The beautiful country Cyprus has become a full member of the European
Union in 2004. This small but dynamic country has a modern, free-market, service-based economy with an effective and transparent regulatory and legal framework, a highly
competitive tax system and an extensive network in force in Cyprus.
Cyprus is a business-friendly environment and advanced infrastructure, combined with a
high quality of life, allows investors and their families to experience and enjoy the best of both. Ease of doing business, safety, stability, year-round sunshine, beautiful
beaches and mountain scenery, as well as an array of historical and cultural attractions, all combine to make Cyprus one of the most attractive destinations in the EU for
both living and doing business.
Cyprus's Permanent Resident Program (PRP)
Just like other European countries Cyprus government's objective is same to increase
foreign investment, the concerned Ministry in Cyprus recently simplified the procedure for obtaining a Permanent Resident Program's status to non-EU nationals. The procedure
for Permanent Resident Program requires an applicant to do following:
The Applicant has to submit a title of ownership or contract of purchase for a property for which the value is at least €300,000 (+ VAT). The property must be new
and purchased from a developer. He/she can purchase two properties provided that the total value of the properties is at least €300,000 (+ VAT) and the properties are
purchased from the same developer
The Applicant has to provide evidence that the purchase is made from funds received from sources outside Cyprus
The Applicant has to provide evidence of annual income of at least €30,000 from sources outside Cyprus. This can be from salary, dividends, rental revenue, interest
from bank deposits, pension income, etc
The Applicant has to provide evidence of additional annual income of €5,000 a year for each dependent and €8,000 for each parent of the main applicant or spouse if
they are included in the application
The Applicant has to deposit at least €30,000 into a Cypriot bank for a minimum three-year period
The Applicant has to submit a clean criminal record certificate issued by the police authority of their country of residence
The Applicant has to declare their intention not to be employed in Cyprus - Permanent Resident Program holders are however permitted to own Cyprus companies and
The Applicant has to visit Cyprus within one year of the grant of the Permanent Resident Program to take receipt of the Permanent Resident Program
Benefits of a Permanent Resident Program (PRP) The maximum period for granting
Permanent Resident Program under the simplified procedure is two months. Permanent Resident Program status does not impose any restrictions on the period of stay in Cyprus.
The only exception is that a holder must visit Cyprus at least once every two years to maintain a Permanent Resident Program status. Permanent Resident Program holders are
free to enter and live in Cyprus without the need to obtain a visa.
Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by
naturalization, currently after seven years of staying in Cyprus within 10 calendar years.
PRP can be granted not just to the main applicant but also to the following relatives
of the applicant without the requirement for them to purchase a property or deposit €30,000 into a bank account in Cyprus:
Applicant's spouse – Applicant must provide evidence of an additional €5,000 in secure
annual income. A separate PRP application should be submitted for the dependent spouse
Dependent minor children (up to 18 years old) of the main applicant and his/her spouse
can be added as dependents in both parents' Permanent Resident Program applications upon payment of the relevant fee. Applicant must provide evidence of an additional €5,000
in secure annual income for each dependent minor child
Financially dependent children from 18 to 25 years old who are unmarried students can
be added as dependents in both parents' Permanent Resident Program applications upon payment of the relevant fee. Applicant must provide evidence of an additional €5,000 in
secure annual income for each financially dependent child
The parents of the main applicant and his/her spouse. The applicant must prove
additional income of at least €8,000 for each dependent parent or parent-in-law. A separate Permanent Resident Program application should be submitted for each dependent
parent or parent-in-law
Additional Permanent Resident Program may also be granted to non-financially dependent
children of the applicant over the age of 18, but this will require the applicant to invest in additional real estate with a market value of at least €300,000 (+VAT) per
If the main applicant of the Permanent Resident Program dies, his/her spouse and
dependent children can apply to acquire the main applicant's Permanent Resident Program without investing in additional real estate.
Any individuals who acquired the Permanent Resident Program without having to invest
personally in real estate or deposit €30,000 in a bank account in Cyprus are not then entitled to include their own spouses, children or parents.