Invest and get Permanent Cypriot Residency Permit
To investors from outside the EU who wish to become residents Cyprus offers the best conditions in the European Union. Investors who purchase property on the Island become subject to a special, simplified administrative procedure for granting
permanent Cypriot residency permit.
The applicant must meet the following conditions:
1. He must buy a property worth at least €300 000 plus VAT. The property must be new and purchased directly from a developer.
Alternatively, the investor may purchase:
- two residential properties (apartments, houses or an apartment and a house);
- a residential property and a store (warehouse) with an area of up to 100 m2;
- a residential property and an office property with an area of up to 250 m2.
These properties must be adjacent and come from the same developer, and the total price must exceed € 300,000 plus VAT.
2. A downpayment of at least € 200,000 plus VAT must be made toward the purchase.
3. He must provide a certificate of clean criminal record and a proof of being under no investigation for criminal offenses, issued by the authorities of his/her home country.
4. He must prove an annual income of at least € 30,000 and an extra income of € 5,000, per dependent family member (wife and children up to 18 years of age, as well as student children aged 18-25). Funds must originate from outside of Cyprus. This may be a salary, dividends, interest on bank deposits, rental profit, retirement pension.
5. He must make a minimum 3 year fixed-term deposit of at least € 30,000 at a Cypriot bank.
6. He must prove that all the funds come from sources outside of Cyprus.
- The permanent residency status is granted for an indefinite time. No permanent stay in Cyprus is required; a short sojourn once every two years is sufficient;
- This status, granted in connection with property purchase, does not entitle the resident to work in Cyprus;
- The entire procedure takes about two months.