Articles

Cyprus Permanent Residency: Why is it trending in Lebanon?

01 Dec 2020 By Artemios Michael Mallas
Permanent Residency Cyprus

The Lebanese people have been facing political and financial instability for some time, with no clear sign whether things will improve in the coming months. As such, it is no surprise that Lebanese citizens are requesting to proceed with a Permanent Residency in the Republic of Cyprus. The past 6 months, Cyprus has experienced a high influx of Lebanese families searching for a way-out from the current situation in Lebanon.

Permanent Residency programs allow individuals to live freely and enter into Cyprus, as legally residing citizens of the Republic of Cyprus. It also allows Lebanese Citizens the opportunity to provide their children a high quality education and a safer way of life for the whole family.

Individuals in Cyprus are able to benefit from Cyprus’ tax advantages and be registered to the Cyprus health system.

The P.R.  does not expire and does not require a renewal. There is simply a requirement to visit Cyprus once every two years to maintain the P.R.  After 7 years of living in Cyprus, the P.R. holders are able to apply for a Cyprus citizenship.

Panayiotis Z. Toulouras LLC is able to assist clients from start to finish, as they seek to relocate or start setting up a second home here in neighbouring Cyprus.

Two main types of Permanent Residency

  • Permanent Residency Category F (Normal Option)
  • Category 6.2 (Fast Track Permanent Residency)

A) Permanent Residency in Cyprus Category F (not Fast Track)

Requirements – To be eligible the applicant must:

  1. Purchase a Property in Cyprus – Category F residency is flexible and does not have a strict requirement of property purchase as a rental may also be possible:
  • However, it is always recommended to buy a property in Cyprus of any amount. (We are able to assist in presenting various property options according to your needs and requests and finalising purchase)
  • It can even be a resale property (not new) purchased
  • The money for the purchase does not need to be transferred from abroad

2.   Have an Annual income:

  • The applicant must show an annual income of at least €9.568 for one applicant, plus €4.613 for each dependent person.
  • This income must come from abroad.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

3.  Deposit in a Cyprus bank:

  • The applicant should have deposited in a bank account in Cyprus an amount of approximately €15.000 to €20.000. (We are able to assist in the setting up of a bank account)
  • Unlike the Fast-Track application, the deposit is not pledged, and the money can be used after the application is submitted

Family members

  1. Only children up to the age of 18 years old are allowed to apply as a dependent
  2. Their permanent residency will be valid only until they become 18 years old
  3. The parents or parents in law of the applicants cannot apply as dependents

Conditions and restrictions of the permanent residency program

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically.
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provide same day as application
  • Permanent Residence Cards received after 12 months

B) Category 6.2 (Fast Track Permanent Residency)

Requirements – To be eligible the applicant must:

  1.  Purchase a property in Cyprus for €300.000: 
  • The applicant must buy a new house or apartment or any of the combinations stated below, from a development company for the minimum amount of €300.000 plus VAT (VAT of 5% for the first property bought for own use).
  • The payment must be executed into the Seller’s bank account in Cyprus. (We are able to assist in presenting various property options according to your needs and requests and finalising purchase).

Note: Properties under construction can be included.

Note: Property can also be bought in a company’s name if the actual owner or ultimate beneficiary will be the applicant or their spouse.

2.   Have an Annual Income:

  • The applicant must prove an annual income from abroad of minimum €30.000
  • This is increased by €5.000 for each dependent (e.g. children and spouse).
  • This is also increased by €8.000 for each dependent parents or parent-in-law
  • If all above is satisfied the above family members can apply and get the permanent residence permit.

Note: It can be any income deriving from salaries, pensions, dividends, fixed deposits, rents etc.

3.   Deposit in a Cyprus bank: 

  • The investor must transfer from abroad to their Cypriot Bank account. (We are able to assist in the setting up of a bank account).
  • The amount of €30.000, will be pledged for three years. It cannot be used until after 3 years.

Family members

  1. The Permanent Residency permit covers the spouse and children up to 18 years old.
  2. Also, children between 18 and 25 years old are able to apply as long as they are financially dependent on the applicant and are unmarried.
  3. The Permanent Residency is kept by the children for life even if they exceed the age of 25 or do not continue to fulfil the above terms )e.g. unmarried, students, financially dependent)

Note: Only Fast Track Residency allows parents and parents-in-law of the applicant to also get a Permanent Residency without buying an additional property. 

Note: Only Fast Track Residency allows children between 18 and 25 to be included on the application. 

Conditions and Restrictions

  1. The holder must visit Cyprus once every two years. If not, the residency permit will be cancelled automatically
  2. The holders of Permanent Residency are not permitted to work in Cyprus. However, they can live in Cyprus as shareholders in a Cypriot Company, which are able to undertake business in Cyprus or abroad, and also receive dividend income from companies. (We are able to assist in the Company incorporation)

Duration

  • Alien Registration Certificate provide same day as application
  • Permanent Residence Cards received after 2-3 months (Fast Track)

What we do

Panayiotis Z. Toulouras LLC provides corporate and immigration services to clients worldwide. Our law firm, with the assistance of our vast network of associates, provides strategic advice spanning all aspects of Immigration, Real Estate acquisition, Company set-up, Relocation services and Tax Planning.

  • Relocation Assistance and Advice
  • Real Estate Acquisition or Rental
  • Permanent Residency Applications
  • Employment Permits
  • Registration of International Companies for the Employment of Foreign Individuals
  • Visas and Special Permit application
  • Advice on All Related Tax Aspects
  • Facilitating Online Bank Facilities
  • Processing of Investment and Lending Facilities
  • Opening of Private and Corporate Bank Accounts

Contact us today for all information

Address: Faneromeni 106, Office 201, 6031, Larnaca, Cyprus

Telephone: +357 24 623 800   Fax: +357 24 332 991

Email: [email protected]

Website: www.toulouraslaw.com