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Residence permit

If you decided to buy property for a holiday in Cyprus, then it is not necessary to receive the status of a Cyprus resident. Based on the ownership of real estate, you can get a visa that allows you to stay on the island for 180 days a year, 90 days every six months.
If you plan to live in Cyprus more or less permanently, then you can apply for a residence permit. For obtaining a residence permit Cyprus offers the most favorable conditions in the EU.

Permanent residence

Cyprus has an accelerated procedure for obtaining a permanent residence for foreign citizens wishing to purchase real estate. The interested party must comply with the following conditions:
  1. To buy property in the amount from € 300.000. Real estate must be new and must be purchased from a developer. (The accelerated procedure for obtaining a permanent residence does not apply to cases of acquisition of resale real estate).
  2. To evidence that the purchase is made at the expense of funds received from the sources outside the Republic of Cyprus.
  3. To evidence that the annual income of the interested person (outside the Republic of Cyprus) is from € 30.000 (salary, dividends, rental income, pension, interest on bank deposits, etc.). The applicant must provide additional income in the amount of € 5,000 per spouse and each child, as well as from € 8,000 for each parent, his and her spouse's.
  4. To deposit at least € 30.000 in a Cyprus bank for a period of 3 years.
  5. To provide a clear criminal record certificate.
Important! Permanent resident status does not impose any restrictions on the time spent on the island, i.e. you do not have to reside permanently in Cyprus. The only condition for maintaining the status is that the resident must visit Cyprus at least once every 2 years.

The children of the applicant over 25 years old keep a permanent residence permit!

Applicant's parents and his spouse can be included in the application and receive permanent residence without purchasing additional real estate!

The accelerated procedure for obtaining permanent residence takes 2 months!

If you purchased a property worth less than € 300.000, or if you purchased a re-sale property, then you can resort to the standard procedure for obtaining a permanent residence. You must attach documents on the real estate, sources of income outside of Cyprus, an extract from a Cypriot bank account to the application (the law does not stipulate exact figures of income and monetary assets, but they should be sufficient for the applicant’s normal residence in Cyprus). The actual time for consideration of an application for permanent residence is approximately 1 year.

Temporary residence permit

You can get a temporary resident status for a period of 1 year, which can be extended an unlimited number of times. To obtain a temporary resident status, the following documents should be submitted to the immigration office:

  1. The documents for the real estate (certificate of ownership, purchase agreement or lease agreement).
  2. A bank statement from Cypriot bank, evidencing transactions and the current balance of funds are visible (transactions must show that the source of income is abroad, whereas money is spent in Cyprus).
  3. Declaration of income
  4. Bank guarantee for 1 year or more (issued by the bank when freezing € 512 (per person) on the account
  5. Medical insurance

An application for a temporary residence permit can be considered for 1-3 months, during which the applicant can legally stay in the country.
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Residence permit