Cyprus
Cyprus Permanent Residency Program
An individual can become eligible for Cyprus’ Permanent Residency Program by investing a minimum of €300,000 in one or two new-build residential units, or in a combination of new or resale commercial properties.
Cyprus Permanent Residency Program Overview
Cyprus is a member of both the European Union and the Eurozone. Holding a Cypriot Permanent Residence Permit is a significant advantage when applying for a visa in the Schengen Zone. The program requires an individual to make a minimum investment of €300,000 (excluding VAT) in real estate in Cyprus, which can be either one or two new-build residential units or a combination of new or resale commercial properties. A Permanent Residency Permit is valid indefinitely, provided the individual maintains ownership of their property and visits Cyprus at least once every two years. The application processing period typically lasts between 2-3 months.
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Invest
If you wish to become eligible for Permanent Residency in Cyprus, an investment of €300,000 in real estate is required.
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Ease of Travel
Individuals with Permanent Residency status in Cyprus have a great advantage when applying for a Schengen Zone visa.
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Processing Time
Successful applicants have their applications processed within 3 months.
Permanent Residency in Cyprus
Key Benefits
Permanent residency applies to the main applicant’s entire family, including their spouse, children under 18, as well as unmarried children under 25 who are financially dependent and enrolled in a tertiary academic institution.
Holders of Permanent Residency may become eligible for Cypriot Citizenship after 8 years of continued residency.
Unrestricted entry and stay in Cyprus, allowing permanent residents the freedom to live in Cyprus without time limitations.
Access to the general healthcare system, ensuring residents and their families can benefit from Cyprus’ public health services.
Cypriot Permanent Residency Criteria
- Applicants must invest a minimum of €300,000 (excluding VAT) in one or two new-build residential units or a combination of new or resale commercial properties.
- Applicants must prove they have a minimum annual income of €50,000, plus €15,000 for their spouse and €10,000 for each dependent child, including children up to the age of 25 if they are unmarried and financially dependent university students.
- The income must come entirely from abroad if the investment is in residential property, but if the investment is in commercial property, part or all income can be generated and taxed in Cyprus.
Other Conditions
- At least one visit to Cyprus every two years (no need for continuous residence in Cyprus)
- No work/employment can be undertaken in Cyprus, under any condition. Both the investor and spouse may be unsalaried directors of such a company.
About Cyprus
Factsheet | |
|---|---|
| Continent: | Europe |
| Population: | 875,899 |
| Government: | Unitary presidential constitutional republic |
| Capital: | Nicosia |
| Languages: | Greek, Turkish |
| Currency: | Euro (€) |
| Total area: | 9,251 km² |
| Time zone: | Eastern European (UTC+02:00) |
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Geography
The Republic of Cyprus is an island nation located at the crossroads of 3 continents: Europe, Asia and Africa. Its territory comprises the entirety of the Mediterranean’s third-largest island and some smaller islets, with a total area of 9,251 km².
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Population and Language
Cyprus has a population of 875,889. Although English is widely spoken by 90% of the population, the official languages are Greek and Turkish.
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Tourism
Cyprus is a very popular tourist destination with around 4 million tourists visiting annually – over 4 times its resident population.
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Education
Primary and secondary education is compulsory for Cypriot pupils until they reach the age of 15. However, almost all Cypriots proceed with higher education either in one of numerous university campuses on the island, or the United Kingdom, with a sizeable university student diaspora who return to the island after their studies.
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Health Care
The island has recently launched its own General Health System, a full-coverage, universal healthcare insurance programme that strives to provide all residents with affordable medical care.
Featured Properties
Cyprus propertiesFAQ
Can I obtain permanent residence in Cyprus by investment?
Yes, Cyprus does offer non-EU citizens a very attractive residency-by-investment program. To be eligible, the applicant must meet the following financial criteria:
- Invest a minimum of €300.000 in real estate or in company shares.
- Have an independent and secure income of over €50,000 per year, and an additional €15.000 for a spouse and €10,000 for each dependent child.
Will buying property in Cyprus allow me to obtain residency?
Yes, investing a minimum of €300,000 in either residential or commercial real estate makes you eligible for Cyprus’s residency by investment program. However, if you choose to invest in a residential property, it must be a new build (subject to VAT in addition to the minimum €300,000), while commercial properties – such as offices, shops, or hotels – can be resale properties.
Are there any other requirements apart from the financial investment?
Yes. Apart from the investment, the following is required to maintain the validity of the residence permit:
- A clean criminal record from the country of origin for all adults in the application
- Annually renewed health insurance coverage
- A visit to Cyprus at least every 2 years
For how long must the investment be held?
Permanent residency is directly linked to the investment. It must be held for as long as the investor wishes to maintain Cyprus residency. If the investment is disposed of, the residence permit will no longer be valid.
Is the immediate family included in the investor’s application for permanent residency?
Yes, the investor’s application may include a spouse and all dependent children under 18, so the whole family will qualify for permanent residency at the same time.
For how long is the residence permit valid?
Provided all the financial and other criteria are met, the residence permit will not expire. However, it must be renewed every 10 years.
Can I submit photocopies of the required documents?
The following documents must be in their original form or a true copy, duly apostilled (if your country of origin is a contracting state of the Hague Convention) and officially translated into English or Greek:
- Police Criminal Record
- Marriage Certificate
- Birth Certificate
Alternatively, document copies must be stamped by the Cypriot embassy.
Do I have to be in Cyprus when my application is submitted?
No. The process for Permanent Residence can proceed in your absence, as long as you have assigned an authorized representative to handle it. However, you will have to be present at a later stage for biometric capturing.