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