Permanent Residence In Cyprus By Investing In Real Estate
It is possible to obtain permanent residence in Cyprus by investing in real estate. To qualify for permanent residence through this route, individuals must make a significant investment in the country, typically through the purchase of a property.
The exact requirements for obtaining permanent residence through real estate investment may vary depending on the specific circumstances of the individual, but generally include the following:
- Purchase of property: Individuals must purchase property in Cyprus with a value of at least €300,000, excluding VAT. The property must be a permanent residence, not a vacation home.
- Residence in Cyprus: Individuals must reside in the property for at least six months of the year.
- Good character: As with all applications for permanent residence in Cyprus, individuals must not have a criminal record and must not pose a threat to national security.
To apply for permanent residence through real estate investment, individuals must submit an application to the Department of Immigration, along with supporting documentation, including proof of purchase of the property. The process can take several months to complete.
Once an individual has obtained permanent residence through real estate investment in Cyprus, they are allowed to live and work in the country indefinitely. However, they are not eligible to vote or hold public office, and they may be required to renew their residence permit every five years.
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