Cyprus has a favorable regime which allows a third country national to obtain Permanent Residency in Cyprus if he or she buys property in Cyprus worth a minimum of €300.000 and when certain conditions are met. Low crime rate, nice weather, high quality schools and a good living standard render Cyprus a very desirable location to invest on property and to seek to start a new life.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the criteria which have to be met for a third country national to obtain Permanent Residency in Cyprus are:
(1) The applicant for the Permanent Residency must prove that he has a secured minimum annual income of €30.000 and that this income comes from abroad and not from working in Cyprus. Further, the required minimum annual income is increased by €5.000 for each dependent person.
(2) The applicant has to submit the application form together with the Title of ownership or contract of sale of a property in Cyprus, of a minimum value of €300.000 and proof of payment for at least €200,000. The contract of sale must be deposited to the Land Registry before the applicant submits his application for Permanent Residency.
(3) The applicant should submit a letter from a Cypriot Bank confirming that he has deposited a minimum of €30.000 in a 3-year Fixed Deposit Account.
(4) The applicant must have no Criminal Record and provide relevant proof from the authorities of his country.
(5) The applicant is not allowed to work in Cyprus and should submit a statement to this effect.
(6) The applicant must visit Cyprus at least once every two years.
It usually takes around 2 months for the examination and processing on the application.