Permanent Residence Permit
Non-EU citizens who purchase property in Cyprus can benefit from a new and accelerated procedure for obtaining a Permanent Residence Permit. The parents (his and or her spouse’s) of Permanent Residency holders or future applicants can also apply for a permit.
- Submit the application accompanied with a title deed or contract of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus of a minimum value of €300.000 and proof of payment for at least €200.000.
- Prove that they have at their disposal a minimum annual income of €30.000 transferred from overseas. The amount requirement increases by: – €5.000 for each dependent child – €8.000 for each dependent parent (applicant’s or spouse’s)
- Submit a letter from a Cypriot Bank confirming they have deposited an amount of minimum €30.000, to be deposited in the account for 3 consecutive years. The amount should be sourced from overseas. The amount must be transferred to Cyprus from abroad.
- Submit a clean criminal record certificate issued by the Authorities of their country of origin.
- Submit a statement confirming they will not be working or be engaged in any form of business in Cyprus.
- Visit Cyprus at least once every two years.
Provided that the criteria described above are fulfilled, the application shall be examined by the Minister of the Interior and the permit shall be granted within 1-2 months. Given this new procedure and the savings of thousands of Euros due to the abolition of transfer fees, now is the best time to buy property in Cyprus.
Permission to Buy Property in Cyprus
For non-Cypriots, the process of purchasing properties in Cyprus is very simple, especially when compared to other countries. The Developer will be with you all the way, assisting you with anything that you may need.
Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be sought from the Council of Ministers by written application, submitted by the non-EU purchaser after the agreement is signed. This permission is granted more or less as a matter of course to all bona fide purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to the Council of Ministers to acquire immovable property in Cyprus can be made within a reasonable amount of time after signing the contract of sale.
EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.
EU citizens who are not resident in Cyprus also need the approval of the Council of Ministers. EU citizens with permanent or temporary permits can register as many properties as they wish in their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.
Legal entities established in EU countries that have their headquarters and registered office in Cyprus do not require permission to buy any immovable property.
Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.
Cypriot Passport / EU Citizenship
Obtaining a Cypriot Passport
Non-Cypriot citizens may apply for the acquisition of a Cypriot Passport / EU Citizenship through the purchase of real estate in Cyprus
- The investment in real estate is the preferred route of the majority of the applicants for a Cypriot Passport / EU Citizenship.
- A very simple and straight-forward procedure.
- It takes approximately 6 months for the procedure to be completed.
Investors can apply for Cyprus Citizenship by submitting a stand-alone application, upon making an investment which must be retained for a period of three years.
The applicant must have invested at least €2 million in one or more residential properties, provided that the value of one of the properties is of at least €500.000 (excluding VAT), which must be kept as the permanent residence of the investor in Cyprus.
Benefits of Cypriot Passport
- Free movement within the EU: travel, live, work.
- Travel visa-free to more than 150 countries.
- Passed on to family members: spouse and dependent children.
- The investor does not become a tax resident, unless he / she spends more than 183 days in a calendar year in Cyprus.
- Not necessary to reside in Cyprus before or after the obtainment of the passport.
- The Republic of Cyprus allows investors to keep their original passport.
- No need to pass a language test.
- The investors have the right to rent the permanent residence in Cyprus.
- The investors have the right to sell the permanent residence in Cyprus, given that another permanent residence will be purchased.
- The applicant’s parents are also entitled to apply for Cyprus Citizenship provided that they own a lifetime residence of at least €500.000 (excluding VAT). The application is submitted after the investor had acquired the Cypriot citizenship.