Cyprus Permanent Residency the fastest residency in Europe
The Cypriot government is offering an accelerated procedure granting Cyprus Permanent Residency Permit through investment, making Cyprus an ideal destination for non-EU nationals that are willing to acquire residency in a European country.
The Permanent Residency scheme refers non-EU nationality individuals, who have at their disposal a secured annual income to allow a decent living in Cyprus, without having to engage in any business/trade or profession in the Republic of Cyprus.
A non-Cypriot citizen, who meets certain criteria, may apply for Permanent Residency. The first criterion is the purchase of a residential property of total market value of at least €300.000 +VAT and after that a minimum capital deposit of €30.000 into a bank account in Cyprus (this amount will be pledged for a period of at least three years). The applicant should then provide evidence of a secure annual income of at least €30.000 plus €5.000 for every dependent person (spouse and children) and also an additional amount of €8.000 for every dependent parent or parent-in-law (if they are applying together too).
It is important to know that the Immigration Permit does not allow the undertaking of any form of employment in Cyprus and that holders of an Immigration Permit must visit Cyprus at least once every two years.
The Permanent Residency programme refers to the spouse and financially dependent childrenup to 18 years old (or between 18 and 25, provided that they are unmarried or students). Parents of the applicant or Parents in Law may also be granted an Immigration Permit with the submission of an application and payment of the relevant fee. Non-financially dependent children of the applicant that are over the age of 18 may be granted an Immigration Permit provided that the market value of the acquired real estate attributed to each child is at least €300.000 (+VAT).