Toulouras Law Services

Immigration Law

Residency programs allow individuals to live freely and enter into Cyprus, as legally residing citizens of Cyprus, allow them to provide their children with a high-quality education and a safer way of life for the whole family.

The programs allow individuals the opportunity to engage in a Cyprus business as a co-shareholder or the option of establishing a Cyprus Company as a sole shareholder.

There are two main types of Permanent Residency:

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

A) Permanent Residency in Cyprus Category 6.2 (Fast Track)

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 finalizing 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 a minimum of €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 fulfill 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

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

  • Application process: 2-3 months (Fast-Track)
  • Application Approval Rate 100%

B) Permanent Residency in Cyprus Category F (not Fast Track)
Requirements – To be eligible the applicant must:

  1. Purchase a Property in Cyprus of any value – 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 finalizing 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 canceled 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

  • Processing time about 12 months
  • Application Approval Rate 100%

Additional conditions & requirements

Additional documentation that needs to be submitted to obtain Permanent Residence Permit, include the following: declaration regarding the income of the applicant, confirmation that the applicant does not intend to work or to be engaged in any form of business in Cyprus, certified clean criminal record from the country of origin, birth certificate,  CV, etc.

Other important information

  • Applicants should visit Cyprus at least once every two years
  • To apply for Citizenship and become a Cypriot citizen, a third-country national should have held Permanent Resident status and resided in Cyprus for at least seven years.

C) Other Types of Visas and Permits

There are various visas that can be obtained for entry into Cyprus by non- EU citizens, including short-stay visas, temporary residence permits, immigration permits, and residence permits for family members.

a) Short-stay Visas

b) Temporary Residence Permit (“Pink Slip”)

Non-EU citizens who come to Cyprus for long-term purposes should obtain special temporary permits, commonly referred to as a “Pink Slip”. This type of permit can be issued for a period of 1 to 4 years (with a limitation of absence period not more than 4 months). A “Pink Slip” could be issued for a period of 1-2 years upon first application and will be easily extended for a further 1-2 year period thereafter.

c) Immigration Permits

d) Foreign interest company

Panayiotis Z. Toulouras LLC provides the following services:

  • Real Estate acquisition or rental
  • Citizenship Applications
  • Permanent Residency Applications
  • Employment permits
  • Registration of foreign interest companies for the employment of foreign individuals
  • Visa Applications
  • Advice on all related tax aspects
  • Facilitating online bank facilities
  • Processing of investment and lending facilities
  • Opening of private and corporate bank accounts