CYPRUS PERMANENT RESIDENCY PROGRAMME
A further key incentive open to investors in Cyprus is the permanent residence programme. Under this programme, investors who invest at least € 300,000 in Cyprus are granted a permanent residence permit, for life. This is an accelerated procedure that takes between 2-3 months to complete.
Residency permits can be granted to:
A couple (husband and wife)
All children up to the age of 18
All children up to the age of 25 if they are reglistered in university
Parents of the couple.
Cyprus Property Purchase
The investor/s must purchase a new property in Cyprus with a total market value of at least € 300,000, before VAT. Please note that VAT on new property is currently 19%. However, exemptions are made for investors who use this as their primary and permanent residence on the island. In this case, VAT is 5%.
The investor must submit the Permant Residence Application Form together with a contract of sale for the Cyprus property and evidence of payment of at least € 200,000.
Cyprus Bank Deposit
The investor/s must deposit at least € 30,000 in a Cyprus bank from abroad. This amount will be locked for three years. After this time, the amount will be released without restrictions.
Evidence of Income
The investor/s must prove that they have a minimum annual income of € 30,000 from abroad. For every spouse and child, this increases by € 5,000 for each person. For each parent, this increases by € 8,000 for each parent. Income may include wages, dividends, pensions, annuities, rental income, royalties or other forms.
To summarise, the total minimum investment cost for a family of 2 adults and 2 children under 18 years of age would be:
€ 300,000 + 5% VAT = € 315,000
€ 30,000 (released after 3 years)
It is necessary to visit Cyprus at least once, during the application process. During this time, biometric data will be captured for use in the application. The biometric data can also be captured upon award of the residence permit.
The investor/s do not actually need to be resident in Cyprus, but one visit every 2 years is required.
The application is submitted to the Civil Registry and Department of Migration before being submitted to the Ministry of Interior for final review. The procedure is straightforward. In general, it takes 2 months to resolve, but we suggest leaving additional time in case further documentation is requested.
Award of the Permanent Residency means that the investors can live in Cyprus for life, without having to apply for any further residency permits. They have all the rights
It is important to note that while Cyprus is a member of the European Union, it is not a member of the Schengen Zone. Thus, travel within the European Union (and Schengen Zone members) can only take place with an appropriate visa. Since the investor will be legally registered in Cyprus, however, this is a formality in most cases.