There are three types of resident permits under the purchase or lease of property in Cyprus. The first is the permanent residency application under regulation 6(2), when the client purchases a property for at least 300,000 euros (plus VAT), the property must be new and the client has to pay at least the amount of 200,000 to the seller/developer. This procedure is fast and the resident permit can be acquired within two months. The second is permanent residency under the Category F procedure, when the client can purchase any property without limitations in price or condition. The procedure under this category is long. The permit can be acquired within one year and three months. The third temporary residency is with a lease of property and you can apply for temporary residence, which you will need to renew every year. After the submission of the application our immigration department, responses are within three months. In all three types above, it is very important to have declared, stable income from abroad.
What kind of residences are eligible to get a Cyprus Golden Visa?
My family and I are interested in immigrating to Cyprus through the residency-by-investment route. We don’t necessarily need or want Cypriot citizenship. What is the residence purchase requirement? What types of properties are eligible, and do we have to buy, or can we rent or lease?
The requirement is for a purchase of one or two residential properties of a minimum value of 300,000 euros, plus applicable VAT. The scheme does allow for rent or lease.
The requirement is mainly for residential properties, but flexibility about combining residential and commercial properties is allowed.
The residency-by-investment route that you are considering requires an investment of 300,000 euros into a residential property which is to be sold for the first time. That program refers to permanent residency. There are also other categories of permits which are temporary and/or permanent residency permits which different criteria are applicable but no investment is required.