Introduction
Cyprus has emerged as one of Europe’s most appealing destinations for individuals and families seeking permanent residency through investment. With its year-round sunshine, scenic beaches, low crime rate, and business-friendly environment, the island nation offers more than just a Mediterranean lifestyle—it provides real opportunity. From tax advantages to a high standard of living, Cyprus is increasingly seen as a strategic choice for investors, retirees, and relocation seekers from around the world.
If you’re considering a move or investment in Cyprus, obtaining Permanent Residency (PR) offers long-term benefits, especially for non-EU nationals. This guide explains the entire process clearly—requirements, documentation, investment criteria, costs, benefits, and FAQs—so you can make an informed decision with confidence.
As a leading real estate development company based in Cyprus, Luma Developers offers expert support for investors throughout the PRP application process. Whether you’re exploring your options or ready to take the first step, we’re here to help.
What Is Permanent Residency in Cyprus?
The Cyprus Permanent Residency Permit (PRP) grants non-EU nationals the right to reside indefinitely in the Republic of Cyprus. It’s a lifetime permit, meaning there is no requirement for renewal, and once granted, it allows the holder and their family to live freely on the island without time restrictions.
There are two primary tracks for obtaining PR in Cyprus:
- Fast-Track via Investment (Regulation 6(2)): Ideal for investors who commit a minimum of €300,000 (plus VAT) in real estate, company shares, or Cyprus-based investment funds. At least €200,000 must be paid before application submission.
- Normal Track: For those with long-term stay intentions but without major investments—typically slower and more documentation-heavy.
The fast-track route is the most popular, offering speed (2–3 months), simplicity, and inclusion for immediate family members,including the spouse and dependent children up to age 25. Parents and in-laws are no longer eligible for inclusion under the same application. Unlike citizenship programs, PRP doesn’t require the applicant to live full-time in Cyprus—just a visit every two years suffices to maintain status.
In the next section, we’ll explore why Cyprus is such a strong choice for permanent residency.
Why Choose Cyprus for PRP? (Benefits)
Cyprus offers a compelling blend of lifestyle perks, economic incentives, and family security, making it one of the most attractive permanent residency destinations in Europe. Here’s why it stands out:
Lifestyle & Safety
Cyprus ranks among the safest countries in the European Union, offering low crime rates and a relaxed Mediterranean pace of life. Residents enjoy more than 320 days of sunshine annually, pristine beaches, and access to mountain villages and cultural sites. The island’s high living standards and hospitality make it especially suitable for families and retirees alike.
Tax Advantages
Cyprus boasts a highly competitive tax system:
- Corporate tax rate of just 12.5%—among the lowest in the EU.
- No inheritance tax and no immovable property tax.
- Reduced VAT (5%) on first-time residential purchases under PRP.
These fiscal benefits make Cyprus not just livable, but also investable—attractive for businesspeople, entrepreneurs, and wealth managers looking for long-term financial optimization.
Family & Education
Cyprus is home to a range of internationally recognized private schools, including English and British curriculum institutions, as well as top-rated universities. PRP holders can enroll their children in these schools, opening doors to a global standard of education.
Healthcare Access
Residents enjoy access to high-quality private and public healthcare systems. PRP status enables entry into Cyprus’ medical services framework, offering affordable care and English-speaking professionals.
Travel & Mobility
While Cyprus is not yet a full Schengen member, the PRP facilitates smoother travel within the EU and simplifies visa applications. Once Cyprus joins Schengen (membership application is pending), PRP holders will benefit from increased travel freedom across Europe.
Full Family Inclusion
The Cyprus PRP allows for full family participation. Spouses and financially dependent children under 25 (if unmarried and studying) can be included under a single application. Parents and in-laws are no longer eligible for inclusion.
Next, we’ll dive into the PRP eligibility criteria and specific requirements, including investment, income, and documentation standards.
PRP Requirements & Eligibility Criteria
To qualify for Cyprus Permanent Residency under the fast-track scheme (Regulation 6(2)), applicants must meet specific investment, financial, and documentation requirements. The process is streamlined but must be approached with precision.
4.1 Investment Threshold
The foundation of the PRP application is a qualifying investment in Cyprus:
- Real Estate Investment:
A minimum of €300,000 (plus VAT) must be invested in a new residential property, with at least €200,000 paid before submitting the application. This can include a house, apartment, or up to two units purchased from the same developer.
Important: resale properties do not qualify. - Alternative Options:
Applicants may invest the same amount in commercial real estate (shops, offices), Cyprus-based company shares, or units of a Cypriot Investment Fund—but residential property remains the most common and straightforward path.
4.2 Financial and Income Criteria
To ensure financial stability, applicants must prove they have:
- A secured annual income of at least €50,000 from abroad
- Plus €15,000/year for a spouse and €10,000/year for each dependent child under 25.
