Cyprus Permanent Residence by Investment — Complete Guide

What is the Cyprus PR programme?

Cyprus Permanent Residence under Regulation 6(2) is an immigration permit granted to non-EU nationals who make a qualifying investment — most commonly the purchase of new residential property of at least €300,000 plus VAT, paid from funds sourced abroad.

Unlike a visa or a renewable residence permit, it is issued for life and does not require you to relocate. For many internationally mobile families it functions as a long-term European "plan B": an EU member-state status held alongside a property asset.

Core requirements (as revised in 2023)

• Purchase of new residential property of at least €300,000 + VAT (first sale, from the developer). Commercial property or two combined units are also possible under the rules.
• Secure annual income from abroad of at least €50,000 for the main applicant; +€15,000 for the spouse and +€10,000 for each dependent child.
• Funds must be transferred from abroad; the purchase payment must be documented through the banking system.
• Clean criminal record; the applicant must not be employed in Cyprus (holding shares/directorship in a Cyprus company and receiving dividends is permitted).

Who is covered — and who is not

The permit covers the main applicant, spouse and dependent children. Unmarried adult children who are full-time students may in some cases be included with additional income requirements.

Important change since May 2023: parents and parents-in-law are no longer eligible under the main application. If including parents matters to your family, ask us about alternative residence routes — do not rely on outdated online articles.

Process and timeline

• Select a qualifying property and sign the sale agreement (remote purchase via Power of Attorney is possible).
• Pay the purchase price from abroad and register the contract with the Land Registry.
• The lawyer files the PR application with the Civil Registry and Migration Department together with income, insurance and clean-record documents.
• Processing typically takes around 2–6 months. Biometrics are collected on a Cyprus visit.

Maintaining the status — and the path to citizenship

There is no full-time residence requirement: visiting Cyprus once every two years keeps the permit valid. The property must be retained and annual income requirements continue to apply.

PR itself does not make you a citizen. Naturalisation becomes an option only after actually residing in Cyprus for the legally required period (around 7 years under current rules). Families who want a passport should plan for real relocation; families who want a European backup status do not need to move at all.

Tax position for PR holders

Cyprus offers a Non-Domicile regime: individuals who become Cyprus tax residents without domicile are exempt from Special Defence Contribution on dividends and interest for up to 17 years. There is no inheritance tax and no annual immovable property tax (abolished in 2017).