Cyprus Residency Planning
Sovereigns highly experienced Cyprus team are best placed to advise, and support applicants who wish to establish residency in Cyprus.
They provide a concierge service, working closely with each client to determine which programme and associated planning services are most suitable for their personal needs. Once agreed, they lead clients and their families through each step of the process, to ensure they successfully qualify, apply and process their residency application and manage their corporate and/or personal affairs in a tax efficient manner.
Cyprus Residency Programmes
Cyprus offers a range of residency programmes that cater for most personal requirements and budgets. Each provides qualifying applicants a local residence permit and the following additional benefits:
- The right to reside, settle and stay indefinitely in Cyprus
- Option to include spouse and qualifying dependent children.
- No language requirements
- Access to high quality educational institutions and medical facilities
- Use of embassies in Cyprus to apply for Schengen Visas
- Minimal ongoing physical presence or residency requirements (not applicable to the temporary permit)
- Multiple personal and corporate tax benefits
- Eligibility to apply for Cyprus citizenship by naturalisation after seven years*
* Citizenship applicants must live permanently in Cyprus for five years within a seven-year period, which amounts to 1,825 days. Additional qualification requirements also apply.
Permanent Residency Programme (PRP) – ‘Fast Track’
The Cyprus Permanent Residence Programme (PRP) provides successful applicants with permanent residence status in approximately two months. This status is valid for life and can also be passed on to dependants.
The main qualification requirements are as follow:
- Provide evidence that the main applicant has invested the minimum requirement into a qualifying investment option.
- Demonstrate proof of a secure annual income of at least €50,000, which is increased by €15,000 p.a. for each spouse and child, and by €10,000 p.a. for each dependent parent.
- A certificate of ‘no criminal record’ and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant’s country of current residence.
- Private Medical Insurance
- Residence permit holders must visit Cyprus at least once every two years to maintain their status.
To qualify, applicants are required to make a minimum investment of €300,000 (plus VAT, if property-related) into one of the following investment options:
- Qualifying residential or commercial real estate
- A qualifying Cyprus Alternative Investment Fund (AIF)
- Shares in a Cypriot-based company employing a minimum of five local employees
Permanent Residency Programme (PRP) – ‘Slow Track’
The Cyprus Permanent Residency ‘Slow Track’ – also known as ‘Category F’ – programme is available to applicants who possess, and have fully and freely at their disposal, a secured annual income, high enough to provide a good standard of living in Cyprus, without having to engage in any business, trade, or profession.
Whilst applicants are allowed to reside in Cyprus from the date of the official submission of the application, they should allow for 12 to 18 months to obtain the Permit.
The main qualification requirements are as follows:
- Annual income, that is sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependent child.
- A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family. *
- A certificate of ‘no criminal record’ and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant’s country of current residence.
- Private Medical Insurance
* Whilst no minimum investment amount is specified, the higher the financial commitment the more likely it is to be considered favourably. Typically, a property purchased for €150,000 will fulfil this requirement.
Cyprus Self-Sufficient Temporary Residence Permit
The Cyprus Temporary Residence Permit is an annually renewable self-sufficiency visa that allows an individual and their qualifying dependants, to live in Cyprus as a visitor, without employment rights.
The main qualification requirements are as follows:
- Annual income, that is sourced from outside Cyprus, of a minimum of €24,000, which increases by 20% for a spouse and by 15% for each dependent child.
- A title deed or rental agreement for a residential property in Cyprus that is for the sole use of the applicant and his/her family.
- A certificate of ‘no criminal record’ and of not being under investigation for criminal offences, that is attested by the relevant authorities of the applicant’s country of current residence.
- Private Medical Insurance
- An original medical examination certificate to confirm that the applicant does not have certain medical conditions.
N.B. It is essential that a holder of this temporary residence permit should stay out of the country for no more than three months at a time, because this could result in the permit being cancelled.
Cyprus Tax Residency Programme
Available to both Non-EU and EU nationals, the Cyprus tax residency programme provides preferential tax incentives for qualifying, non-domiciled individuals who establish residency in Cyprus.
The main qualification requirements are as follows:
- ‘The 183-day Rule’ – For an individual to be considered a tax resident of Cyprus under standard terms, they are required to be physically present in Cyprus for more than 183 days in a calendar year.
- ‘The 60-day Rule’ – A reduced physical presence requirement applies to individuals who:
- Do not reside in any other single state for more than 183 days within a tax year.
- Are not tax resident in any other country within a tax year.
- Maintain (by owning or renting) a permanent home in Cyprus within a tax year.
- Establish a business and/or are employed in Cyprus and/or hold an office with a Cyprus tax resident company at any time during the tax year.
Explore Private Client Services in Cyprus
Please contact us if you have any questions or queries and your local representative will be in touch with you as soon as possible.
