Cyprus is considering relaxing the requirements for obtaining a residence permit

Details

According to the bill, a residence permit can be issued to a foreigner who:

• Intends to reside in Cyprus without engaging in any employment or other economic activity;
• Has a secured annual income of €40,000, increasing by €10,000 for each additional family member;
• Owns suitable housing in Cyprus valued at a minimum of €250,000.

The proposal is currently under debate in the House Internal Affairs Committee.

Philenews reports that some stakeholders support lowering the housing investment threshold to €150,000, arguing that this would make it easier to purchase homes and apartments on the secondary market.

Others object, suggesting that a lower threshold could increase housing demand and prices, adversely affecting local buyers.

Current Conditions

Owning property in Cyprus, regardless of the purchase amount, grants the right to apply for a multi-entry national visa and obtain a visitor's residence permit. The same right applies if you rent a house or apartment on the island long-term. However, a visitor's residence permit does not allow employment in Cyprus, and its issuance requires proof of income from abroad (based on a minimum of €2,000 per month, or €24,000 per year). Additionally, holders of this type of residence permit cannot be outside Cyprus for more than three months.

For real estate purchases over €300,000, you can immediately apply for permanent residency.

Cyprus is also open to those who can afford not to seek employment on the island and live either on passive foreign income or profits from a foreign business. If you can confirm an annual income of at least €50,000 for yourself, €15,000 for a spouse, and €10,000 for each child, you can apply for permanent residency.