The residency program process takes 2 months and can begin right after the acquisition of a real estate for the amount of not less than €300,000
The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT. The applicant must also submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of EUR 30,000 from abroad into an account that will be locked for three years. After the expiration of this period, the money will be released without restrictions. Also supporting evidence needs to be provided for a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent.
- The application procedure is highly efficient, within two months.
- There is a high approval rate if all criteria are satisfied.
- It is not necessary to reside in Cyprus, but a visit once every two years is required.
- Dependents can be enrolled in high-quality private schools, offering English language courses.
- Residence applies to the whole family (applicant, spouse, and children under 18 years old).
- Dependent children between 18–25 and parents of the applicant are also eligible.
- The whole process can be arranged without being present in the country.
The application is examined by the Civil Registry and Migration Department and will be submitted to a permanent secretary of the Ministry of Interior, who will make a decision within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit. When in Cyprus, a visit is organized to the migration office in Nicosia in order to capture the biometric data for all members of the family applying.