Cyprus ~ Permanent Residency (Fast-Track Option)
Time to Permanent Residency: 0 Year ~ Time to Citizenship: 7 Years
If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit through the fast-track option. This scheme leads you to permanent residence in only 2 months.
To be eligible, you must purchase a property in Cyprus of a minimum value of €300,000, of which €200,000 must be paid prior to the application.
The property purchased may comprise of up to two housing units (apartments or houses) which may be independent, or one housing unit and a shop or a housing unit and an office. The property may be rented out.
You must also make a fixed term deposit in a Cypriot Bank of at least €30,000, for at least 3 consecutive years.
In addition, you must have an annual income of not less than €30,000, plus €5,000 for each dependent child and €8,000 for each adult dependent (spouse and parents). Income must be derived from non-Cypriot-sources.
If you obtain permanent residency under this program, you will not be allowed to work in Cyprus, but you can be the owner of a Cypriot company and receive dividends.
To maintain permanent residency, you must visit the country at least once every two years. Otherwise, your permit may be cancelled.
After 7 years of legal residency, you may be eligible for citizenship. You may be required to prove some ties to the country such as a place of abode and have been a Cypriot tax resident.
Requirements
– Title deeds or contracts of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus.
– Proof of payment of at least €200,000.
– Proof that you have at your disposal the minimum annual income required accrued from overseas.
– Letter from a Cypriot Bank confirming that you have deposited the minimum amount in a deposit for 3 consecutive years. Proof of foreign-sources funds.
– Clean criminal record certificate issued by the authorities of your country of origin.
– Statement confirming that you will not be working as an employee in Cyprus.
Documents Required
Proof of Payment of Real Estate- Title Deeds or Proof of Registration of Real Estate
- Bank confirmation letter regarding deposit
- Original and photocopy of passport
- Bank Statement
- Statement of Source of Income
- Proof of occupation
- Evidence of Residential Address
- Original Bank Reference Letter (Not older than 6 month)
- Evidence of Health Insurance
- Original Police Clearance Certificate
- Two passport-size photos
- Original or Certified copy of Marriage Certificate (if applicable)
- Original or Certified copy of Birth Certificate (if applicable)
