Cyprus

Permanent Residence Program

Limassol.jpg

Limassol, Cyprus

 

Requirments:

  • The main requirement is for the purchase of a new property of a total market value of at least €300,000 plus. The applicant must submit the application form accompanied with a contract of sale and proof of payment. The property may also be bought by a company provided that the company is registered in the name of the applicant or the applicant and their spouse. They must also be sole shareholders.

  • The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum of €30,000 from abroad into an account that will be locked in for three years. After the expiration of this period, the money will be released without restrictions.

  • The applicant must provide supporting evidence of an annual income of at least €30,000 deriving from abroad. The income requirement will increase by €5,000 for a spouse and every additional child, and €8,000 for each dependent parent. The income may include, employment salary, rent, pension, and dividends from shares etc..

Procedure:

  • A fee of €500 is payable with the submission of the application and €50 for the biometric scan.

  • The application will then be examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will make a decision within two months.

  • Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.

  • When in Cyprus, a visit is organized to the migration office in Nicosia in order to obtain the biometric scan for all family members in the application.

  • The biometric data can be filed either with the submission of the application for residence, or immediately after approval.

Benefits of Cypriot residence-by-investment:

  • The application procedure is highly efficient; processing usually concluded within two months

  • There is a high approval rate, if all criteria are satisfied

  • It is not necessary to reside in Cyprus, but a visit once every two years is required

  • Dependents can be enrolled in high-quality private schools, offering English language courses

  • Residence applies to all the family members (applicant, spouse, and children under 18 years old)

  • Dependent children between 18–25 and parents of the applicant are also eligible

  • The whole process can be arranged without being present in the country. However, a visit is required for the biometric scan.