The Republic of Cyprus has introduced a fast track procedure allowing high net worth individuals to acquire a permanent residence permit on an accelerated basis.
Third country nationals who purchase immovable property in Cyprus for €300,000 or more as their own residence and who can demonstrate an adequate secure income from abroad will be eligible to apply for a permanent residence card. Each case is examined on its own merits depending on the personal circumstances of the applicant.
To be eligible for permanent residence third country nationals must demonstrate:
- That they have stable and regular income sufficient to maintain the applicant and any dependants in Cyprus without recourse to its social assistance system;
- That they have medical insurance which covers the risks generally covered by insurance companies in Cyprus;
- That they do not pose a threat to public order or public security; and
- That if they have been living in Cyprus they have been doing so legally, and not by deceit or misrepresentation.
The application on the prescribed form M67 may be lodged in advance of the applicant's arrival in Cyprus provided all the relevant supporting documentation is submitted with the form. If the application is successful the applicant's spouse and children under the age of 18 years will also be granted the right of permanent residence.
The right of permanent residence is automatically lost if the holder is absent from Cyprus for a continuous period exceeding two years.
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.