Cyprus Permanent Residence
Cyprus is the easternmost island in the Mediterranean Sea and the third largest in the Mediterranean. It is only 40 miles (60 km) south of Turkey and 60 miles (100 km) west of Syria and Lebanon. The capital and largest city are Nicosia and it is the only remaining divided capital in the world. The division occurred when Turkey invaded the island in May of 1974.
Cyprus is a full member of the EU and an advantage of being a citizen is the ability to freely travel throughout EU countries and many others. Citizenship can also be acquired through a government program called Cyprus citizenship by investment that promotes investments in the country. Investors can make a minimum of 2.5 Million Euro investment in various businesses or properties in order to acquire citizenship.
Benefits of Cyprus Permanent Residence
- The weekly rate of the basic benefit is equal to 60% of the person’s average weekly basic earnings* for which she/he paid contributions in the last contribution year, increased to 80%, 90% and 100% for one, two or three dependants respectively (maximum three dependants).
- The weekly rate of the supplementary benefit is equal to 50% of the average weekly earnings exceeding the basic covered earnings*, for which the beneficiary had paid social insurance contributions in the last contribution year**. The maximum amount of supplementary benefit is up to twice the weekly basic covered earnings. A spouse (male or female) is considered dependent if she/he is neither working nor receiving any benefit from the Social Insurance Fund. If both spouses are entitled to unemployment benefit for the same period, the increase for dependants is only paid to the spouse who is entitled to an increase of benefit at a higher rate.
Families with 1-2 dependent children receive the benefit on an annual basis (at the end of the year).
The maternity benefit is payable monthly during the maternity leave period to pregnant women, newborn mothers and stepmothers of children under 12 years old if they are legally employed, voluntary contributors working abroad for a Cypriot employer or insured self-employed women.
Single Mother Benefits
The single mother benefit is paid by the Ministry of Finance according to the Cabinet Decision no. 66032 from 2007, to unmarried women who have recently given birth and are not entitled to maternity grant.
Single Parent Benefit
Single parent benefit is paid monthly according to the number of dependent children and the family income.
Obtain Permanent Residency in Cyprus
Foreign citizens may make an application to obtain an Immigration Permit on the basis of one of the Categories referred to in Regulation 5 of the Aliens and Immigration Regulations of 1972. An immigration permit will not be granted to anybody unless the Immigration Control Board recommends to the Minister of Interior that such person belongs to one of the following Categories:
Persons who intend to work as self-employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic of Cyprus, provided that they have in their possession adequate land or a permit to acquire same, they have fully and freely at their disposal capital of CY250,000 and such an employment should not negatively affect the general economy of the Republic of Cyprus.
Persons who intend to work as self-employed in mining enterprises in the Republic of Cyprus, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of CY200,000 and such an employee should not negatively affect the general economy of the Republic of Cyprus.
Persons who intend to work as self-employed in a trade or profession in the Republic of Cyprus, provided that they have in their possession a relative permit, they have fully and freely at their disposal capital of CY150,000 and such an employee should not affect negatively the general economy of the Republic of Cyprus.
Persons who intend to work as self-employed in a profession or science in the Republic of Cyprus provided that they have academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.
Persons who have been offered permanent employment in the Republic, which will not create undue local competition.
New and accelerated procedure for granting Immigration Permit to applicants who are third-country nationals and intent to invest in the Republic of Cyprus
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue Immigration Permit to applicants, who are third-country nationals, provided that they fulfill the following criteria:
- The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
- The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
- The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period. It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
- The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
- The applicant should submit a Statement that he does not intend to work or be engaged in any form of business in Cyprus.
- The applicants should visit Cyprus at least once every two years.
Also see the Benefits of EU Citizenship by Investment:
Interested in Cyprus Citizenship By Investment? Contact us for more info.
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