On 28 August 2012 the Cypriote Ministry of Interior announced the recent decisions with regards to permanent residency for Non–EU nationals which are designed to give a boost to property sales while closing loop holes in legislation and also increasing the liquidity of the rundown banking sector.

Permanent residency in Cyprus will now be granted within a few months of lodging the application as long as the following criteria are met: 

1. Purchase a property for at least Euro 300.000

2. The applicant must pay with official receipts at least Euro 200.000 before the application is made.

3. The applicant must have guaranteed yearly income of at least Euro 30.000, and for each dependent  and additional Euro 5.000 per year.

4. The applicant must deposit with any Bank in Cyprus the amount of Euro 30.000, and this amount must be in a fixed deposit for at least three years.

5. The applicant must lodge with his application a police clearance from his country.

6. The applicant must sign a confirmation that he will not work in Cyprus in any way.

7.  The applicant must visit Cyprus at least once every two years.

On the face this is good news for our Russian property buyers looking to relocate their families to Cyprus. Now they can buy a property in Cyprus knowing their rights rather than relying on a promise.