Cyprus Permanent Residency

At present, a non-resident of Cyprus, who owns property in Cyprus, has the right for a residence permit. There are no restrictions for EU citizens.

A recent report by Knight Frank (International Property Consultants) ranked Cyprus the 5th best relocation destination in the world. With the bonus of at least 320 days of sunshine a year. Cyprus is regarded as the sunniest European location and is an ideal destination for Permanent Residency of Non-EU nationals allowing you to travel across Europe, without difficult visa requirements.

FAST TRACK PROCESS

You need to be a first-time home buyer in Cyprus of at least €300,000 excluding VAT. A Permanent Residency application and legal documents must be prepared and submitted to the Civil Registry and  Migration Department – At A20 Real Estate we can recommend you to a reputable lawyer, that can arrange this for you. The normal time for processing an application and granting of the Visa is normally two months. Once the Residency Permit has been granted, you must visit Cyprus within one year to obtain the actual permit. The Residency Permit covers the holder’s spouse, children up to 18 years old, and the main applicants’ and/or wife’s parents.

WIDE RANGE OF ADVANTAGES

As a non-EU National, permanent residency in Cyprus provides you with a wide range of advantages:

• No travel and visa restrictions across Europe allowing you easy access to the Schengen zone.
• Geographical location, Cyprus is at the crossroads of three continents Europe, Asia and Africa.
• Low tax rates as well as a highly favorable international double tax treaties.
• No Inheritance Tax.
• The Legal system based on English common law.
• The English language is widely spoken and the accepted language for business.
• Cyprus has the lowest overall crime levels in the EU.
• Low cost of living once you have purchased a property.
• Great Value property compared to many other countries.
• Centrally located with direct flight connections to Europe, Russia, Ukraine and the Middle East.

ELIGIBILITY REQUIREMENTS

• The main applicant must be of good standing.
• Show that they have an annual income of €30,000.
• A 3 year fixed deposit of €30,000 from abroad into an account, which will be locked for three years.
• Purchase a residential property of €300,000 as a ‘first-time’ sale, this can be one or two properties. 
• Visit Cyprus once every 2 years.