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Cyprus: Permanent Residence

01.01.1970 03:00


Non-EU citizens with a purchase of Cyprus property get the right to apply for Cyprus Permanent Residence under the «fast-track» procedure. The time for application examination is 1–2 months only.

Permanent Residence «Fast-Track» Procedure

Permanent residency can be obtained through an investment in new residential property of at least €300,000 (excluding VAT) from a developer in Cyprus. All investment funds must emanate from abroad.

An applicant can purchase

  • up to 2 residential units (apartments or houses)
  • 1 residential unit and 1 shop with an area of up to 100 m2
  • 1 residential unit and office with an area of up to 250m2

Properties may be independent but must be sold by the same developer.

The investors need to prove their annual income of at least € 30,000 from abroad. The annual income increases by € 5,000 for every dependent family member.

Applicants must prove they have opened a bank deposit of €30,000 in a Cyprus Bank for 3 years and submit a clean criminal record declaration from the country of their current residence.

Full Family Residency

The applicant’s spouse and financially dependent children up to the age of 18 can also apply for Cyprus Permanent Residence on the basis of the main applicant’s investment.

Unmarried children from the ages of 18 to 25, who are students and financially dependent on the applicant, can submit their own application on the basis of the main applicant’s property purchase. In such a case an additional annual income of €5,000 for each dependent child must be shown.

The Examination Period

The period for the examination of the application under the «fast-track» procedure does not exceed 2 months. Once Permanent Residence is attained it does not need to be renewed, however all applicants must visit Cyprus at least once every 2 years.



 

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