Cyprus offers two routes under which Cypriot permanent residency can be obtained:
1-Regular Track Permanent Residence Permit
According to the decision of the Minister of Interior of the Republic of Cyprus dated May 07th, 2009, regulation 5(F) of the Aliens and Immigration Regulations provides a unique opportunity for granting a permanent residence permit within 8-12 months to prospective non-EU individuals purchasing a new resold property at a value below EUR 300,000 (excluding VAT) and should also provide proof of annual income no less than EUR 24,000 for a single applicant and EUR 5000 for every dependent. This may include any source of income such as wages, salaries, and dividends or rental income.
2- Fast Track Permanent Residence Permit
In pursuance of the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior of the Republic of Cyprus on August 29th, 2012 decided to issue Immigration Permit within 3-4 months to third country nationals who acquire by virtue of sale, a self-owned and not re sale properties in Cyprus for self-residential purposes for a minimum value of EUR 300,000 (excluding VAT). Additionally, the applicant must prove that they have a secured minimum annual income of EUR 30.000 and that this income is derived from abroad and not from working in Cyprus. Moreover, the required minimum annual income is increased by EUR 5.000 for each dependent person.
VISA FREE TRAVEL
Travel Freely within the Schengen zone.