Now non-EU nationals can enjoy permanent residency in an EU country by buying their dream home in Cyprus. This has been made possible by the Cyprus Government, which has recently announced that non-EU citizens making a minimum investment of €300,000 in property on the Island, subject to certain requirements, will be granted permanent residency through a special immigration visa, being able to enjoy the same advantages as everyone else in Cyprus without having to apply for any permits or renewals.
Cyprus is already renowned as the perfect place to live with its almost year-round sunshine, a relaxed, stress-free lifestyle and a very low crime rate. Cyprus offers an ideal family environment, children are able to benefit from excellent schools and universities, while healthcare and infrastructure are all state-of-the-art. The island also enjoys a favourable reputation as in International Business Centre and gateway to the EU. Many international companies operate offices in Cyprus. Opening a company couldn’t be easier with low personal and business taxation plus the added benefit of tax treaties with numerous other countries.
The criteria for a fast and unilateral decision by the Minister are as follows:
- Income from abroad of at least 30,000 euro per couple (from income, interest, rentals, dividends, pensions, etc);
- The purchase of a home or other properties in Cyprus of 300,000 or more and proof of payment of 80% of this amount before application is lodged;
- Proof of a fixed deposit of 50,000 euro for a minimum of three years in a Cyprus based bank.
All amounts mentioned above must be proven to have come from abroad.
For any applicants who do not meet one of these criteria, their application will be examined by the committee (slower response).
