Cyprus is one of the few EU countries where buying a home can also open the door to permanent residency. Here is a clear overview of what is involved.

Permanent residency through property

Non-EU buyers can apply for a Cyprus Permanent Residence Permit by investing at least €300,000 plus VAT in new residential property. Applicants need a secure annual income from abroad of at least €50,000, plus €15,000 for a spouse and €10,000 for each dependent child. The permit covers the applicant, their spouse and children under 18, and applications are usually processed in around two months. Holders cannot take paid employment in Cyprus, and the investment and health insurance must be maintained.

The path to citizenship

The fast-track citizenship programme ended in 2020. Today, permanent residents can apply for naturalisation after the required period of legal residence, generally eight years.

Taxes worth knowing

No inheritance tax, and no annual immovable property tax since 2017.
Capital gains tax of 20% applies to property in Cyprus, with lifetime exemptions of €30,000, or €150,000 for a main residence that meets the conditions.
For tax residents, the first €22,000 of income each year is tax-free.
Individuals become tax resident by spending 183 days or more a year in Cyprus, or 60 days under specific conditions.

How the purchase works

Buyers from outside the EU need permission from the Council of Ministers to acquire property. This is a routine step handled by your lawyer, with a limit of up to around 4,000 m² of land. An independent lawyer should check the title, permits and contract before anything is signed. Buyers who cannot travel can act through a certified power of attorney.

Before you decide

Rules change, and every buyer’s situation is different. We always recommend speaking to an independent lawyer and tax adviser before committing. Our team is happy to explain how our projects fit the residency requirements.

Sources: Civil Registry and Migration Department, Republic of Cyprus; Cyprus Tax Department.