Non-EU citizens purchasing property in Cyprus can benefit from new and accelerated procedures for obtaining a Permanent Residence Permit. This benefit is extended to the spouse and future claimants also applicable for a permit.
Requirements
For EU citizens, there are no restrictions on attaining Residential permit. The process involves the completion of an application form at the Immigration Office, for formality purposes, as to routinely receive the Permanent Residence Permit.
For non-EU citizens, the process involves the submission of the aforesaid application accompanied with a title deed or contract of sale (submitted to the Department of Lands and Surveys) for property purchased in Cyprus, at the minimum value of 300,000 EUR and proof of payment for at least 200,000 EUR.
Proof of disposal of a minimum annual income of 30,000 EUR transferred to Cyprus from overseas is also required, provisionally increasing by 5,000 EUR for each dependent child and 8,000 for each dependent parent (spouse). Submission of letter from a Cypriot Bank with confirmation of the deposited amount in an account for 3 consecutive years. The amount should be sourced from overseas and transferred to Cyprus.
Additional Requirements
- Clean criminal record certificate issued by the Authorities in their country of origin.
- Submission of statement confirming that they will not be working, or engaged in any form of business, in Cyprus.
- Visit Cyprus at least once every two years.
Upon fulfilment of the abovementioned criteria; the application will be examined by the Minister of the Interior and the permit shall be granted within 2 to 4 months.
Please do not hesitate to contact us so to further assist you and respond to any inquiry.
