.

Conditions of acquiring permanent residence in Cyprus

The opportunity to permanently reside in Cyprus is opened by obtaining the status of a permanent resident. You need to buy a real estate object for 300,000 euros to do this. The main applicant and his family are allowed to acquire the status. Permanent residence can be issued on an accelerated basis - in two months. One of the main advantages of the Cyprus residence permit is the opportunity to become a tax resident. The main condition is to live in the republic for at least 60 days a year.

The procedure for obtaining permanent residence in Cyprus

Since March 2021, the Government of Cyprus has made changes to the permanent residence program through investment. The main applicant and his immediate family receive the status of a permanent resident without a mandatory requirement to reside on the territory of the island. It is necessary to come to Cyprus once every two years. There are several options for participation in the program for obtaining Cyprus permanent residence:

  • Acquisition of a real estate object for 300,000 euros. You can only buy new objects, and always from the developer. It is allowed to purchase several objects for a total amount of 300,000 euros. To apply for permanent residence, you need to confirm the payment of 200,000 euros. Money must be transferred to the account from abroad. You can also invest in such types of real estate as warehouses, offices or hotel complexes
  • Purchase a business share in a company registered on the territory of an island nation. The staff must have more than 5 employees. The deposit amount must be 300,000 euros
  • invest 300,000 euros in a Cyprus fund

The main applicant must show information on their income. The amount of income per year must be at least 30,000 euros. You will also need to pay extra for each additional member in the application. For the spouse and each child - 5000 euros. The supplement for parents (separately) will be EUR 8,000. All applicants for the acquisition of status must come to Cyprus to submit biometric data. After 7 years of holding a permanent resident status, you can apply for citizenship.

Who is considered a tax resident in Cyprus

To obtain the status of a tax resident in Cyprus, you must be on the island 183 days a year. In 2017, the Cyprus Parliament significantly expanded the concept of tax residency. Now, this status can be claimed by an individual who stays on the island for at least 60 days a year and meets the following requirements:

  • is not a tax resident of another country
  • stays in Cyprus for at least 60 days a year
  • not staying in any other country for more than 183 days
  • is engaged in business on the territory of the Republic, works as an employee or holds the position of a management company that has the status of a tax resident
  • owns or rents real estate

What is Pink Slip or temporary residence

If you do not have the opportunity to apply for permanent residence in Cyprus but there is a need to live on the island, then, in this case, it is worth considering the option of obtaining a temporary residence permit - Pink Slip. Temporary residency can be issued for a period of one year with the option of renewal. It is allowed to stay in Cyprus 365 per year. There are no restrictions on status renewal. A few months before Pink Slip expires, you need to apply for an extension. The term for consideration of the application can vary from 1 to 3 months. The status of temporary residence has several significant drawbacks: 1) the need for annual renewal of the status; 2) the holder of temporary status cannot leave the territory of Cyprus for more than three months. Otherwise, the status will be terminated.

Documents for Pink Slip registration:

  • papers confirming the purchase of real estate or a lease agreement
  • statements from the Bank of Cyprus, which indicate the account movement. Money comes from abroad, and expenses are made in the territory of Cyprus. The account must have EUR 15,000 per applicant.
  • confirmation of sources of receipt of funds
  • a bank statement stating that the applicant freezes 512 euros in the account for each person added to the application
  • medical guarantees (insurance)

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