Within three months, the authorities of Cyprus consider the application of the investor and issue a plastic card with a permanent residence permit. This residence permit does not need to be renewed; it is valid for the life term.
Holders of the permanent residence can reside in Cyprus for an unlimited period of time, but the obligation to reside permanently on the island does not arise – it is enough to visit Cyprus once every two years. Cyprus is not part of the Schengen zone, so the local residence permit does not entitle you to visa-free travel in Europe, but it greatly simplifies the procedure for obtaining visas.
Foreigners with the Category F permanent residence permit cannot be employed in Cyprus, but they are allowed to invest in a Cyprus company and receive income from it.
Please note: Seven years after receiving a permanent residence permit, an investor and his family members can apply for Cyprus citizenship through naturalization.
To obtain a residence permit in Cyprus, citizens of Russia or other countries need to buy property worth at least € 300 thousand without VAT. This can be 1 or 2 new objects from one property developer. Before you get a residence permit in Cyprus, you need to file an application. This can be done only after payment of € 200 thousand for the value of the object. The sales contract should already be registered with the local land department at that point.
The residence permit can be obtained in a short time: the procedure of registration usually takes about two months.
The residence permit is granted not only to the applicant, but also to members of his family, including children under 25. The residence permit gives the right to live in the country all year round without leaving it.
The advantage of the Cyprus residence permit is that it does not require renewal and is valid for the life term. To retain the right to permanent residence in Cyprus, it is not necessary to live in the country for three months every year: it’s enough to visit the island only once in two years. You must also open a deposit of € 30 thousand for a period of three years in any local bank.