How to get apermanent residence visa in Cyprus?

Nowadays, emigration to Cyprus is quite popular, because you can receive a permanent residence permit when buying property worth €300 000 and become a citizen of the country when investing €2 000 000.

There are three types of permanent residence visa in Cyprus:

• EU permanent residence (Long Term Residence Permit, LTRP). The main condition is to have five years of legal residence within the country. The holder of this status can live in the EU countries and travel freely through the Union.
• Permanent Residence obtained by EU citizens and family members, also known as Yellow Slip. The main condition is five years of legal residence within the country.
• Permanent residence for immigrants coming to Cyprus from outside the EU (Immigration Permit category F).

Let’s get more into the last one. Those applicants for a permanent residence visa in Cyprus who are not EU citizens, can benefit from an accelerated procedure through investment in real estate. To participate in the program, you must purchase one or two objects, whose total market value is at least €300 000 (excluding VAT), and also officially confirm payment of at least € 200 000 (excluding VAT). This will help you obtain the permanent residence visa in two months and enter or exit Cyprus without restrictions. You’ll also have no need to renew the permanent residence visa.

An immigration permit applies to you, your spouse and children under the age of 18. To obtain permanent residence visa, you must provide the following documents:

• completed application (form M.67);
• certificate of ownership of real estate;
• account statements in Cypriot or foreign banks confirming the existence of a stable source of income (€30 000 per year for each adult and €5 000 for each child);
• a bank guarantee from a credit institution in Cyprus, confirming your deposit in the amount of €30 000 from abroad, which are subject to blocking for a period of three years;
• medical insurance;
• no criminal record;
• a statement that you have no intention to engage in labor activity in Cyprus (except for the right of ownership of the company);
• marriage or divorce certificates, birth certificates.

All documents attached to the application must be translated either in Greek or English and certified by a notary.

Applications are submitted directly to the Cyprus Civil Registry and Migration Department in person or through a representative. The application fee is €500 and the answer is usually received during the first two months.

If you become the owner of the permanent residence visa, you’ll be obliged to visit Cyprus at least once every two years and comply with all the requirements of the relevant legislation. Permanent residence is granted indefinitely, giving the right to live permanently in Cyprus and eliminating the procedure for obtaining an entry visa.

Wait, are you already collecting the package of documents for your application? Well, did you know that it is not quite advisable to start the application process for the permanent residence visa in Cyprus all by yourself! Bizonaire team might help you with such requests . Cheers.