Case Study: Obtaining Cyprus Permanent Residency through Real Estate Investment

Case Overview

Our client, a Ukrainian entrepreneur, has been residing in Cyprus under Temporary Protection since 2023. The client’s primary source of income is a Ukrainian sole proprietorship (FOP) with a stable annual income of approximately EUR 70,000.

The client’s objective was to obtain Cyprus Permanent Residence (PR) under the investment program through the purchase of a newly built residential property from a licensed developer with a minimum investment of EUR 300,000.

Project Objectives

Our team coordinated every stage of the client’s Cyprus Permanent Residence application and assisted throughout the process by:

• assessing the client’s eligibility for the Cyprus Permanent Residence Program;
• reviewing documentation confirming the lawful source of funds;
• assisting with opening a personal bank account in Warsaw;
• coordinating the legal due diligence of the selected property by a Cyprus-licensed lawyer;
• coordinating the preparation and submission of the complete Permanent Residence application.

Project Implementation

1. Source of Funds Assessment

We conducted a comprehensive review of the client’s financial documentation and confirmed that income generated through the Ukrainian sole proprietorship could be used as a legitimate source of investment funds.

2. Opening a Personal Bank Account

One of the mandatory requirements of the Cyprus Permanent Residence Program is that the investment must be made from the applicant’s personal bank account held outside Cyprus.

To meet this requirement, we assisted the client in opening a personal account with Alior Bank in Poland.

After the account was opened, the client transferred the investment funds directly from the Polish account to the developer, fully complying with the program requirements regarding both the source of funds and the investment payment trail.

3. Legal Due Diligence of the Property

The client selected a two-bedroom apartment in Larnaca that met all requirements of the investment program.

A Cyprus-licensed lawyer carried out comprehensive legal due diligence of the property, including:

• verification of the seller’s ownership title;
• confirmation that the property was free of mortgages, liens and other encumbrances;
• review of the developer’s licences and permits;
• confirmation that the property complied with the requirements of the Cyprus Permanent Residence Program.

Following the successful completion of the legal review, the client signed the Sale and Purchase Agreement and completed the purchase using the personal bank account in Poland.

4. Preparation of the Application Package

Our team coordinated the preparation of the complete Permanent Residence application package, including:

• the applicant’s personal documents;
• documents confirming income and the lawful source of funds;
• banking documents evidencing the movement of investment funds;
• documentation relating to the purchased property;
• all required declarations and application forms.

5. Submission of the Application

The complete application package was successfully submitted to the Cyprus Immigration Authorities in May 2026.

The application was accepted for examination on the first submission without any requests for additional documents, clarifications or corrections.

This outcome was achieved through careful preparation of the application package, proper documentation of the source of funds and full compliance with the requirements of the Cyprus Permanent Residence Program.

The client is currently awaiting an official decision on permanent resident status, which will then require biometric data collection. The average application processing time is three months.

Result for the client

• The client’s eligibility for the Cyprus Permanent Residence by Investment Program was successfully confirmed.
• A personal bank account with a European bank was opened in compliance with the program requirements.
• The lawful source of funds and the complete movement of investment funds were properly documented.
• Comprehensive legal due diligence and full support throughout the property acquisition in Larnaca were successfully coordinated.
• The Cyprus Immigration Authorities accepted the application on the first submission without any additional requests or remarks.

Book a Free Consultation

If you are considering applying for Cyprus Permanent Residence by Investment, our specialists will assess your individual circumstances and help you determine the most effective strategy for your case.

During your free consultation, we will:

• assess your eligibility for the Cyprus Permanent Residence Program;
• explain the property acquisition and application process;
• answer your questions.

Online Consultations | Office in Larnaca