Residence permit in Cyprus through the purchase of the real estate

A person who has bought a residential property in Cyprus from €300.000 (in the future, the amounts are showed without VAT, where it is) receives the status of a permanent resident of the country in just two months.

Benefits of the program:

1. Express procedure - 2 months to get a residence permit
2. As soon as Cyprus enters the Schengen area (and this is expected in 2016), persons with a permanent residence permit in Cyprus will may swing in this area.
3. The residence permit is granted to the spouse (s) of the applicant, their minor children, financially dependent adult children under 25 years of age (if they are not married), as well as the parents of the applicant and the spouse (s) of the applicant.
4. Persons with a permanent residence permit can freely enter and live in Cyprus without a visa.
5. Residence permit holders are not required to move to Cyprus. The only condition is that they need to visit Cyprus at least once every two years.
6. Persons with a permanent residence permit have a "second home" in the face of Cyprus.
7. The possession of a permanent residence permit does not affect the tax liability in Cyprus.
8. Actual residence in Cyprus leads to the acquisition of Cypriot citizenship (currently after seven years, i.e., 2.555 days of residence within ten calendar years).

Requirements for applicants

An applicant for a permanent residence permit must:

1. Buy property for at least €300.000. The property must be new and purchased from a developer.
2. Make a payment of at least €200.000
3. Provide evidence that the applicant's annual income (outside Cyprus) is at least €30,000. The applicant must also provide an additional payment of at least €5,000 for each spouse and each child and €8,000 for each parent of the applicant and spouse.
4. Place a deposit of €30.000 in a Cypriot bank for three years.