One of the significant benefits of buying property in Cyprus is the eligibility to apply for a permanent residency permit through the Cyprus Permanent Residency by Investment Program.
Here’s how you can qualify
Investment requirement: You must invest a minimum of €300,000 (plus VAT) in a property, which can be a house, apartment, or other real estate types.
- Proof of funds: Demonstrate that you have consistent and sufficient income outside Cyprus to support yourself and your dependents. This can include salary, pensions, dividends, or rental income. A minimum annual income of €50,000 transferred from abroad must be evidenced. For each dependent child, the amount increases by €10,000 and for the applicant’s spouse, the amount increases by €15,000.
- Clean criminal record: You and your dependents must have a clean criminal record from your country of residence.
- Medical insurance: Obtain private health insurance coverage in Cyprus for yourself and your family members.
Application Process
- Submit application: Prepare and submit the application along with the required documents to the Civil Registry and Migration Department. Your lawyer can assist with this process.
- Processing time: The application process typically takes 2-3 months. During this time, authorities will review your documentation and conduct necessary background checks.
- Approval: Once approved, you will receive your residency permit, allowing you to live in Cyprus indefinitely. The permit is renewable every five years.