Permanent Residence Permit in Cyprus (Permanent Residence)
In May 2013, the Council of Ministers of the Republic of Cyprus introduced an accelerated procedure for obtaining a permanent residence permit (category F). Foreign citizens who have made large investments in the country's economy can obtain a permanent residence permit (PRP) on the basis of paragraph 6 (2) of the Regulations on Foreign Citizens and Immigration.
Investors must meet the following requirements:
- Purchase of residential or other real estate in Cyprus worth from EUR 300,000 plus VAT
- Stable annual income outside of Cyprus
- Transfer of funds from a foreign account to a savings account in a Cyprus bank in the amount of EUR 30,000.
Advantages of obtaining permanent residence in Cyprus:
- Obtaining permanent residence takes from 3 months.
- Applies to all family members.
- Does not require permanent residence in Cyprus.
- Gives you the right to live in the country all year round without leaving it.
- Does not require renewal and is valid for life.
- Provides the opportunity to own a business in Cyprus (receive dividends and be a tax resident of Cyprus)
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