The right of permanent residence shall be enjoyed by Employees or self-employed persons living in Cyprus even before completion of a continuous period of five years provided that :

• at the time they stop working, have reached the age laid down by the Cyprus Social Insurance Law in force for entitlement to an old age pension or
• ceased paid employment to take early retirement, provided that they have been working in Cyprus for at least the preceding twelve months and have reside in Cyprus continuously for more than three years.
• have resided continuously in Cyprus for more than two years and stopped working in Cyprus as a result of permanent incapacity to work.
• after three years of continuous employment and residence in Cyprus, work in an employed or self-employed capacity in another Member State, while retaining their place of residence in Cyprus, to which they return at least once a week.

Family members of an employee or a self-employed person who are residing with him in the territory of the Republic of Cyprus shall have the right of permanent residence, if the employee or self-employed person has acquired himself the right of permanent residence in the Republic of Cyprus.

If, however, the employee or self-employed person dies while still working but before acquiring permanent residence status in the Republic of Cyprus, his family members who are residing with him in the Republic shall acquire the right of permanent residence on the condition that:

• at the time of death he/she resided continuously in Cyprus for two consecutive years.
• the death resulted from an accident at work or an occupational disease.

• Once acquired is for life.
• Exempts you from immigration entry procedures for Cyprus.
• Family can obtain it also.
• No inheritance tax.
• Easier access to EU countries.
• Access to high quality education system.
• Excellent standards of living.
• Low crime level and family safe country.
• Visa to Schengen zone countries easily obtained.

This procedure is addressed to people who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. Holders of this permit are not entitled to work in Cyprus but they may own a Cyprus company and receive dividends from its profit.
Most applicants come under this Category, the majority of them being pensioners or retired persons.

Conditions

• annual income of at least Eur10,000
• Eur5,000 for every dependent person ( spouse & financially dependents siblings)
• proof of source of income (dividends, pension, permanent deposits, etc.)
• visit Cyprus at least once every 2 years

Note that the Civil Registry and Migration Department may demand additional amounts as necessary. These additional amounts might consider annual maintenance expenses of the property, educational, medical and other needs of the family. 
Under this procedure, the applicant has no obligation to purchase a property of a minimum value of Eur300,000 plus VAT like under the fast –track procedure. However, the applicant who will purchase a property of any value will have a favorable treatment in the sense that a decision will be delivered earlier than the normal 12 months’ time.

Family Members

The obtained PRP applies to spouse and financially dependent children under the age of 18. Unmarried dependent children between the age of 18 and 25, they can submit a separate application to obtain an Immigration Permit which they will keep for a lifetime. The Permanent Residence Permit (PR) may also be granted to the parents and parents-in-law of the applicant/holder with the submission of an application.
A decision will be delivered to the applicant 12 months’ time following the filing of the application and therefore, those applicants who wish to stay in the country until issuance of their permanent residency must firstly apply for the Temporary Residency.

For information regarding the Temporary Residency, press here.

Under this procedure, the residency permit is easier and faster obtained as it is addressed to people who wish to invest in property in Cyprus. The minimum requirements for applying and obtaining permanent residence permit in Cyprus by Investment are as follows:

• Acquire new residential premises in Cyprus of a minimum value of Eur 300,000 plus VAT.
• Open and maintain a fixed deposit in a Cyprus bank institution of a minimum of Eur 30,000 for three consecutive years.
• Eur 5,000 for every additional dependent person

Moreover, the applicant is required to meet the following additional conditions:

• Maintain secured annual income originating from abroad of at least EUR 30,000. For each dependent person added to the application for permanent residency made by the applicant(such as wife and children), the minimum amount of the secured annual income is increased by Eur 5,000. The income must be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company.
• Employment in Cyprus is prohibited for this type of permit application.
• An initial payment of at least EUR200,000 plus VAT for the residential property to be purchased, is required to have been paid by the date of filing of the application;
• A confirmation letter from a Cyprus bank where the fixed deposit of EUR30,000 is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is required that the funds were legally transferred to Cyprus form abroad.
• A clean criminal record certificate issued by the applicant’s country of origin;
• A statement / affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus; The resident’s income may emanate from dividends received from a Cyprus company, entities abroad, salaries from employment outside Cyprus, pensions or rents transferred from abroad.
• The applicant must visit Cyprus at least once every two years;
• No sanction order to have been issued against him /her or any dependent;

The applicant is given the right to purchase two properties, as long as they are both new and from the same Developer, such as

• House (or apartment) + house (or apartment)
• House (or apartment) + shop up to 100 m2
• House (or apartment) + office up to 250 m2

A house of value Eur300,000 (excluding VAT) will suffice to grant residency to the applicant, the spouse and children under the age of 18. Financially dependent children between 18 and 25 can also apply on the basis of the main applicants’ application without any requirement of purchasing another property.     

Family Members

The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit.  In such a case, the applicant must present an additional annual income of Eur5.000 for every such dependent child. The said permit is still valid even if the holder has exceeded the age of 25 years old.
Residency is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents.
It is noted that their future spouses or underage children cannot be included as dependent persons on this permit. But from 2016, the parents of the investor and/or of his/her spouse can also obtain Permanent Residence as dependents.
With the filing of the application, a decision is delivered to the applicant within 2 months’ time.

Application Procedure

Applications are submitted directly to the Civil Registry and Migration Department (CRMD), personally or via your legal representator. A fee of Eur500 is payable with the submission of the application.
Applications must be accompanied at their submission by the necessary supporting documents. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants must be present on the day of filing as his/her biometric features and signature will be taken by the Migration Officer. Fingerprints and signature are not taken for persons who have not completed the age of six (6) years, at the time of submission of the application.
An interview with the applicant shall take place only in when it is deemed necessary by the Permanent Secretary of the Ministry of Interior (MOI).
It is estimated that the procedure described in this policy statement for the examination of the application might take up to 1 year from the date of the submission of the application. Clients who wish to reside in the Republic of Cyprus immediately are advised to apply initially for a temporary residence permit until the approval of their permanent residence application.