Non-EU citizens who purchase property in Cyprus can benefit from a new and accelerated procedure for obtaining a Permanent Residence Permit.
The parents (his and or her spouse's) of Permanent Residency holders or future applicants can also apply for a permit.
The applicants must:
- Submit the application accompanied with a title deed or contract of sale (submitted to the Department of Lands and Surveys) for a new property purchased in Cyprus of a minimum value of €300.000 and proof of payment for at least €200.000.
- Prove that they have at their disposal a minimum annual income of €30.000 transferred from overseas.
- The amount requirement increases by:
- €5.000 for each dependent child
- €8.000 for each dependent parent (applicant's or spouse's).
- Submit a letter from a Cypriot Bank confirming they have deposited an amount of minimum €30.000, to be deposited in the account for 3 consecutive years. The amount should be sourced from overseas. The amount must be transferred to Cyprus from abroad.
- Submit a clean criminal record certificate issued by the Authorities of their country of origin.
- Submit a statement confirming they will not be working or be engaged in any form of business in Cyprus.
- Visit Cyprus at least once every two years.
Provided that the criteria described above are fulfilled, the application shall be examined by the Minister of the Interior and the permit shall be granted within 1-2 months.
Originally published October 2018
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.