Grounded by the provision of the Ministry of Interior of the Republic of Cyprus, when non EU Citizens purchase private-owned (sold for the first time by a Development Company) residence in Cyprus the value of which at least €300,000 + V.A.T, owners and the intermediate family are eligible to grant a Permanent Residence which is translated into a living permit for the Republic of Cyprus.
The applicant may purchase:
- Up to two housing units (apartments or houses) which might be independent, but should be purchased from the same Company, 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.
- The applicant should submit a confirmation letter from a Financial Institution in Cyprus that he/she has deposited a minimum capital of €30,000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
- This annual income should increase be €5,000 for every dependent person of his/her family (spouse and children) and by €8,000 for every dependent parent or parent-in-law.
- The money for the acquisition of the property must come from abroad through legal sources.
- The applicant, must have evidence of sufficient income to cover all expenses of all members of the family.
- Must have a clean criminal record.
- Must visit Cyprus at least once every two years.
- Attain European Citizenship or Permanent Residence easily
- Fast Track Procedure (Regulation 6(2)): within 2 months
- Category F (Regulation 5(f)): within 5- 12 months
- Applies to the wife and husband as well as all children under the age of 18 and as well as the parents of the main applicant or parents in law of the applicant
- PR also applies for children, unmarried, aged 18-25 and above which are financially depended by their parents
- Cyprus is expected to enter the Schengen Zone of Europe in the near future allowing all Cyprus Permanent Residence holders to travel freely through Europe
- Freehold Property
- No inheritance tax
- One of the lowest property taxes in the world
For more information regarding the Permanent Residents permit please view Immigration Permits or contact your legal officer.