Obviously the level of investment for naturalization by exception is quite high however there is the possibility to obtain permanent residence in Cyprus through investment. Specifically non-EU citizens may still be eligible for permanent residence in Cyprus which allows them to live in Cyprus with simplified visa procedures for travelling to the rest of the EU. Additionally after being resident in Cyprus for 7 years a permanent residence permit holder is eligible for obtaining the Cyprus nationality.
The economic requirements for obtaining the permanent residence permit are:
- Income of a minimum of EUR 30,000 per year from sources outside of Cyprus (increased by EUR 5,000 for every dependent child and EUR 8,000 for a dependent spouse).
- Title deed for the purchase or a duly executed contract for the purchase of immovable property of EUR 300,000 where at least EUR 200,000 has been fully paid up.
Following a decision of the Council of Ministers where the above criteria are met and there are no public policy reasons sufficient to refuse an application the permanent residence permit should be issued within 2 months of applying.