Permanent Resident Permit (‘PRP’)

In August 2012, Cyprus simplified the procedures for granting Immigration Permits to non-EU applicants, provided that they fulfill the criteria stated below:

1. The applicant along with his wife must prove that they have at their 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.
2. 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 net of VAT. The remaining amount must be paid to an account of a Cypriot Financial Institution. The contract of sale should already have been submitted to the Department of Land and Surveys.
3. The applicant must submit a confirmation letter from a Cyprus 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.
4. 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/she should not constitute in general any threat against public order or security in Cyprus.
5. The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
6. The applicant(s) should visit Cyprus at least once every two years.

In May 2013, the Ministry of Interior provided for additional incentives for the PRP scheme by relaxing some of the quantitative and qualitative criteria as follow:

1. The purchase of a residence shall be accepted even if it is registered to a Cyprus Company and not to the applicant, provided that the sole or ultimate shareholders of the company are the applicant and/or his/her wife/husband.

2. The applicant may purchase:

• Up to two residential units (flats or houses), or
• One residential unit and one shop of an area up to 100 m2, or
• One residential unit and an office of an area up to 250 m2

Property/ies must be acquired from a development company. Resale of existing properties do not qualify. In cases that two pieces of property are acquired, they may be detached, provided that they are both sold by the same development company. Note that in cases where the applicant is a couple (husband and wife) the maximum number of properties to be acquired is still two.

3. PRP can be granted to the applicant’s wife and children as long as the children are under the age of 18. Provided that the applicant’s unmarried children between the ages of 18 and 25 are students and are financially dependent on the applicant, they may submit their own independent application for a PRP. In such a case, the mother and/or the father must have an additional annual income of €5.000 for each dependent child. The permit in question shall be valid until such a child reaches the age of 25.

4. A PRP may be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that a value of €300.000 (net of VAT) of the acquired property/ies can be attributed to each one of them. For example, if the applicant has one child over the age of 18, the market value of the property/ies acquired must be at least €600.000.

Services provided by REANDA Cyprus Limited
REANDA Cyprus Limited has extensive experience in immigration related services and can provide the following services:

• Assistance and guidance during the application preparation and submission
• Liaising with the relevant authorities during the examination process
• Drafting of rental, purchase and other related contracts, if needed