- Income must originate from outside Cyprus (e.g., salary, dividends, pensions) and be supported by tax declarations or official documentation.
This income must be proven via:
- Tax returns from the applicant’s country of origin
- Bank statements
- Official income declarations
Additionally:
- Declaration confirming no intention to undertake employment in Cyprus (self-employment/business ownership is allowed under certain structures).
4.3 Documentation Needed
Applicants must submit a comprehensive set of documents, all properly translated and apostilled:
- Copy of valid passports (all family members)
- MIP1 Application Form (official migration form)
- Marriage and birth certificates
- Criminal record certificates (clear and certified for all adults)
- Proof of investment: contract of sale registered at the Land Registry + payment receipts
- Proof of income and origin of funds
- Medical insurance for all applicants
All documents must be submitted in Greek or English and validated through certified translations and apostille/legalization procedures.
Step‑by‑Step Application Process & Timeline
Once eligibility is confirmed and your investment is secured, the Cyprus Permanent Residency application process can move quickly—often finalized within 2 to 3 months. Here’s how it works, step by step:
Step 1: Choose and Secure Your Investment Property
- Select a qualifying residential property with a total value of at least €300,000 (plus VAT), with a minimum of €200,000 paid before application submission.
- Sign a Sale and Purchase Agreement and register it with the Cyprus Land Registry.
- Pay at least €200,000 before application submission (receipt required)
Step 2: Prepare and Legalize All Required Documents
- Gather all supporting documents: passports, birth/marriage certificates, income proof, bank statements, etc.
- Ensure everything is translated into English or Greek and certified/apostilled for international use.
Step 3: Submit Application to the Civil Registry & Migration Department
- Complete the MIP1 form (the formal application for permanent residence).
- Submit it with all documentation to the Cyprus Migration Department either directly or through a legal representative.
- Pay the required application fees (approx. €500–€1,000 total).
Step 4: Application Review & Background Check
- Authorities conduct background checks and verify documentation.
- No interview or language test is required.
- If any issues arise, you’ll be asked to clarify or submit additional documents.
Step 5: Approval & Issuance of PRP
- If approved, you’ll receive a Permanent Residency Permit in writing.
- A personal visit to Cyprus is required to collect biometrics and receive the permit card.
- The entire process typically takes 60 to 90 days from submission.
Step 6: Maintain Your Residency Status
After receiving the PRP, you and your family must visit Cyprus at least once every two years to retain the permit.
No residency or physical presence requirement is enforced beyond that.
Costs Breakdown Table
While the Cyprus Permanent Residency route is streamlined, it’s essential to understand the complete cost structure involved in the fast-track process. Below is an overview of the key expenses you’ll need to plan for:
Item | Estimated Cost (€) | Details |
Residential Property Purchase | ≥ 300,000 + VAT | New property from a developer; resale properties do not qualify. At least €200,000 must be paid before application. |
VAT on Property | 5–19% | Reduced to 5% for first residential property used as main home |
Government Application Fee | 500 | Paid upon submission of MIP1 application |
Permanent Residency Card Fee | 70–100 per applicant | Issued after approval |
| Legal/Agent Fees | Varies (2,000-5,000 avg.) | Optional but recommended for document preparation, translations, filling |
Document translation & Apostille | 300-500 | Depends on the number of applicants and source countries |
Medical Insurance | 150–300 per person/year | Required for all applicants |
Total Estimated Minimum Investment:
~€335,000–€360,000+ (including property, fees, and bank deposit)
Important: This figure excludes optional upgrades like larger properties or additional investment vehicles such as company shares or fund units. Working with a professional agency like Luma Developers helps ensure no hidden costs, delays, or missed requirements.
Maintenance & Renewal Requirements
One of the key advantages of Cyprus Permanent Residency is that it is granted for life. However, certain minimal conditions must be met to maintain the validity of your status:
Residency Visit Requirement
- PRP holders must visit Cyprus at least once every two years.
- Failure to do so may result in the permit being revoked.
This requirement applies to all family members included in the permit—so even a brief visit satisfies the legal condition for maintaining the PRP.
Family Member Compliance
- Family members granted residency under your application (spouse, children, parents) must also comply with the biennial visit rule.
- Children who reach 25 years old and are no longer financially dependent may need to apply separately.
Property Retention
- The investment property must be retained to maintain PRP status.
- Selling or transferring ownership of the property to a non-eligible buyer without re-investment may lead to cancellation of the residency permit.
Employment Restrictions
- PRP holders cannot be employed in Cyprus.
