Cyprus still grants permanent residency to buyers of new property, but the post-2023 rules add a €50,000 income test, a pledged deposit and annual monitoring. A realistic walk-through.
Cyprus is unusual in the EU: a property purchase can still lead to permanent residency rather than a renewable permit. It is a residency route, not a passport. The old citizenship-by-investment scheme was shut down in 2020, and the permanent residency scheme covered here was tightened in 2023. Our general golden-visa overview explains how to read any programme; this guide covers the Cyprus route in detail. Treat the figures as a snapshot and confirm them with a Cypriot lawyer before you commit.
The legal basis
The route is known as the fast-track permanent residence permit under Regulation 6(2) of the Aliens and Immigration Regulations (sometimes called Category F in marketing material, which is a loose label). The current criteria have applied since 2 May 2023, when the Council of Ministers raised the income requirement and added closer screening and annual monitoring.
The property requirement
- new property with a minimum market value of €300,000 plus VAT
- bought from a developer, as a first sale, rather than a resale
- reported as requiring full payment before filing, with funds coming from abroad and no mortgage, which you should confirm with your lawyer
The new-build requirement is the key commercial point. It narrows your choice to developers' projects, so the quality of the developer, the planning status and the state of the title deed matter more than they would in a normal purchase.
Income and deposit
The applicant must show secured annual income from abroad, and the figure was raised in 2023:
- €50,000 for the main applicant
- €15,000 more for a spouse
- €10,000 more for each dependent child
Some older guides still quote €30,000 for the main applicant; that was the earlier threshold. On top of the income test, the applicant pledges a deposit of €30,000 at a Cypriot financial institution for three years, plus €5,000 for each dependent. A certificate of good conduct and health insurance are also required.
Family and duration
One application covers the spouse and children up to 17, with financially dependent unmarried students aged 18 to 24 also reported as eligible. Permanent residency has no renewal cycle, and one source reports a requirement to visit Cyprus once every two years; this detail was not confirmed in an official text, so check it. Realistic timelines quoted by advisers run from six to twelve months from application.
Monitoring after you get it
Since 2023 the authorities check annually that the investment is retained and that income stays above the minimum. Residency obtained on the strength of a property is therefore not a one-off event; selling the property or losing the income can put it at risk. Plan your exit before you enter.
What to check before you buy
- that the unit is a first sale from the developer and qualifies as new
- the developer's track record and the status of planning permission and title deeds
- the full price including VAT against the €300,000 minimum
- that your source of income can be documented for the whole period
- tax residency, which is a separate question from permanent residency
FAQ
Is this citizenship? No. Permanent residency and citizenship are separate, and the old citizenship-by-investment programme is closed. Can I buy a resale property? Reportedly no, the route requires a new property. Can I use a mortgage? Reportedly not for the qualifying amount; confirm with your lawyer. Is €30,000 income enough? Not under the rules in force since May 2023, which require €50,000 for the main applicant.
How we help
We help you shortlist developers' projects that fit the new-build rule and coordinate due diligence with a Cypriot lawyer who handles the application. This article is general information, not investment, legal, tax or immigration advice, and the rules change; check for any amendment before applying.