In order to promote foreign investments in the country, the Cyprus government has established various Residency programs for foreign citizens.
Permanent Residence in Cyprus – Regulation 6 (2)
The above can be acquired if the applicant falls within one of the six categories (A – F) as per government regulations.
The permit is granted for an indefinite duration of time as long as:
- The applicant has purchased in Cyprus one or two new real estate properties of a minimum total purchase cost of €300.000 excluding VAT. The properties can be of any combination i.e. one residence and one office or one residence and one shop or two residencies. It should be noted that proof of payment of €200.000 of the actual purchase cost must be settled and obtained.
- A minimum annual personal income deriving from sources other than the employment in Cyprus, of €30.000 and in case of each applicant’s dependants the minimum amount increases by €5.000. For each parent of the main applicant and / or the spouse of the main applicant, the amount increases by €8.000.
- The applicant must maintain a minimum three year fixed deposit account in a bank operating in Cyprus of a minimum amount of €30.000. The funds must be transferred from abroad, must be of legal origin and should not originate from Cyprus sources.
- Additional conditions and requirements:
- The applicant must submit a declaration regarding his / her income
- The applicant should provide a confirmation that he / she does not intent to work or / involve in any form of business in Cyprus
- Apostil clean criminal record from country of origin
- Birth certificate
- Marriage Certificate
- Valid Passport
- Curriculum Vitae
- Medical Insurance
- Certificates of dividends
- Certificates of fix deposit
- Pension Statements (if applicable)
- Rents or salary advices
- Applicants need to visit Cyprus at least once every two years