Permanent residence in Cyprus - fast track procedure-reg.6(2)

CYPRUS PERMANENT RESIDENCE

An accelerated procedure for attaining permanent residence for third country nationals for indefinite duration.

Reasonable investment amount of €300.000 plus VAT.

The spouse, dependent children and parents of the applicant can obtain permanent residence with no additional investment.

ELIGIBILITY CRITERIA

The applicant or his/her spouse must own a residential property or other immovable property in Cyprus worth at least €300.000 plus VAT. Those funds shall be transferred to Cyprus from abroad and cannot derive from any loan.

PROPERTY OPTIONS

The applicant or his/her spouse may purchase any of the following property options from the primary market :

1.Up to two housing units (apartments or houses);

or

2.One housing unit and a shop up to 100 sq.m.;

or

3.A housing unit and an office up to 250 sq.m.

  • Total purchase price should be at least €300.000 plus VAT in order to satisfy the criterion.
  • The property can be purchased by a company legally registered in Cyprus, ina country of the European Union or the European Economic Area, if the applicant or his/her spouse is the sole shareholder or ultimate beneficial owner of the company.
  • The applicant must maintain a fixed deposit of €30.000 in a Cyprus Bank, for a period of at least three years. The funds shall be transferred to Cyprus from abroad.
  • The applicant and his/her spouse must have a secured minimum annual income of €30,000 deriving from sources other than employment in Cyprus.

The annual income requirement is increased by:

(i) €5.000 for each dependent child; and

(ii) €8.000 for each dependent parent or mother or father in law.

WANT TO KNOW MORE?

CONTACT:

Christodoulos G. Vassiliades

Managing Director

Marianna Pavlides

Head of Immigration-Advocate

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