CYPRUS PERMANENT RESIDENCY
Permanent Residency By Investment - Fast track process
(Regulation 6(2) application)
- Purchase of real estate property of at least €300,000 (Vat non- inclusive).
- The property should be a first time sale (not a resale)
- Property options that qualify for the residency programme by investment are:
- one housing unit or
- two housing units (apartments or houses), which can be independent, but are purchased 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.
- register the sale agreement at the Land Registry and pay at least €200.000 plus VAT before the submission of the application in the bank account of the seller in Cyprus. The full payment of the purchase price must be settled by a transfer to Cyprus from abroad.
- The property can be bought in the name of a company in which the absolute owner or ultimate beneficiary will be the investor or his/her spouse.
- The Investor must maintain a three year fixed deposit of €30,000 with a Cypriot bank which shall be pledged for the purposes of this application. Moreover evidence must be provided that the said amount has been transferred to Cyprus form abroad.
- Provide evidence of secured annual income of at least €30,000, originating from abroad (increased by €5,000 for each dependent included in the application and €8,000 for each parent of the Investor and or spouse). Such income may include pensions, dividends, salaries, rents etc
- The property can be sold provided it is immediately replaced with another property satisfying the criteria (i)-(iii) above.
- Once the permit is granted, the holder must visit Cyprus within 12 months of the date of issuance of the permit, to take receipt of the permit and obtain biometrics. Thereafter, the holder must visit Cyprus at least once every two years.
- The permit may be revoked if the above conditions are not met or if the investor is granted a permanent residence permit in another jurisdiction (other than his country of his nationality)
Spouse and children
The Permanent Residency permit covers the spouse and children up to 18 years old.
Also, children between 18 and 25 years old can apply provided they fulfil the following:
- Financially dependent on the investor
- University students abroad with a minimum of six months remaining study period from the date of the submission of the application
- Evidence is provided of secured annual income of €5.000 for each (additional amount to the secured income of €30000 required by the investor as above provided
Parents & Parents in law
The parents and parents-in-law of investor can also get permanent residency without buying additional property. The only requirement is to show an additional annual income of €8.000 for every such parent. And to provide the application documents as mentioned in the list below.
The Investor/ applicant must also comply with the below:
- Provide a clean criminal record from their country of residence
- Declare their intention not to be employed in Cyprus
- Should not be regarded as a danger to the public order/security of Cyprus