- However, they can:
- Own and manage businesses
- Hold directorships in Cypriot companies
- Receive income from abroad and local investments
No Renewals Required
Unlike other countries’ residency permits, Cyprus PRP is permanent and does not require reapplication or renewal, as long as compliance conditions are met.
Annual Compliance Confirmation
PRP holders must submit an annual declaration confirming the continued ownership of the investment property, sufficient income from abroad, and valid medical insurance.
Criminal Record Check (every 3 years)
Every adult PRP holder must submit a clean criminal record certificate from their country of residence every three years.
Frequently Asked Questions (FAQ)
Can I work in Cyprus if I have a Permanent Residency Permit?
No. PRP holders are not allowed to take up paid employment in Cyprus. However, they may own and manage businesses or receive passive income from abroad or local investments.
Can my spouse and children also receive residency?
Yes. The PRP covers your spouse and financially dependent children up to the age of 25 (if unmarried and studying). Parents and in-laws are not eligible under the same application.
How long does it take to get the PRP after submitting the application?
The fast-track process typically takes 60 to 90 days from the time the application is submitted to final approval, provided all documents are in order.
Is it possible to apply for Cyprus citizenship later on?
Yes, PRP holders who reside continuously in Cyprus for 7 years (with at least 5 years of legal stay) may apply for citizenship through naturalization. This requires physical presence and integration.
Can I rent out my investment property?
Yes, rental income from your investment property is permitted and even encouraged. This income should be declared in accordance with Cyprus tax laws.
Do I have to live in Cyprus full-time to keep my PRP?
No. You only need to visit the country once every two years to maintain your PRP status.
Can I apply without using a lawyer or agent?
Technically yes, but the documentation and compliance process is complex. Working with a trusted firm like Luma Developers helps avoid errors, delays, or rejections.
1.Can I work in Cyprus if I have a Permanent Residency Permit?
No. PRP holders are not allowed to take up paid employment in Cyprus. However, they may own and manage businesses or receive passive income from abroad or local investments.
2.Can my spouse and children also receive residency?
Yes. The PRP covers your spouse and financially dependent children up to the age of 25 (if unmarried and studying). Parents and in-laws are not eligible under the same application.
How long does it take to get the PRP after submitting the application?
The fast-track process typically takes 60 to 90 days from the time the application is submitted to final approval, provided all documents are in order.
Is it possible to apply for Cyprus citizenship later on?
Yes, PRP holders who reside continuously in Cyprus for 7 years (with at least 5 years of legal stay) may apply for citizenship through naturalization. This requires physical presence and integration.
Can I rent out my investment property?
Yes, rental income from your investment property is permitted and even encouraged. This income should be declared in accordance with Cyprus tax laws.
Do I have to live in Cyprus full-time to keep my PRP?
No. You only need to visit the country once every two years to maintain your PRP status.
Can I apply without using a lawyer or agent?
Technically yes, but the documentation and compliance process is complex. Working with a trusted firm like Luma Developers helps avoid errors, delays, or rejections.
Contact Luma Developers for Expert Assistance
Navigating the legal and financial requirements of Cyprus permanent residency can feel overwhelming—but it doesn’t have to be. At Luma Developers, we specialize in helping global investors and families secure permanent residency through expertly selected real estate investments.
Whether you’re just beginning to explore your options or you’re ready to initiate the process, our experienced team will walk you through every step—from property selection and document preparation to application submission and beyond.
We offer:
- Access to premium, PRP-eligible residential properties
- Tailored support for document collection and translation
- Guidance through the bank deposit and payment steps
- Direct liaison with the Civil Registry & Migration Department
If you’re ready to make a smart move towards a secure, beautiful, and tax-friendly future in Cyprus—we’re ready to help.
📞 Contact us today through our website or use the contact form to schedule a consultation with one of our legal and real estate experts.
Conclusion: Secure Your Future in Cyprus Today
Obtaining permanent residency in Cyprus is one of the most accessible, secure, and beneficial immigration routes available today. With a straightforward investment requirement, generous family inclusion, and lifetime benefits, Cyprus offers a future of stability, sunshine, and opportunity.
Whether you’re investing for lifestyle, education, or long-term financial planning, the Cyprus PRP is your gateway to the EU—backed by a robust legal framework and one of the most welcoming environments in Europe.
Let Luma Developers be your trusted partner on this journey. From selecting the perfect home to managing every document and detail, our team ensures your transition is smooth, compliant, and worry-free.
👉 Start your Cyprus residency journey now—contact us to get personalized guidance from the experts.
📍 Address: Pellapaisiou Street 12, Paphos 8049, Cyprus
📞 Phone: +357 97 731133
📧 Email: [email protected]
💬 Send us a message: +357 97 731133
📝 Or get in touch using the contact form below
Walk in or schedule a visit — and let’s simplify your property journey together.
