The Government of Cyprus has introduced a new policy which provides favourable treatment on applications of third country nationals who purchase private residence in Cyprus, the value of which is equal to or above the amount of €300000.
The immigration permit is equivalent to a permanent residence permit in Cyprus and its holders are exempted from the time-consuming immigration formalities required from other categories of third country nationals arriving in Cyprus (eg consular visa, residence permit renewals, re-entry permits, etc.). Eligible persons are those natural persons who: purchased a house at the price of €300000 or more, within the Republic of Cyprus; and 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 €9.500 for a single applicant and moreover at least €4.600 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. People who are abroad and their immigration permit is approved, are obliged, under the regulations, to come in Cyprus for permanent residence within a year from the date that their immigration permit is approved.
Also people who stay outside the Republic of Cyprus for at least two years are losing the right of their permanent residence in Cyprus. Assistance of a professional Cyprus based legal advisor is advisable, since it will provide the applicant with the necessary guidance and assist/monitor the overall process.