Obtain a permanent residence permit in Cyprus, within two months, when buying a residential property worth €300,000 (amounts are excluding VAT where VAT is applicable).
Benefits of the programme
- An express procedure - 2 months to be approved.
- Once Cyprus enters the Schengen zone (expected in the near future), Cyprus permanent residence (PR) permit holders will have the right to travel freely in the zone.
- Permanent residence is granted to applicant’s spouse, their minor children, financially dependent adult children up to 25 years (if they are single), as well as their parents.
- PR permit holders are free to enter and live in Cyprus without the need to obtain a visa.
- They are not obliged to actually relocate to Cyprus - they simply need to visit Cyprus once every two years to maintain the permit.
- The PR holder and family have a ‘second home’ in Cyprus.
- Being a holder of a Cyprus PR permit in itself does not affect one’s tax liability in Cyprus.
- Actual residence in Cyprus may lead to eligibility for Cyprus citizenship by naturalization, currently after 7 years (2555 days) of staying in Cyprus in 10 calendar years.
Requirements for applicants
An investor is free to choose where to invest from a wide choice of options:
- Buy a property the value of which is at least €300,000. The property shall be new and purchased from a developer.
- Provide evidence that the applicant’s annual income amounts to at least €30,000 with income sources located outside Cyprus. Applicant must also demonstrate an additional minimum income of €5,000 per year for spouse and each child and €8,000 per year for each parent of applicant and his/her spouse Deposit the sum of €30,000 into a Cypriot bank for a 3-year period.