An individual is eligible to apply under the Permanent Residency Program through an investment in Cyprus of €300,000 including :
(A) Investment in residential real estate – house and/or apartment: Purchase of a house or apartment from a Land Development Company- first sale Property of at least €300,000 (plus VAT). I. the applicant must submit a Contract of Sale lodged at the Lands office/title deed of the minimum value of €300,000. At least €200,000 plus vat must be paid prior to the submission of the application and relevant receipts to be presented.
(B) Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, touristic or similar developments or a combination of these with a total value of €300,000. At least €200,000 plus vat must be paid prior to the submission of the application and relevant receipts to be presented.
No obligation for a Fixed deposit. It is notable that the obligation for a fixed deposit has been abolished and the applicant is no longer required to deposit the amount of €30,000 in a fixed deposit account for 3 years.
An Immigration Permit may also be granted to an adult child applicant who is not financially dependent, on a higher value investment. The investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant. The investment price of the €300,000 property should be multiplied by the number of adult children (i.e. in case the applicant has an adult child he should invest in property worth €600,000, if he has two adult children the value of the property should amount to €900,000 etc. and at least 66% payment should be presented during the submission of the Residency applications).
Each adult child will be able to prove that he has at his disposal an insured annual income of at least €30,000, which will increase by €5,000 for each dependent.
APPLICATION AND EXAMINATION TIMEFRAME
It is estimated that the examination period, starting from the date of submission of the completed application will be approximately two (2) months.