Cyprus is a member of the European Union and strategically located between Europe, Asia and Africa. The living standard is high, crime rate is low and the island enjoys around 300 days of sunshine each year. A permanent residence holder can obtain easily visa to visit other EU countries. Moreover, after 5 years of having obtained the PR, the investor can under certain conditions apply for citizenship.
The investment can only be on real estate. The investor can buy a residence or 2 residences or 1 residence and 1 office or 1 residence and 1 shop. The purchase price must be a minimum of 300.000 Euros.
No. Buying land does not allow the investor to apply for PR under the provisions of this category.
The spouse of the applicant and underage children can also obtain the PR. Adult children until the age of 25 can also apply for the PR if they are financially dependent on the applicant.
The applicant for the PR, besides having to prove that he has indeed purchased real estate worth a minimum of 300.000 Euros must also provide documentation demonstrating the following:
a) Clean criminal record for the applicant and his/her spouse.
b) Secured annual income coming from abroad to Cyprus. This should be a minimum of 30.000 Euros for the applicant and an additional 5.000 for every dependent of the applicant.
c) A 3 year fixed term deposit with a Cypriot bank for a minimum of 30.000 Euros.
d) Health Insurance Policy for the applicant and his dependents.
e) Official statement that the applicant does not intend to work in Cyprus.
Around 2 months from the date the application and attached documentation has been submitted to the Migration authorities.
If the applicant has submitted to the authorities all the required documentation there is no reason why an application would fail.
No. Permanent residence is for life and does not have to be renewed.
In order to maintain the PR status the PR holder must visit Cyprus at least once every 2 years. There is no minimum duration for these visits. It can just be for a day or less.
The PR holder can apply for citizenship after staying in Cyprus for 5 years. The last 12 months before applying for citizenship must be continuous.
Cyprus is a beautiful island with high quality of living, low crime rate and the majority of people speak English very well if not fluently. Further, Cyprus has a large number of high standard English speaking schools. Furthermore, the program is simple, straightforward and applications are generally processed within just 2 months. Permanent residence is for life and can eventually lead to an EU passport.
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