Cyprus Permanent Residency Program

The Cyprus Permanent Residence Program is the quickest way for foreigners to obtain permanent residency in Cyprus through real estate investments. Purchasing property in Cyprus presents the opportunity to acquire a Cyprus Permanent Residency, facilitated by the efficient Cyprus Residency by Investment Program. Notably, recent revisions to the legislation governing immigration permits for Cyprus permanent residence applications came into effect on May 2, 2023, as instituted by the Cyprus Civil Registry and Migration Department.

cyprus permanent residency program
cyprus permanent residency program

Key Program Features

  • Income Requirement: The primary applicant must now demonstrate an annual income of €50,000, an increase from the previous €30,000. Additionally, the dependent spouse must show €15,000, and each dependent child or child below 25 years, proving their dependency, must exhibit €10,000.
  • Financial Deposit: A mandatory deposit of €30,000 is to be transferred to a Cyprus bank from abroad and pledged for a minimum of three years.
  • Documentation Submission: All the mandatory documents should be submitted diligently to the Civil Registry and Migration Development.
  • Residence Permit: Upon approval, applicants have a one-year window to visit Cyprus to obtain the permit and provide biometrics to the authorities. The permit remains valid indefinitely, requiring only a visit to Cyprus once every two years for the residency holder and dependents.
cyprus permanent residency program

Key Program Advantages

  • Speed and Simplicity: The process is known for its swiftness, typically resulting in approval within 2-3 months.
  • No Renewal Obligations: Unlike many other residency programs, there’s no need for constant renewals.
  • Flexibility: Residents are not bound to permanent residence in Cyprus; a visit to the island once every two years suffices.
  • European Travel: Holders of Cyprus Permanent Residency enjoy the privilege of travelling across Europe without the necessity of obtaining a visa.