Permanent Resident Permission:
Another Investment Scheme in Cyprus gives to all third country nationals who meet the criteria and terms set out in the scheme to be eligible for acquiring an Immigration Permit for permanent residency.
A non-Cypriot who meets the following Criteria may apply for the acquisition of an Immigration Permit:
Deposit minimum Capital of €30.000 into a bank account in Cyprus, which will be pledged for a period of at least 3 years.
Provided evidence of a secure annual income of at least €30.000 (plus €5.000 for every dependent person – spouse and children – and plus €8.000 for every dependent parent or parent-in-law).
Purchase residential real estate of total market value of at least €300.000 (+VAT). Payment receipts submitted with the application should amount at least €200.000 (+VAT).
Other terms and conditions:
The Immigration Permit does not allow the undertaking of any form of employment in Cyprus.
Holders of an Immigration Permit must visit Cyprus once every two years.
Spouse and financially dependent children:
Immigration Permits are also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or between 18–25, provided that they are unmarried students).
Parents/Parents -in -law:
They may also be granted an Immigration Permit with the submission of an application and payment of the relevant fee.
Non–financially dependent children:
An Immigration Permit may also be granted to non–financially dependent children of the applicant over the age of 18, provided that the market value of the acquired real estate attributed to each child is at least €300.000 (+VAT).