Cyprus is not only an idyllic Mediterranean island, but a European beachhead that can provide a lot of benefits to international investors and families. Obtaining a permanent residence in Cyprus is a reshape of right to a mere visa, not only in terms of legality and the truly world-class living, but also in terms of the most appealing tax system in Europe.
Table of contents
I. Your Gateway to the EU and the Mediterranean Lifestyle
The Cyprus PRP provides the non- Europeans who are not citizens of the European Union (EU) with the legal privilege of residing within the Republic forever. It offers a secure platform in an EU member country, which is secure, high standard of living, and a vibrant global business atmosphere. In order to achive this, there are two main legal approaches that applicants follow, which serve two financial profiles:
- Fast-Track Immigration Permit (Rule 6(2): This route is the most sought after one, and it is pegged on a minimum investment and a proven safe source of foreign income.
- Category F Permit (Financially Independent Persons): A less fast track which is premised on reliable, high amounts of foreign income, and is commonly preferred by those who are retired.
II. Core Legal & Residency Benefits (The Basics)
The PRP provides you and your family with the basic security and flexibility:
- Indefinite Status – The license is issued on an indefinite basis (lifetime status). All that is necessary is to renew the physical residence card on a periodical basis (usually on a 5-10 year basis).
- Minimal Stay Requirement – The owners of Fast-Track PRP are not obligated to come to Cyprus in person more than twice every two years to renew the status, which provides the greatest travel and work flexibility.
- Extensive Family Coverage – The permit covers the spouse and the financially dependent children of the applicant to the age of 25. Parents and parents-in-law of the main applicant can sometimes be included in the case of Fast-Track route.
- Pathway to EU Citizenship – Once a permanent resident has lived legally in Cyprus a minimum number of years (seven years of legal residence is considered normal) then the permanent resident can apply to have Cypriot Citizenship (an EU Passport) granted under the naturalisation scheme.
- Enhanced European – Access The fact that Cyprus remains not a Schengen Area member also means that having permanent residence card of an EU member state greatly eases the procedure of receiving a Schengen visa to travel to the rest of Europe.