Permanent Residence programme
As another way to secure permanent residence in Cyprus for investors and their dependants, an immigration permit application under the provisions of Regulation 6(2) of the Aliens and Immigration Regulations may be submitted as long they will fulfill the following criteria:
- The applicant must prove that he has at his disposal a secured minimum annual income amounting to €30.000 (employment in Cyprus is not allowed).
The minimum annual income is increased by €5.000 per year for every dependent person. The annual income should be earned from sources abroad and can include overseas employment income, pensions, dividends etc.
- The application form must be accompanied by a title deed or a contract of sale that has already been submitted to the land registry, for the acquisition of a house, apartment or any other building situated in Cyprus, of a minimum m value of €300.000 (excluding VAT). Further, the applicant must submit proof of payment for at least €200.000 (excluding VAT) in respect of the above mentioned property. The Civil Registry and Migration Department will only accept applications for granting immigration permits under the fast track route provided that the above mentioned property is being sold for the first time.
- The applicant must submit a confirmation letter from a Cyprus Banking Institution that s/he has deposited a minimum amount of €30.000 which will be pledged for a minimum period of three years.
- The applicant must have clean criminal record
- The applicant must present a Statement confirming that he has no intention to work or be engaged in any form of active business in Cyprus;
- The applicant is required to visit Cyprus at least once every two years.
IF the criteria and conditions described above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the immigration permit should be granted within a 2 month period.