Permanent Residency in Cyprus and EU
Purchasing real estate property in Cyprus as a gateway to the European Union and EMEA region for corporate and individual investors.
|Published on: 05 March 2013|
Permanent residency visas are available in Cyprus by purchasing real estate, in turn providing an ideal gateway for corporate and individual investors to the European Union and wider Europe, Middle East and Africa (EMEA) region.
A property purchase of €300,000 or more in Cyprus now guarantees a permanent residency.
The Cyprus government, Council of Ministers made the decision in August last year, allowing the Minister of Interior to take a decision on category F immigration permits applications (Permanent Residency) without the application having to go through the four-member committee previously needed. This now speeds up the residency process.
Criteria that must be met for this speedy residency process is as follows:
- Income from abroad of at least 30,000 euro per couple (from working income, interest, dividends, rental income, trust funds, pension fund, or other recognised income source).
- Real estate property purchase in Cyprus to the value of €300,000 or more, together with proof of down payment of at least €200,000 prior to the residency application being lodged.
- Proof of a fixed deposit of 30,000 euro for a minimum of three years in a Cyprus based bank account.
- Official declaration that the applicant will not engage in any form of employment in Cyprus, paid or unpaid.
All incomes and amounts must also be declared and proven to originate from abroad. Applicants who do not clearly meet these criteria will be subsequently examined by the committee.
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