Permanent residence in Cyprus by buying property

Cyprus is the pearl of the Mediterranean. This is a piece of paradise, suitable not only for relaxation, but also as a place for permanent residence.

If you wish to spend more than 90 days (according to your visa type), then you should consider obtaining a residence permit.

Cyprus has an spesial program for obtaining a permanent residence permit for third-country nationals by the purchase of real estate.

What are the main advantages of this program?

• Fast time for registration of permanent residence, up to 3 months
• The ability to apply for participation online, with the help of a qualified specialist
• Permanent residence is issued for the whole family (spouses and children under 25)
• The right to live on the sunny island of Cyprus with no time limit
• The program participant is not required to live permanently, but participant must visit Cyprus at least once every two years
• No obligation to become a Cyprus tax resident (optional only)
• After applying for permanent residence the applicant receives a second home, Cyprus
• The opportunity to obtain Cypriot citizenship after 7 years legal staying on the island by naturalization
• The minimum cost of real estate participating in the program is €300,000 excluding VAT
• There are no additional contributions to government funds
• The program applies only to new buildings
• Possibility to rent out the purchased property and receive a permanent income.

Participants of the program receive residence permit within 3 months, while the standard procedure for other foreigners takes 1 year or more. The risks of getting rejected are pretty minimal. In particular, not only the owner of the purchased property can participate in the program, but also his family such as a spouse and kids under 25 years old.

This residence permit is granted without any time limit. And after living for 7 years (2,555 days) in Cyprus, you will be able to obtain a passport by naturalization and this is an ideal solution.

What are the main requirements for applicants for participation in the program for obtaining permanent residence?

1. Buy a new building in Cyprus for at least €300,000 excluding VAT (*)
2. Make a first payment of at least €200,000 to the seller's account
3. Provide confirmation that payment is made using money earned abroad
4. Provide proof that the annual income is at least €30,000 outside Cyprus
5. Open a bank account in Cyprus and transfer a deposit of €30,000 for a period of 3 years
6. Provide the necessary documents such as a police clearance certificate with an apostille, etc. (a full list will be provided by a lawyer)

(*) It is possible to purchase one or several real estate objects:

• one house / apartment
• one house + one apartment
• two apartments or two houses
• one apartment / house + one warehouse / shop up to 100 m2
• one apartment / house + office space up to 250 m2.
• All properties must be constructed by the same developer.

The procedure for obtaining a permanent residence permit in Cyprus

The specialists of the DOM Real Estate Agency in Cyprus are ready to help you in obtaining permanent residence, and solve all problems with documents. Let's look at the sequence of all the steps.

STEP 1: Legal advice

A qualified lawyer of the DOM Real Estate Agency can conduct a consultation and preliminary check for the possibility of participating in the permanent residence program.

STEP 2: Selection and purchase of property in Cyprus suitable for the program

If you do not have the opportunity to fly to the island right now, then the purchase of real estate can be carried out online.

DOM real estate agency can offer you a personal consultant who selects for you real estate options that meet the conditions of the program, as well as your personal wishes for the property location, the number of bedrooms, distance from the sea, etc.

Then an employee of the Agency send you a detailed photo report, a recorded video tour, or conduct an online broadcast of the property you like (apartment or house) at any time convenient for you.

As you decide which property should be purchased in Cyprus, the agency's lawyer takes over the entire process of paperwork for the sale and purchase transaction, and also helps to open a bank account to transfer funds there.

STEP 3: Preparation of documents for permanent residence

A lawyer helps you to properly prepare a package of documents, as well as makes all the necessary certified translations.

STEP 4: Application for participation in the program

A lawyer of a real estate agency, using a formalized power of attorney, submits your documents for participation in the program to the Office of Civil Registration and Migration Control of Cyprus.

STEP 5: Review of the Cyprus Permanent Residence Application

As a rule, personal presence is not required. The Cypriot authorities review the application and provide a response within 1-2 months from the date of submission.

STEP 6: Obtaining a permanent residence permit

After receiving a positive answer, you need to come to Cyprus within a year to submit your biometric data and receive a resident card.

The cost of obtaining permanent residence in Cyprus (Permanent Residence Permit)

The cost of applying for permanent residence under this program is:

Program member / spouse / children under 25: fee - €500 for all + €70 registration for each

List of required documents for obtaining permanent residence in Cyprus

• A copy of a valid passport for each program participant (family member)
• CV
• Certified translation of marriage certificate
• Original clear criminal record certificate for each participant with apostilled translation
• Documents confirming official income from abroad
• Ownership or contract of sale of real estate in Cyprus
• Documents confirming payment for real estate, a copy of Swift or confirmation of the bank in Cyprus
• Original document from the bank in Cyprus confirming the deposit of €30,000 in the applicant's account

DOM Real Estate Agency specialists have vast experience in resolving migration issues and in real estate registration. Therefore, they can help you to go through all the steps to obtain a permanent residence permit and provide the necessary support absolutely free of charge.

Need a free consultation? Contact us here!

Read more:

• Short-term residence permit in Cyprus. Expectation and reality (link)
• Cyprus Citizenship (link)
• Permanent residence permit in Cyprus (link)