The Five-Minute Summary
- This is Cyprus permanent residence — not EU-wide residency or free movement.
- Qualifying investment from €300,000 in new residential property.
- Income: €50,000 + €15,000 spouse + €10,000 per child, from abroad.
- Maintenance: one visit roughly every two years; no minimum stay.
- Subject to source-of-funds, property eligibility and government approval. Cyprus joins Schengen on accession (pending).
Cyprus offers one of Europe’s most practical residency routes: a status that is permanent from the day it is granted, with no requirement to relocate. This briefing sets out exactly what it requires, costs and grants — in plain terms.
What It Is (and What to Call It)
The programme grants permanent residence in Cyprus — the right to reside on the island indefinitely. It is not, by itself, “EU residency” in the sense of free movement, and it should not be described that way.
Qualifying Investment — from €300,000
The minimum is €300,000 (plus VAT) in qualifying new residential property, purchased from a developer with funds transferred from abroad through proper banking channels. Property eligibility is confirmed by Cypriot legal counsel before purchase.
Income Requirement
Applicants must demonstrate secured annual income of at least €50,000, increased by €15,000 for a spouse and €10,000 for each dependent child, sourced from outside Cyprus and evidenced through tax returns or accountant statements.
Family Inclusion
One qualifying property covers the main applicant, spouse and minor children. Adult children and parents are treated under separate, stricter rules following the 2023 reform.
Maintenance & Government Approval
The status is maintained by a single visit roughly every two years — there is no minimum-stay requirement. Approval rests with the Civil Registry and Migration Department, which reviews the complete file (typically two to three months on a clean fast-track submission).
Source of Funds & Bank Readiness
A documented source of funds and a bank-ready file are central — both for the property transfer and any Cyprus account. We prepare these alongside the application; see banking and the dedicated Cyprus page.
Cyprus permanent residence does not automatically create tax residence, citizenship, work rights in other EU states or bank-account approval. Schengen travel benefits apply after Cyprus completes full Schengen accession. Each of these depends on separate criteria — see our briefing on residency vs tax residence.