The Residency Programme
A Permanent Residence Permit is granted to NonEU individuals, their spouse and children (under 18 years old) and grants the right to permanently reside and travel to Cyprus without immigration entry procedures.
The Fast Track Procedure (Regulation 6(2) of the Aliens and Immigration Regulations) allows nonEU nationals who purchase a property with a minimum total cost of EUR 300,000 (excluding VAT) to apply for a Permanent Residence Permit. The properties can be two houses or apartments, one house and one shop, or one house and one office.
A minimum of EUR 200,000 (excluding VAT) must be settled. The applicant will need to transfer this amount to a bank operating in Cyprus from abroad and show proof of this transfer. In addition to the purchase of a property the applicant will need to deposit EUR 30,000 into a bank operating in Cyprus. This deposit will be blocked for three years and must be transferred from abroad.
A minimum annual income of EUR 30,000 and EUR 5,000 for each dependent family member is also required. The income must not derive from employment in Cyprus and must be a legal source of income such as interest, dividends, salary etc.
If the applicant, spouse and children of 16 years and older meets the above requirements and can show that the Cyprus Embassy has certified they have a clean criminal record in their current country, then they will be able to apply under the fast track procedure.