Applicants can obtain permanent residency in Cyprus through investment in real estate. The program requires investment of just €300,000 plus VAT, into property to gain the Cyprus residency permit. The residency visa is granted within three months and covers the whole family. As soon as the residencies of the applicants are approved the parents of both the main applicant and spouse plus dependent children up to the age of 25 are also able to apply separately for the permanent residency. It is valid for life and can be passed down to dependents and spouse.
The permanent residency programme offers ease of travel throughout the European Union and requires just one visit to Cyprus by all family members once every two years. The investment may be made by a company for which the main applicant and spouse are beneficial owners. The investment can be in to a maximum of two properties provided they reach the €300,000 permanent residency limit. The properties purchased must be brand new.
Applicants need to maintain deposit in a Cypriot bank with a minimum balance of €30,000 from funds transferred from overseas (the amount requirement increases by €5,000 for each dependent child and €8,000 for each dependent parent);
Applicants must have clean criminal record, have a secured annual income from abroad and declare that they do not intend to work or to be involved in any form of business in Cyprus.