Cyprus Permanent Residency

One of the many benefits of purchasing a property in Cyprus is the opportunity of acquiring a Cyprus Permanent Residency. Property buyers have the chance to get residency easily and fast through the Cyprus Residency by Investment Program.

The first requirement for a Residency permit is the purchase of a new property with a minimum price of €300,000 + VAT. Another requirement is that the applicant must have an annual income of a minimum of €50,000 coming from abroad. This amount increases by €15,000 for the applicant’s spouse and by €10,000 for every minor child of the applicant and/or their spouse. The required application and legal documents must be submitted to the Civil Registry and Migration Department by the applicant themselves or their representative.

No medical or language tests are needed during the application process but once the application is approved and the Cyprus Permanent Residency permit is granted, the applicant must visit the island within one year to obtain the residency permit and provide biometrics to the relevant authorities. After the first visit, the holder of the residency permit must only visit Cyprus once every two years.

There is a €500 fee with every application as well as a €70 fee for every dependant.

permanent residency cyprus

Benefits of Cyprus Permanent Residency

Foreigners who acquire Cyprus Permanent Residency benefit in many ways.

  • Ability to travel across Europe without a visa.
  • There is no need to reside in Cyprus. Just a visit once every two years.
  • The Residency permit does not expire provided that the holders visit Cyprus once every two years.
  • Cyprus Permanent Residency can help towards the acquirement of Cyprus Citizenship after some years.
  • The property can be used as a residence, a holiday home or a source of income by renting it out.