Non-European citizens who own a property in Cyprus can benefit from a new procedure for having a Permanent Residence Permit. The parents of Permanent Residency holders or future holders are allowed to apply for a permit as well.
The applicants must give the application accompanied with a title deed or a contact of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus of a minimum value of €300.000. They must also provide a proof of payment for at least €200.000. They should prove that they have a minimum annual income of €30.000 transferred from overseas. The amount requirement increases by: - €5.000 for each dependent child - €8.000 for each dependent parent. Another thing that applicants must do is to submit a letter from a Cypriot Bank confirming they have deposited an amount of minimum €30.000 to be deposited in the account for 3 consecutive years. The amount should be sourced from overseas and transferred to Cyprus from abroad. After that, they must present a clear criminal record certificate and a statement confirming they will not be working or be engaged in any form of business in Cyprus. Applicants will be examined and the permit shall be granted within 1-2 months, provided that the criteria described above are fulfilled.