permanent residence permit

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Advantages

• Right to permanently reside in Cyprus without entry visa requirements
• Covers the whole family: the main applicant ans spouse, their parents and dependents up to the age of 24
• Application of a Cyprus Permanent Residency Permit can be the first step towards gaining Cyprus Citizenship
• If all investment criteria have been met the Permanent Residence Permit can be granted approximately within two months
• Visa Free Travel to a number of EU Member States
• No inheritance tax

Financial Criteria

• Purchase of a “first-time” sale residential property in Cyprus of at least €300.000 (excluding VAT)
• An initial payment of at least €200.000 should be made before submission of the application
• A deposit at least €30.000, is pledged for three years in a financial institution in Cyprus
• Applicant needs to provide evidence that an annual income of at least €30.000 is at his disposal. This income may include dividends, rents, employment salaries, pensions, fixed deposits, etc. Spouse’s income is also taken into consideration

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Requirements

• A clean criminal record certificate
• Declare they have a secured annual income from abroad
• Applicant and spouse are not permitted to be employed directly or indirectly in Cyprus but may have income from dividends in a Company registered in Cyprus
• Successful applicants must visit Cyprus to obtain the actual permit and have their biometrics taken within one year and subsequently once every two years thereafter
• All aforementioned amounts must be proven to have been transferred to Cyprus from abroad

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