Frequently Asked Questions on the Permanent Residence Permit (PRP) procedure

Q1. What are the Investment/ Financial Criteria in case that the spouse of the applicant wishes to also apply for Permanent Residence Permit (PRP)?
No additional investment or deposit is necessary. The spouse may be included on the same application. Additional criteria have to be met for other additional dependents (family members).
Q2. What are the additional criteria for other dependent members of the family?
For each additional dependent member of the family the amount of the required annual secure income (€30.000) increases by €5.000. This income may consist of salaries, pensions, dividends from shares, fixed deposits, rents, etc. derived from abroad.
Q3. Is the applicant or spouse permitted to take up employment in Cyprus?
Applicant or spouse undertake and confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. However, applicant or his spouse may own shares in Company registered in Cyprus and the income from the dividends of such company is not deemed an impediment for the purpose of obtaining an immigration permit.
Q4. Is it required for dependent members of the family to apply separately for PRP?
The wife and children under the age of 18 are not required to apply separately (i.e. they may be included on the permit granted to the applicant). Non married children of the age of 18-25 years, who are students and financially dependent on applicant, may submit a separate application, with all certificates required. Such PRP, if granted, is valid until the age of 25. Above the age of 25, in case the person is interested to acquire a new permit, will have to apply as an independent person.
Q5. Is the applicant required to invest the whole amount of at least €300.000 + VAT before submitting his application?
No, the applicant is required to pay at least €200.000 + VAT, irrespective of the date for the delivery of the property, before applying for PRP. The remaining amount due for the property should be settled by instalments in an account in a financial institution in Cyprus. All the above amounts should be sourced from abroad.
  • Q6. Is it acceptable if the property is purchased by a Company owned by the applicant?
    Yes, provided that the applicant or the applicant and spouse are the only owners and shareholders, or the only ultimate owners of the Company.
    Q7. Can an applicant purchase a property which is still under study or construction?
    Yes, in such a case he will have to submit with his application the purchase agreement duly registered by the Land and Surveys Department of the Cyprus Ministry of Interior.
    Q8. Is the applicant allowed to purchase more than one pieces of property?
    The applicant may purchase up to two pieces of property of a total value exceeding €300.000 + VAT. In such a case, besides the dwelling property, (house or apartment), the applicant may purchase a shop of a maximum area of 100 m² or an office of a maximum area of 250 m².
    Q9. Are there any criteria as to which property qualifies for current PRP procedure?
    Yes. The property should be purchased from a property development company and should not be a resale (i.e. it must be sold for the first time after its completion). Furthermore, in case of purchase of two pieces of property, this property should be sold by the same company.
    Q10. Is it possible for the children who are over the age of 18 years and not financially dependent on the applicant to acquire a PRP and live in the same dwelling as their parents in Cyprus?
    Yes, if the following criteria are fulfilled:

    • They apply separately for a PRP;
    • The dwelling property value should be increased by at least €300.000 + VAT for each individual applying independently;
    • An amount representing 66% of the purchase  value of the property should be invested prior to the submission of the application;
    • Each additional independent individual should deposit €30.000 for three years in a financial institution in Cyprus and should have available an annual secure income of €30.000