According to the law, a non-resident of Cyprus, who owns property in Cyprus, has the right for a residence permit. There are no restrictions for the EU citizens.
Permanent Residency will be granted through the immigration office, subject to certain requirements, by making a minimum investment of €300.000 in property on the island.
- The property can be a house or apartment
- The applicant has to provide proof of an initial payment to the amount of €200.000 which has been transferred from abroad.
- The remaining balance needs to be paid into a Cypriot bank account.
- The sales contract needs to be submitted to the Department of Lands and Surveys Prior to the application.
- The applicant should have a fixed deposit of €30.000 lodged for three (3) years in a Cypriot Bank. This amount needs to be derived from abroad.
- The applicant and his/her spouse if applicable must have a clean Criminal Record.
Benefits of the Cypriot Permanent Residency by Investment Program:
- The issuance of Residence Permit within 2 (two months)
- The permit covers the entire family
- No language requirements
- Physical residence requirements are not essential (the applicant, his/her spouse and all dependents are required to visit Cyprus once every 2 (two years)
- Easy access within the European Union
- Cyprus is a common law jurisdiction
- No inheritance tax
- Low property tax
The applicant may purchase up to two properties provided the total amount of both properties meets the requirement of €300.000. These properties purchased can only be brand new properties.
The total annual income of the applicant and His/her spouse needs to be at least €30.000.
- This amount must be derived from abroad (wages earned outside Cyprus, pensions, dividends, deposits, rent income etc.)
- This annual income increases by €5.000 for each dependent of the applicant, and €8.000 for each parent of the main applicant and spouse.