Permanent Residency for Property Owners in Cyprus

One of the most popular ways to obtain permanent residency (PR) in Cyprus is through the property ownership program. This option allows foreign nationals to become residents of the European Union, gaining access to a high standard of living, developed infrastructure, and Cyprus’s favorable tax system. At the same time, property owners maintain flexibility, as PR does not require mandatory permanent residence on the island.

Obtaining PR in Cyprus through property investment appeals to both new investors looking to invest in Cyprus real estate and those already living on the island who are familiar with its benefits. If you are already established in Cyprus, acquiring PR by purchasing property becomes an even more convenient solution, allowing you to legalize your stay in Cyprus while maintaining the advantages of flexible residency.

The PR program for property owners in Cyprus, often referred to as “Fast-track Permanent Residency,” is commonly known as the “Cyprus Golden Visa.” It covers not only real estate investments but also other options such as investments in Cypriot companies or investment funds.

In this article, we will focus on one of the most popular and accessible pathways—how to obtain Cyprus PR through the purchase of property.

Program for Obtaining Permanent Residency through Real Estate Purchase in Cyprus

To obtain permanent residency (PR) in Cyprus through the purchase of real estate, applicants must meet certain mandatory conditions. The program is regulated by legislation, including the provisions of Regulation No. 6(2).

To participate in Cyprus’ Golden Visa program, property owners must fulfill the following requirements:

• Property Purchase
  The main condition is purchasing residential property valued at no less than €300,000 (excluding VAT). This can be either a house or an apartment, but it must be new and bought directly from the developer. The property can be either under construction or already completed. This policy encourages the growth of Cyprus’s real estate market, while the applicant has the opportunity to choose modern housing in one of the island’s desirable areas.
  The property must meet the needs of the applicant’s family, offering enough bedrooms to comfortably accommodate all family members listed in the PR application. Alternatively, the applicant must provide details of other property to serve as the residence for these individuals (e.g., proof of ownership or a rental agreement).
  It is essential to confirm that the funds used for the property purchase were transferred to Cyprus from a foreign bank account belonging to the applicant or their spouse, if the spouse is included in the application.
  The sale agreement for the property must be officially registered with the Cyprus Department of Land and Surveys.
  It is important not only to choose the right property but also to ensure compliance with all program requirements, from the purchase amount to the verification of the source of funds.
  We recommend reading our article: “Top 5 Legal Tips for a Successful Real Estate Purchase in Cyprus.” In this guide, you will find five key legal recommendations to help minimize risks and make the purchase as safe and advantageous as possible.
• Financial Independence
  One of the key aspects of the program is that the applicant must have stable financial resources to demonstrate their ability to live in Cyprus without needing employment. The minimum verified annual income for the main applicant must be at least €50,000, with additional requirements: €15,000 for the spouse and €10,000 for each minor child. The income must come from abroad and can include salary, pension, dividends, interest on deposits, rental income, and other sources. To confirm this, a tax return from the country where the applicant is a tax resident must be provided. The spouse’s income may also be considered if they are included in the application.
• Good Reputation
  Applicants must not have a criminal record and must provide a certificate of no criminal convictions from their country of citizenship or residence.
• No Intention of Employment in Cyprus
  Applicants are not allowed to engage in paid employment in Cyprus. However, this does not exclude the possibility of owning and managing their own business. For example, you can invest in a local company and receive dividends.

Advantages of the Permanent Residency Program for Property Owners in Cyprus

The program offers numerous benefits, from owning property in a secure jurisdiction to the possibility of obtaining EU citizenship in the future.

1. Ownership of Property in a Stable Jurisdiction: By purchasing real estate in Cyprus, you become the owner of property in one of the most stable jurisdictions in Europe. This property can serve as your permanent residence or a vacation home, where you can visit anytime and enjoy the comfort of a Mediterranean country. Additionally, the property can be rented out, providing a stable income and significantly increasing the return on your investment.
2. Permanent Status for the Entire Family: Permanent residency in Cyprus is granted not only to the main applicant but also to their spouse and children under 18. Moreover, children up to 25 years old can also be included in the application if they are financially dependent and enrolled in higher education institutions.
3. No Requirement for Permanent Residence: One of the key advantages of the program is that you are not required to live permanently in Cyprus to maintain your residency. It is sufficient to visit the island at least once every two years, which is ideal for those who lead an international lifestyle and want to maintain travel flexibility.
4. Access to European Education and Healthcare: Permanent residents gain access to high-quality educational and healthcare institutions in Cyprus, which meet European standards.
5. Possibility of Obtaining Citizenship in the Future: After 8 years of residency in Cyprus, you can apply for Cypriot citizenship through the process of naturalization. This grants you an EU passport and all the benefits of being an EU citizen, including freedom of movement, work, and residence in any EU country.

Application Process for Permanent Residency for Property Owners in Cyprus

The process of obtaining permanent residency (PR) in Cyprus through property purchase requires thorough preparation and compliance with all legal requirements. Feod Group lawyers provide full legal support at every stage. We ensure a personalized approach and professional guidance to make your path to PR as smooth as possible.

1. Document Preparation: The first step is a comprehensive assessment of the applicant and their sources of income (Due Diligence check) and gathering all necessary documents to confirm compliance with the program’s requirements. The list of documents may include financial statements, police clearance certificates, medical insurance, and proof of the applicant’s and their family members’ status, depending on individual circumstances.
2. Submission of Application: Once the documents are ready, the application is submitted to the Civil Registry and Migration Department (CRMD) of Cyprus. This process can be carried out either in person or remotely through our lawyer in Cyprus, who can act on your behalf via power of attorney. This approach allows you to avoid traveling to Cyprus for document submission, ensuring convenience and saving time.
3. Application Review: After the application is submitted, the Department reviews it for compliance with the program’s requirements. The review period for obtaining PR is approximately two months from the date of submission of all documents. Additional documents or clarifications may be requested if necessary.
4. Issuance of Residency Card: Once your application is approved, you and your family members will need to visit the Civil Registry and Migration Department to provide biometric data. This process includes taking photos, fingerprinting, and providing a signature sample. After completing all formalities, the applicant and their spouse receive residency cards valid for 10 years, confirming their status as permanent residents of Cyprus. These cards grant the right to long-term residence and access to all the privileges offered by permanent residency in Cyprus.

If you are considering obtaining permanent residency in Cyprus through property ownership and need assistance with the necessary documentation, the experts at Feod Group are ready to provide legal support at every stage.

Our office in Cyprus is located in Larnaca, and we are happy to assist you at every step of the process.

Contact us for a detailed consultation on all the opportunities Cyprus has to offer!