Requirements for Obtaining a Fast Track Residence Permit
The new “Fast Track Residence Permit” requirements are mainly based on the applicant’s investment in real estate property in Cyprus and on the proof of sufficient income from foreign sources. The Ministry is obliged to issue Fast Track Permanent Residence Permits within max. two months, provided that the criteria are met!
Summary of requirements and conditions:
- Bank deposit with a Cyprus bank of minimum EUR 30.000 for at least three years,
- Proof of a secure annual income abroad of at least EUR 30.000, which shall increase by EUR 5.000 for each dependent person (spouse or depending children up to 18 or up to 25 years),
- Purchase of a new (first-time use) residence property in Cyprus, worth minimum EUR 300.000 plus VAT, or a residence property and a shop or an office, together worth min. EUR 300.000 plus VAT
(VAT on new property sales is 5 %; resale properties are not eligible for Fast Track Residence Permit!),
- Clean criminal record from the country of residence,
- Affidavit (sworn in Cyprus) that applicant does not intend to be employed in Cyprus,
- Permit holder(s) must visit Cyprus as least every two years (if he/she/they do not stay permanently in Cyprus).
Please do not hesitate to contact us for our Info Sheet with detailed information and guidance!