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Residence Permits in Cyprus E-mail Print

 

Permission to buy in Cyprus

Non-EU citizens are entitled to freehold ownership of properties, while offshore entities may buy premises for their business or as a residence for their foreign employees. Permission to buy property must be given from the Council of Ministers by written application, submitted by the non-EU purchaser after signing the agreement. This permission is granted more or less as a matter of course to all real purchasers. In the meantime, however, purchasers may take possession of their property without restriction. The application to acquire immovable property in Cyprus to the Council of Ministers can be made within a reasonable amount of time after signing the contract of sale.

EU citizens who are permanent citizens in Cyprus do not require permission to buy any immovable property.

EU citizens who are not resident in Cyprus also need the approval of the Council of Ministers.

EU citizens with permanent or temporary permits can register as many properties as they wish in their name, provided they have signed a confirmation with the government of Cyprus that they will stay in the country for the following five years.

Legal entities established in EU countries that have their headquarters
and registered office in Cyprus do not require permission to buy any immovable property.

Legal entities established in Cyprus and controlled by citizens of the EU require permission to buy immovable property in Cyprus, as well as any other legal entities.

Permanent Residence Permit in Cyprus

Main requirements needed to gain Permanent Residence Permit Visa in Cyprus within 3 months:

A. PurchaCreate a long-term deposit in a Cypriot bank of €30,000 which will be pledged for at least a three year period.B.Create a long-term deposit in a Cypriot bank of €30,000 which will be pledged for at least a three year period.C.The property must be new, not resale.

This is addressed to individuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9569.17 for a single applicant and at least €4613.22 for every dependent person; however, the Immigration Control Board may demand additional amounts if deemed necessary. The majority of applicants who fall under this Category, are pensioners or retired persons. 

For the granting of an Immigration Permit, the application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted.  The applications are examined by the Immigration Control Board who submit the relevant suggestion to the Minister of the Interior for a final decision.

Cyprus Passport – Citizenship in a EU

Main requirement needed to gain Cyprus Passport – EU Citizenship within 3 months:

  • Investment of €2 million into real estate at your choice. (You are entitled to sell your investment in 3 years)
In September 2016, the Cyprus government introduced new changes to citizenship by investment into real estate. The changes include the reduction of the minimum real estate investment amount to €2 million and the possibility to include the parents of the main applicant provided that an additional €500,000 + VAT will be invested in the purchase of a private residence in Cyprus.

By investing, you and your family members, become Cyprus / EU Citizens, holding the same rights as any other European citizen, such as freedom of movement, freedom of employment, etc. in any EU Member State.