To be granted a life-long permanent residency permit in Cyprus, the applicant needs to purchase a new property or two new properties from the same developer with a total price of 300.000 Euros, excluding Value Added Tax (VAT). At the time of submission, 200.000 Euros (excluding VAT) must be transferred in settlement of the property and the contract of sale must be registered at the Land Registry Office.
The issuance of the Cyprus permanent residency permit takes about 2 months and covers all family members, including children under 25 years old. A Cyprus residency permit allows the holder to stay in Cyprus all year round although he is not obliged to do so. Additionally it opens the doors to Shengen Free travel, European grants, subsidies and more. The procedure is one of the least troublesome in the European Union.
While in other European countries residency permits are issued for a limited period of up to 5 years in Cyprus it's life-long. Another big plus of the Cyprus residency program is that in order to keep your residency You are not obliged to stay in Cyprus for 3 months a year, you only need to visit Cyprus once every two years. However, it is necessary to open a deposit account in one of the banks for 30,000 euros for a period of 3 years.