Individuals who are not interested in the Cypriot naturalisation by investment scheme (resulting in Cyprus citizenship and a passport) may be interested in the permanent residence scheme that Cyprus offers.
The Permanent Residence Permit – Regulation 6 (2) (Fast Track Route) concerns individuals who have fully and freely at their disposal a secured annual income which suffices to support a decent living in Cyprus for themselves, without having to engage in any business.
Applications for a permanent residence permit under the Fast Track Route are assessed within 3 months. The requirements for an application for permanent residence are:
- evidence of a steady income from abroad of at least €30,000, from sources other than employment in Cyprus (dividends, fixed deposits, pensions, rents or salaries) – this amount is increased by €5,000 for the spouse and for each child and by €8,000 for each parent of the main applicant and/or the spouse of the main applicant
- evidence of deposits in a Cyprus bank account of the above described amounts, transferred from an international bank to a local bank and pledged for at least a period of three years
- evidence of purchase of a residential property by the applicant as purchaser of a value of at least €300,000 plus VAT (and proof of payment for at least €200,000 excluding VAT, transferred from an international bank into a Cyprus bank account).
We note that a reduced VAT rate of 5%, may be applicable for real estate used as primary residences provided that certain conditions are met and in relation to the first 200 square meters of the residence's buildable area as determined by the building coefficient of the property.
The applicant must declare they do not intend to work or be engaged in any form of business in Cyprus and provide certain identification documentation.
Originally published June 7, 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.