CYPRUS PERMANENT RESIDENCY
PermanentResidency By Investment - Fast track process
(Regulation6(2) application)
  1. Purchaseof real estate property of at least€300,000(Vat non- inclusive).
  2. Theproperty should be a first time sale (not a resale)
  3. Propertyoptions that qualify for the residency programme by investment are:
    -one housing unit or
    -two housing units (apartments or houses), which can be independent,but arepurchased from the same developer, or
    -one housing unit and a shop of a surface of up to 100 sq.m., or
    -a housing unit and an office of a surface of up to 250 sq.m.

  4. registerthe sale agreement at the Land Registry and pay at least €200.000plus VAT before the submission of the application in the bankaccount of the seller in Cyprus. The full payment of the purchaseprice must be settled by a transfer to Cyprus fromabroad.

  5. Theproperty can be bought in the name of a company in which theabsolute owner or ultimate beneficiary will be the investor orhis/her spouse.

  6. TheInvestor must maintain a three year fixed deposit of€30,000with a Cypriot bank which shall be pledged for the purposes of thisapplication. Moreover evidence must be provided that the said amounthas been transferred to Cyprus form abroad.

  7. Provideevidence of secured annual income of at least€30,000,originating from abroad (increased by€5,000for each dependent included in the application and €8,000for each parent of the Investor and or spouse).Suchincomemay include pensions,dividends, salaries, rents etc

  8. Theproperty can be sold provided it is immediately replaced withanother property satisfying the criteria (i)-(iii) above.

  9. Oncethe permit is granted, the holder must visit Cyprus within 12 monthsof the date of issuance of the permit, to take receipt of the permitand obtain biometrics. Thereafter,theholder must visit Cyprus at least once every two years.

  10. Thepermit may be revoked if the above conditions are not met or if theinvestor is granted a permanent residence permit in anotherjurisdiction (other than his country of his nationality)


Spouseand children

ThePermanent Residency permit covers the spouse and children up to 18years old.
Also,children between 18 and 25 years old can apply provided they fulfilthe following:

  • Financiallydependent on the investor
  • Unmarried
  • Universitystudents abroad with a minimum of six months remaining study periodfrom the date of the submission of the application
  • Evidenceis provided of secured annual income of €5.000 for each(additional amount to the secured income of €30000 required by theinvestor as above provided


Parents& Parents in law
Theparents and parents-in-law of investor can also get permanentresidency without buying additional property. The only requirement isto show an additional annual income of €8.000 for every suchparent. And to provide the application documents asmentioned in thelist below.


Otherconditions
TheInvestor/ applicant must also comply with the below:

  • Providea clean criminal record from their country of residence
  • Declaretheir intention not to be employed in Cyprus
  • Shouldnot be regarded as a danger to the public order/security of Cyprus