A government programme designed to help non-EU citizens get permanent residency in Cyprus
The Cyprus Permanent Residency Programme permits residency for non-EU citizens and visa free travel within Europe. The programme has attracted great interest and investment in Cyprus during the last few years by thousands of investors resulting in a huge boost for its economy.
The programme is very simple and is focused on the purchase of Cyprus property. To be be considered and be eligible for permanent residency, you will need to fulfil a number of criteria including purchasing a property on the island with a minimum value of €150,000. Your application will be treated more favourably if your investment is higher. Commercial property is exempt from this programme, which limits the purchased property for residential purposes only, and it cannot be rented out or leased out to third parties.
As well as this investment in long-term accommodation in Cyprus, you must have an minimum annual income from non-Cypriot-sources of €10,000, and EUR €5,000 for each dependent family member.
What is the application process for Permanent Residency in Cyprus?
In the first instance, proof of purchase of a residential property needs to be submitted with your application. This is typically title deeds or the contract for the sale a Cyprus property that was submitted to the Cyprus Department of Lands & Surveys.
Buying land does not allow you to apply for the permanent residency under the provisions of this programme.
An application through this government programme grants you permanent residency status within 12 months after applying. If you obtain permanent residency under this programme, you will not be allowed to work in Cyprus, but you can be the owner of a Cypriot company and receive dividends. You must visit Cyprus within a year to provide your biometric data and obtain the residence permit.
In order to maintain permanent residency, you must visit Cyprus at least once every two years, otherwise, the permit may be annulled. Your spouse and underage children can also obtain the permanent residency as part of the application. After 7 years of legitimate residency, applicants are eligible to apply for citizenship.
Requirements for Permanent Residency
Application for Cyprus permanent residency
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