Permanent Residence in Cyprus through purchase of real estate

Cyprus, known for its Mediterranean climate, is considered to be an attractive place for both businesses and residents. Investing in Cyprus real estate is beneficial due to the island’s labor, attractive taxation and a reliable transport.
Cyprus is a small and adaptable free-market economy with a positive long-term outlook despite the current challenging environment. Cyprus was ranked number 58 out of 144 countries by the World Economic Forum Global Competitiveness Report.

Advantages of permanent residency in Cyprus:

Express procedure – 2 months before obtaining permanent residence
When Cyprus enters the Schengen area (which is expected in 2016), individuals having permanent residence in Cyprus, will have the right of free movement in the Schengen area
Permanent residence is granted to the spouse of the applicant, their minor children, financially dependent adult children up to 25 years (if they are not married), as well as to the parents of the applicant and the parents of the applicant’s spouse
The permanent resident itself doesn’t entail the tax liability in respect of Cyprus
Persons having a permanent residence, are free to enter and reside on Cyprus without a visa
The holders of permanent residence are not required to actually move to Cyprus. The only condition is to visit Cyprus at least once in 2 years
Individuals with a permanent residence have a “second home” represented by Cyprus
The actual residence in Cyprus leads to the Cyprus citizenship (currently after 7 years, that is 2.555 days of residence within 10 calendar years)

REQUIREMENTS TO THE APPLICANT

To buy the real estate with a minimal cost of € 300.000 (hereinafter the amounts are indicated without VAT). The real estate must be from the primary market and be purchased from the developer. Accelerated procedure of obtaining permanent residence is not applied to the cases of secondary real estate purchase

plusTo pay from its own funds an amount of € 200.000 from the sum of the property value
To demonstrate that the purchase is carried out using the funds received from the sources outside Cyprus
plusTo provide the proof that the applicant’s annual income (outside Cyprus) is at least € 30.000. It can be: wages, dividends, rental income, interest on bank deposits, pensions, etc. The applicant must also provide extra income in the amount of at least € 5.000 for the spouse and each child, as well as € 8.000 for each parent of the applicant and spouse

plus

To place the amount of at least € 30.000 on the deposit in Cyprus bank for a period of 3 years

plusTo provide the certificate of no criminal record and the certificate of not being under investigation for criminal offenses, certified by the competent authorities of the country of issue

Permanent residence can be provided to the following family members of the main applicant:

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spouse of the applicant. The permanent residence for the spouse is made together with the main applicant but is considered as a separate permanent residence. When making a permanent residence for the spouse there is no need to purchase the real estate or place € 30.000 on a bank account in Cyprus bank.

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financially dependent minor children of the applicant and his/her spouse. The minor children can be specified in an application for permanent residence of one of the spouses.

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unmarried and financially dependent children of the main applicant at the age of 18-25 years, which can provide a certificate from the place of their study, valid for at least six months from the date of submission of the application. This category of children can also obtain the permanent residence without any additional investments. In this case, the parents should provide the proof of extra income in the amount of € 5.000 for each financially dependent child. The obtained permanent residence remains in force even after its holders reaches the age of twenty-five years and even if he/she is already married, is not a student anymore and is not financially dependent on the parents. However, this does not mean that the future spouse and children of such a person automatically receive the permanent residence.

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parents of the couple (of both spouses) of the main applicants, which are applying for permanent residence or have already received this status, are also eligible to obtain the permanent residency without any additional investments. Main applicants must provide proof of extra income of at least € 8.000 for each of the parents who are financially dependent on them. For each dependent parent, a separate application for permanent residence is to be submitted.

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