The Cyprus Residency Programme emerges as an alluring choice for individuals seeking to embrace the European Union's high standard of living and advantageous tax framework. This program extends a unique opportunity to non-European Union nationals, enabling them to attain permanent residency status in Cyprus by making a real estate investment on the island. The minimum required investment threshold commences at €300,000, and there are no specific restrictions on the type of property that can be acquired. Beyond real estate investment, meeting eligibility criteria encompasses maintaining a clean criminal record, providing evidence of sufficient annual income, and securing comprehensive medical insurance coverage.
Once the residency permit is secured, the individual and their family members gain the invaluable right to live, work, and pursue their educational endeavors in Cyprus. Additionally, they enjoy the privilege of unrestricted travel within the European Union. The residency permit can be renewed every five years, provided that the real estate investment and all other qualifying criteria are diligently met. This program not only promises a bright future in Cyprus but also opens doors to a world of opportunities throughout the European Union.
Once all of the documents are ready, the application will be submitted to the Civil Registry and Migration Department. Applications are typically approved within 2-3 months. Once approval has been granted, the applicant and family members must visit Cyprus within one year to receive the permit.