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.
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.
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);
2.One housing unit and a shop up to 100 sq.m.;
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?
Christodoulos G. Vassiliades
Head of Immigration-Advocate
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