CRITERIA FOR PERMANENT RESIDENCE PERMIT (PRP) FOR NON EU RESIDENSTS
The Applicant must proof that he/she has an annual secured income of at least €30.000,=
This income can be either from salaries, pensions, dividends, permanent interest earned from deposits, rental income or other sources outside Cyprus (from abroad).
Children-students who are financially dependent on their parents and who are single at the age of 18 – 25 years old are eligible for applying for a permanent residence permit under parents application provided that the parents submit a certificate of proven additional income of at least €5.000,= a year per child to the authorities.
The Applicant must submit a Confirmation from a Cypriot Bank that an amount of at least €30.000,= has been deposited in a locked deposit for a 3-year period.
The Applicant must purchase a property with a minimum value of €300.000,= Euros. He must present a Contract of Sale Registered at the Land Registry department. At least €200.000 (net of VAT), must be paid in advance and proof of payments must be submitted with the application. It is not mandatory for the applicant to purchase one property. He can buy two residential properties with total value of at least €300.000,=. In the case of two properties they must be either adjacent to one another or, if located in different places, must belong to the same developer. And this is a compulsory condition.
Proof of money transfer of the above mentioned amounts in Cyprus must be presented with the Application of PRP.
The Applicant must submit a clean Criminal Record Certificate, issued by the relevant authorities in his/her country of origin and in general, she/he should not constitute a threat against public order in Cyprus.
The Applicant must submit a Declaration that he will not be working, or doing any business activities within the Republic of Cyprus.
The PRP is granted not only to the property owner but to his/her entire family. Under Cyprus, law members of a family are the spouse of the property owner and their children under 18 years. Permanent residency is lifelong for the property owner and his/her spouse. Their children have that status until the age of 18.
The period for examining an application for PRP shall not exceed the period of 2 months. Residence permit when granted allows its holder all opportunities for accommodation, leisure and education in Cyprus.
There are no restrictions to the period of stay of the PRP holder in Cyprus. The Applicant is required to visit Cyprus at least once every two years.
Our professional team of lawyers specialize in immigration issues and will be happy to discuss PRP applications and provide all required support.