Frequently Asked Questions About Cyprus Immigration

 Cyprus News

A. Permanent Residency Program

1. How do I qualify for Cyprus Permanent Residency (PR)? 

– To obtain PR in Cyprus, you need to invest 300.000 Euros in which there is one residential property. The properties are first sales and from a developer.

– The deposit of at least 30.000 Euro maintained in 3 years.

– The applicant shows income abroad of at least 30.000 Euro/year, increased by 5.000 Euro per dependents (spouse and children) and 8.000 Euro per dependent parent.

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2. Who can apply for the Cyprus PR program? 

– The main applicant and their spouse

– Any children under 18

– Any adult children up to 25 who are still dependent on their parents (still studying, etc)

– The parents of the main applicant or spouse.

3. Can I sell my property investment after I receive the PR?

No. You must keep the whole investment for life. You can sell it but have to buy another property will the same or higher price at the same time.

4. Can I earn any returns on my property?

Yes, you can earn returns on your property, especially if you opt for a resort property. Most developers offer fixed returns of between 3% and 5%. These may be gross or net. In the event they are gross, buyers should account for less than 1% in ongoing management costs/taxes. So, a 5% Goss yield will actually be 4.2% Net (approx.)

 5. Will I receive back my bank deposit after 3 years?

Yes, EUR 30.000 deposit will sit in the bank for 3 years and you will get some interest for it after 3 years.

6. How is the stay requirement at Cyprus?

To keep PR, clients need to stay once every two years. If they can’t come, they may tell the lawyer to reactivate to the card with the fee of EUR 50.

If clients are not absent for more than 6 consecutive months and more than 10 cumulative months within the 5 year period, they may apply for long term EU residency which provides quite similar rights to EU citizens.

7. For permanent residency, medical insurance is compulsory if I wouldn’t live in Cyprus?

Yes, all family members have to get medical insurance even though they don’t stay in Cyprus.

The lowest option for each member is 170 Euro.

 8. Am I allowed to live and work in Europe after I receive my Cyprus PR?

You can set up a company but you can’t get a job in Cyprus. You could easily travel around the Euro but not work there.

9. Value-added tax (VAT)

If the property purchased has received the planning permit after May 1st, 2004, the VAT is 19% of the purchase price. However, from June 8th, 2012, for anyone who purchases his first permanent residential property, the VAT is reduced to 5%.

10. How can I obtain Citizenship after get Cyprus PR?

After you get PR, you can apply for citizenship and meet the conditions of staying in Cyprus 7 years specifically:
*10 months/year in 6 years
*12 months/year in the 7th year
(Note: Who has PR if stay in Cyprus 10 months/year minimum in 5 the year will get longterm European visa. Free to live, study and do business in any countries in the EU)

B. Citizenship Program

11. How do I qualify for Cyprus Citizenship? 

To obtain Citizenship in Cyprus, there are basically 2 methods

– Invest 2 million Euros in residential property of which one must be of a value of 500,000 Euros at least. You can buy 1 or several units, as long as the total is 2 million Euros.

– Invest 2 million Euros in commercial property (hotel, shops, etc) and an additional residence for 500,000 Euro.

Mandatory Donations:

€75,000 to the Research and Innovation Foundation

€75,000 to the Cyprus Land Development Corporation

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12. Who can apply for the Cyprus Citizenship program? 

– The main applicant and their spouse

– Any children under 18

– Any children up to 28 who are still dependent on their parents (still studying etc)

– The parents of the main applicant or spouse but they must purchase an additional property for 500,000 Euro (so total investment is from 2,500,000 Euro)

13. How long does it take to obtain a Cyprus passport?

About 8-10 months

14. When do my children get their passports?

Once the husband and wife have obtained their citizenship, their family will receive theirs as follows:

Children under 18 – about 1 month after the parents

Children over 18 – as they are adults, this will take another 8-10 months.

15. Can I sell my property investment after I receive the Citizenship? 

No. You must keep the whole investment for 5 years. After 5 years, you are permitted to sell 1.5 million Euro of your investment, but you must maintain a 500,000 Euro residence there to keep your citizenship.

If you bought 1 house for 2 million Euros, then you can sell that but must immediately purchase a new property of the value of 500,000 Euro to keep your citizenship.

16. Can I earn any returns on my property? 

Yes, you can earn returns on your property, especially if you opt for a resort property. Most developers offer fixed returns of between 3% and 5%. These may be gross or net. In the event they are gross, buyers should account for less than 1% in ongoing management costs/taxes. So, a 5% Goss yield will actually be 4.2% Net (approx.)

Please note there is no income tax in Cyprus if you stay there for less than 183 days per year and your income is less than 19.500 Euro

17. Can I sell my property whenever I want? 

Yes, it is a freehold property and as such you can sell it at any time. However, you must keep your investment for at least 5 years regarding the program requirement. If you sell your property before 5 years, your citizenship will be canceled.

18. Do you have to pay tax in Cyprus?

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19. Value-added tax (VAT)

If the property purchased has received the planning permit after May 1st, 2004, the VAT is 19% of the purchase price. However, from June 8th, 2012, for anyone who purchases his first permanent residential property, the VAT is reduced to 5%.

20. Am I allowed to live and work in Europe after I receive my Cyprus Citizenship? 

Absolutely. After you become a Cyprus Citizenship, you also become a member of the EU family. This entitles you to live and work anywhere in Europe and to receive the benefits of any other EU citizen such as free hospitals, schools, benefits* these benefits vary from country to country so you should check carefully to be sure about what benefits are offered by each country.

21. Education in Cyprus

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22. Weather in Cyprus

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23. Healthcare system in Cyprus

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24. Living cost in Cyprus

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25. Cyprus Economy

Cyprus’ economy is mostly based on the tertiary sector, which contributes 72.2% of the GDP and employs 81% of the active population. Tourism and maritime transportation are considered to be the two pillars of the Cypriot economy. Read full article about Cyprus economy here.

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