Updated Permanent Residency Program in the Republic of Cyprus

Cyprus, one of the most desirable places to live globally, is increasingly attracting a large number of immigrants to invest and settle. Many people aspire to obtain permanent residency in Cyprus. So, what is permanent residency in the Republic of Cyprus, and what are the conditions for obtaining it? Let's explore this concept in detail in the following article.

What is Permanent Residency in Cyprus (Cyprus PR)?

Cyprus PR stands for Permanent Resident Card, also known as the green card, meaning permanent residency in the Republic of Cyprus. This is an investment program by the Government of the Republic of Cyprus that allows investors and their families from outside the European Union to have the opportunity to reside long-term in Cyprus and eventually acquire citizenship, becoming citizens of the European Union.

Permanent Residency Program in the Republic of Cyprus

Benefits of Holding Permanent Residency in Cyprus

Permanent residency is granted to the entire family of two generations (spouse and children), ensuring the right to permanent residence in Cyprus. All family members of the investor will enjoy the following benefits:

Permanent Home Ownership in Cyprus

Own a permanent home in the Republic of Cyprus worth 300,000 EUR (approximately 8.1 billion VND), fully furnished and ready to live in or rent out with an income rate of 3% - 5% per year based on the investment amount. The house has a title deed and permanent ownership, which can be inherited by descendants.

No Residency Requirement in Cyprus

If you hold a Cyprus PR but do not wish to live there immediately, you can live in Vietnam or any other country while still retaining permanent residency in Cyprus. Cyprus does not have strict residency requirements (you only need to stay in Cyprus for at least one day every two years).

Free Public Education for Children

Children of permanent residents can attend public schools in Cyprus for free from ages 5 to 18. Additionally, the Cypriot government provides many support programs and policies such as tuition waivers or refunds for students.

Benefits and potential of becoming a permanent resident of Cyprus

Quality of Life

Dream Quality of Life: Enjoy a desirable quality of life with a peaceful environment, fresh air, beautiful beaches, clean food, and a safe society. Cyprus is among the top 5 safest countries in the world and ranks first in safety for small countries with populations under 5 million. It also has a healthcare system rated among the best in the world.

Opportunity for Citizenship

Opportunity to apply for Cypriot (European) citizenship after a total residence period of 5 years (accumulated) within 8 years from the date of obtaining permanent residency. Cypriot citizenship provides benefits similar to those of a European citizen, including the ability to live in Cyprus or any other European country and use a Cypriot passport to travel to over 170 countries and territories without needing to apply for a visa beforehand.

Conditions for Obtaining Permanent Residency in Cyprus

To invest and obtain permanent residency in Cyprus, the following conditions must be met:

Investment Options

Minimum Investment: Invest a minimum of 300,000 Euros (approximately 8.4 billion VND) in one of the following categories:

• Residential Property: Own up to 2 new homes/apartments from a real estate development company with a total value of at least 300,000 Euros (excluding VAT). These properties can be rented out.
• Commercial Property: Invest in commercial real estate such as offices, shopping centers, or hotels with a total value of at least 300,000 Euros.
• Company Investment in Cyprus: Invest equity in a company that is actively operating in Cyprus, which must employ at least 5 employees.
• Investment Funds: Invest in Cypriot funds such as Units of Cyprus Investment Funds, AIFLNP (Alternative Investment Funds with Limited Number of Persons), AIF (Alternative Investment Funds), or RAIF (Registered Alternative Investment Funds).

Meeting the investment requirements to obtain permanent residency in the Republic of Cyprus

Eligibility Requirements

• Age: Must be at least 18 years old.
• Income Proof: Annual income of at least 50,000 Euros (approximately 1.3 billion VND), plus 15,000 Euros (approximately 394 million VND) for a spouse and 10,000 Euros (approximately 263 million VND) for each dependent child.
• Security Clearance: Must meet security clearance requirements.
• Health Insurance: Purchase health insurance covering both inpatient and outpatient treatment.
• Work Restrictions: Not allowed to work in Cyprus unless serving as a director of the company in which the investor has invested for the purpose of obtaining permanent residency.

Procedure for Obtaining Permanent Residency in Cyprus

The journey to obtaining permanent residency in Cyprus not only offers you and your family the chance to settle in a developed country but also opens up attractive business and investment opportunities. Below are the specific steps in the application process:

Sign the Deposit Agreement and Conduct File Review.

Sign Service Contract and Prepare Official Documents:

• Sign the service contract to apply for permanent residency in Cyprus and prepare the official documents.
• Sign the property purchase contract and transfer the investment funds.

Submit the Application to the Immigration Department of the Republic of Cyprus for Review.

Receive Initial Approval:

• Travel to Cyprus to complete biometric data collection.

Receive Final Approval:

The residency card will be sent to Vietnam.
 

The application process for obtaining permanent residency in Cyprus through investment

Supporting Services for Cyprus Permanent Residency Applications

If you wish to apply for permanent residency in Cyprus but are unsure about the necessary documents or are concerned that your application may not meet the requirements, our citizenship application support services ensure maximum benefits for investors:

• No Upfront Fees: Investors do not need to pay any fees until the application is approved. We conduct thorough evaluations before signing the contract, ensuring transparency and no risks.
• Contract Signing Only After 100% Approval: We only sign contracts once your application has been successfully approved, ensuring complete peace of mind regarding the success rate of the process.
• 100% Fee Refund if the Application Fails: In the event that the application is not approved, we guarantee a full refund of the fees paid, ensuring maximum protection for clients.

We hope the information provided here gives you a comprehensive overview of Cyprus permanent residency. If you still have questions or are unsure which program is suitable for your family, please contact us at https://quoctichthuhai.com. We have supported hundreds of local businesses in investing and settling in Cyprus, and have received high satisfaction from our clients.