To be eligible, you need to own or rent a property within Cyprus. However, approval does not guarantee your application will be approved. The greater the financial commitment, it is more likely that the application will be approved by Cyprus’s Civil Registry and Migration Department. This requirement can usually be met by purchasing a property for EUR150,000.
The property bought must be residential and cannot be rented.
Additional income requirements include a minimum of EUR10,000 in annual income, plus EUR5,000 per dependent. The Civil Registry and Migration Department can require additional payment.
Permanent residency is not allowed in Cyprus for those who have obtained it. However, they can still be owners of Cypriot companies and receive dividends.
For permanent residence, you must visit the country no less than once every two years. You could lose your permit if you do not.
After seven years' legal residency, you may become eligible for citizenship. You might be required to show proof of your ties to the country (e.g., a place or abode) and have been a Cypriot tax citizen.