UPDATE: As of June 2023, this article is outdated as the rules have changed according to a new announcement from the Ministry of Interior. Be in touch with us and we will let you know of the exact changes.
Cyprus has become an attractive and ideal destination for third country nationals seeking EU residency. By virtue of ”the Regulation 5 and 6(2) of the Aliens and Immigration Regulations” the Government of Cyprus has simplified and fast-tracked the procedure for acquiring permanent residency status to 2 months from the day of submitting an application.
To obtain a permanent residency in Cyprus, the following minimum requirements apply:
- Buy Residential Property in Cyprus worth at least €300,000 (excluding VAT, being either 5% or 19% depending on which is applicable). The properties bought need to be newly-build and an initial payment of €200,000 needs to be made at the date of filling the application.
- Open and maintain a fixed deposit of at least €30,000 in a Cyprus Bank for a minimum of three years
- The main applicant needs to earn a steady annual income of €30,000 originating from outside Cyprus. For each additional applicant, the income requirement increases as follows: €5,000 for the spouse and children, €8,000 for each parent included in the application
- Have a clean criminal record,
- The applicant must visit Cyprus once during the first year of issuance of the permit, in order to collect the permit and register their biometrics. Then they can visit Cyprus once every two years.
What are the benefits of the Cyprus Permanent Residency Scheme using the Fast-Tracked Basis?
- Ability for non-EU nationals to travel within the EU. The permit grants the individuals the rightto visa-free access to several Schengen countries
- Opportunity to obtain a Cypriot passport five years after receiving the permanent residency.
- You can apply for status remotely
- You don’t have to live in Cyprus all the time and permanent Residency is for Life
- One of the Lowest Crime Rates in Europe
- Sunny and Mild Climate all year round
- Cost-Effective Tax Regime
- Growing Real Estate Market and Stable Income
- Stable Economy
- English Language is widely spoken.
- Low cost of Living
- Good health-care system
© 2022 Medblue Realty. All Rights Reserved.