Permanent Residency

Cyprus Permanent Residency Benefits

Home to two international airports and situated at the crossroads of three continents, Cyprus is also a superb base for travelling throughout Europe and the wider world. A permit holder can even obtain a Schengen visa within just one week.

The island offers excellent educational opportunities – thus streamlining children’s access to the best universities worldwide – superb healthcare, and a bounty of leisure facilities. And most attractive of all, permits obtained are valid forever, even after children are no longer dependent, with permanent residency also extending the right to apply for EU citizenship after seven years.

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 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 three 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.

Given this new procedure and the savings of thousands of Euros due to the abolition of transfer fees, now is the best time to buy property in Cyprus.