Cyprus PR
Residency By Investment
PASSPORT RANK
CAPITAL
Nicosia
LANGUAGE
Greek
TOTAL AREA
9,251 km2
POPULATION
1.2 million
GOVERNMENT
TYPE Presidential Constitutional Republic
CURRENCY
Euro
PASSPORT RANK
CAPITAL
Nicosia
LANGUAGE
Greek
TOTAL AREA
9,251 km2
POPULATION
1.2 million
GOVERNMENT
TYPE Presidential Constitutional Republic
CURRENCY
Euro
Cyprus is an island in the Mediterranean Sea south of the Anatolian Peninsula, bordered by Turkey from the south, Lebanon from the west, Egypt from the north and Crete from the east. Cyprus is considered a Commonwealth country and has also joined the Eurozone. Known for its beautiful golden beaches, tropical Mediterranean climate, Cyprus is considered an ideal destination to obtain Cypriot Permanent Residency for non-European and foreign nationals.
Investors can qualify for Cypriot Permanent Residency by purchasing a residential property.
Normal Track investment to obtain Cypriot PR in approximately eighteen to twenty-four months:
- The applicant is required to purchase a residential property for a minimum value of €100,000
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Fast Track investment to obtain Cypriot PR in approximately three to six months:
- The applicant is required to purchase a new residential property for a minimum value of €300,000 or offices/shops/hotels or similar developments or a combination for a minimum value of €300,000.
Cyprus offers two routes under which Cypriot permanent residency can be obtained:
1-Regular Track Cyprus 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 starting at €150,000 (excluding VAT) and should also provide proof of annual income no less than €24,000 for a single applicant and €5,000 for every dependent. This may include any source of income such as wages, salaries, and dividends or rental income.
2- Fast Track Cyprus 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 €300,000 (excluding VAT). Additionally, the applicant must prove that they have a secured minimum annual income of €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 €5,000 for each dependent person.
The Cypriot permanent residency can be obtained in 3-6 months. Investors can opt for the fast track option.
