Permanent Residence Permit in Cyprus
- The applicant should purchase a property of a minimum market value of €300,000 (Excluding VAT) and provide proof of payment for at least €200,000 (Excluding VAT). Applications for the fast track route will require the purchase of property/ies being sold for the first time. For resale properties the normal route can be followed. Title deed or purchase agreement of a residential property, issued on the name of the applicant is required.
- Evidence of a steady income from abroad of at least €30,000, from sources other than employment in Cyprus. The capital should be deposited to a local Cypriot Bank and it should be pledged for at least a period of three years. The necessary minimum income, is increased by €5,000 for the spouse and for each child and by €8,000 for each parent of the main applicant and/or the spouse of the main applicant.
- The VAT rate of 5% is applied for first residences with a total area not exceeding 275 square meters in accordance with the architectural plans (after the exception of up to 88 square meters for common areas). The first 200 sq. meters are subject to 5% VAT and anything above 200 sq. meters is subject to the standard rate of VAT, currently 19%.
- Statement from applicant confirming that he/she has no intention to work or be engaged in any form of active business in Cyprus.
- Clean criminal record.
- Issued within 2-3 months
- Life long validity without renewal
- Granted to all family members including children and parents from both sides.
- No residency requirements other than to visit Cyprus once every two years, unlike other European countries who insist on residency for at least 3 months per year.
- Makes it possible for you to have a business in Cyprus and to receive shareholder dividends.