To be granted a life-long permanent residency permit in Cyprus, the applicant needs to purchase a new property or two new properties from the same developer with a total price of 300,000 euros, excluding the Value Added Tax (V.A.T.).
The issuance of the Cyprus permanent residency permit takes about 2 months and covers all family members, including children under 25 years old.
At the time of submission of the application, 200,000 Euros (excluding the V.A.T.) must be transferred in settlement of the property and the contract of sale must be registered at the Land Registry Office.
A Cyprus residency permit allows the holder to stay in Cyprus all year round although he is not obliged to do so.