Cyprus Permanent Residency by Investment: EUR 300K Property Route

Cyprus permanent residency through property investment is the fastest route to EU residency for UK nationals post-Brexit. The maths are simple: EUR 300,000 minimum in new property, a 2-month approval timeline, and coverage for your whole family - spouse, children, and parents included.

This isn't citizenship. It's permanent residency - an immigration permit that doesn't expire and doesn't require annual renewal. But for most UK business owners, it's the foundation they need. PR establishes your legal right to reside in Cyprus, which then enables you to qualify for the 60-day tax residency rule and access 0% dividend tax, 0% inheritance tax, and 12.5% corporation tax (rising to 15% from 2026).

No language test. No points system. No lottery. You invest, you apply, you receive your permit. Here's exactly how it works.

The EUR 300,000 Investment Requirement

The property must be new - purchased directly from a developer on first sale. Resale properties don't qualify. This is non-negotiable and catches many applicants off-guard.

The EUR 300,000 threshold refers to the purchase price excluding VAT. You can buy a single property or combine multiple new properties totalling EUR 300,000+. VAT adds 5% on a first residential property (up to EUR 350,000 of value) or 19% for subsequent purchases. So budget EUR 315,000-357,000 as your actual outlay depending on your situation.

Off-plan purchases qualify, provided the developer holds valid planning permission and the property contract is deposited at the Land Registry. You don't need to wait for completion to submit your PR application - evidence of the signed and deposited contract is sufficient.

Full Requirements

Beyond the property investment, you'll need to satisfy these conditions:

• EUR 300,000+ in new residential property - purchased from a developer, first sale only, excluding VAT
• Clean criminal record - apostilled certificate from the UK (or any country you've resided in for 12+ months)
• EUR 50,000+ annual income from abroad - salary, dividends, pensions, or rental income sourced outside Cyprus. Can't be from Cyprus-based employment
• EUR 30,000 fixed deposit in a Cyprus bank - locked for 3 years, refundable after the period ends
• Medical insurance - valid health coverage in Cyprus for you and all dependants
• Visit Cyprus at least once every 2 years - to maintain your PR status. Miss this and it can be revoked
• No employment in Cyprus - you can't take salaried work, but you can hold directorships in Cyprus companies and manage your own business

Cyprus PR vs Other EU Residency Programmes

Five routes compared. Cyprus stands out on speed, tax benefits, and family coverage.

Step-by-Step Process

From first property viewing to PR card in hand, here's the sequence:

1. Choose your property - Must be new-build from a licensed developer. EUR 300,000+ excluding VAT. Can be off-plan or completed
2. Pay the deposit and sign the contract - Typically 10-30% deposit. The contract of sale must be deposited at the District Land Registry Office within 6 months of signing
3. Open a Cyprus bank account - Deposit EUR 30,000 as a 3-year fixed-term deposit. You'll also need this account for property transactions and income transfers
4. Gather your documents - Apostilled criminal record from the UK (via the FCDO), income evidence, medical insurance policy, marriage/birth certificates if including dependants. Allow 4-6 weeks for this step
5. Submit the application - Filed at the Civil Registry and Migration Department in Nicosia. Most applicants use an immigration lawyer (EUR 3,000-5,000 typical fee) to handle this
6. Attend biometrics - You'll need to visit Cyprus in person for fingerprinting and photographs
7. Receive approval - Typically within 2 months of a complete application. You'll be notified in writing
8. Collect your PR card - Visit the Migration Department to collect your permanent residency permit. It's valid indefinitely, subject to maintaining the conditions

Total timeline from decision to PR card: 3-5 months, with the bulk of that spent on document gathering. The government processing itself is surprisingly fast by EU standards.

Tax Implications of Permanent Residency

Here's where most people get confused: permanent residency and tax residency are two different things.

PR is your immigration status. It gives you the legal right to live in Cyprus indefinitely. But holding a PR card alone doesn't make you a Cyprus tax resident and doesn't give you access to 0% dividend tax or 0% inheritance tax.

To unlock the tax benefits, you need to establish tax residency separately - either through the 60-day rule (spend 60+ days in Cyprus, don't spend 183+ days anywhere else, maintain a Cyprus business or employment) or the standard 183-day rule (spend 183+ days in Cyprus per year).

You also need non-domiciled status to access the headline benefits. Any individual who wasn't born in Cyprus and hasn't been a Cyprus tax resident for 17+ years qualifies automatically. As a UK national relocating, you'll qualify from day one.

The message is clear: PR without tax residency gives you a place to live but no financial advantage. You need both pieces in place to achieve the 70%+ tax reduction that makes Cyprus compelling.

Property Investment Strategies

Your EUR 300,000 buys very different things depending on location. Current average prices per square metre shape your options:

• Limassol - EUR 3,200/sqm average. EUR 300,000 gets you approximately 94 sqm - a quality 2-bedroom apartment in Germasogeia or Agios Tychonas. For the Marina district, expect EUR 7,500-12,000/sqm, pushing the same budget to just 25-40 sqm
• Paphos - EUR 2,100/sqm average, 30-40% cheaper than Limassol. EUR 300,000 stretches to approximately 143 sqm - a spacious 3-bedroom apartment or a modest villa outside the town centre
• Larnaca - EUR 1,800/sqm average. EUR 300,000 delivers approximately 167 sqm - the most space for your money and strong rental yields at 5.4% gross. The new marina development is pushing up coastal prices

For PR purposes, the property's location and size don't matter - only that it's new, residential, and EUR 300,000+. But think beyond the permit. You're making a property investment that should generate rental income (if you're not living in it) and appreciate in value.

Choosing Wisely

Stick to established developers with a track record of completing projects on time. Off-plan purchases carry completion risk - if the developer stalls, your PR application can be delayed. Ask for proof of planning permission, building permits, and the developer's history of previous completions. Your immigration lawyer should verify these before you sign.

Consider whether you'll live in the property, rent it, or hold it primarily for the PR permit. Each scenario favours different locations and property types. A 2-bedroom apartment in central Limassol rents year-round to professionals; a villa in Paphos peaks during summer tourist season.

Family Coverage

One of Cyprus's strongest selling points: a single EUR 300,000 property investment covers your entire family under one application.

• Spouse - included automatically
• Children under 18 - included automatically
• Children aged 18-25 - included if financially dependent and enrolled in higher education
• Parents of the applicant - can be included in the same application
• Parents of the spouse - can also be included

For each adult dependant (beyond the main applicant and spouse), you need to demonstrate an additional EUR 15,000 annual income from abroad. So a couple with 2 parents included would need to show EUR 50,000 (base) + EUR 15,000 + EUR 15,000 = EUR 80,000 annual foreign income.

Parents included under the family application receive their own PR permits but can't work in Cyprus. If your parents are receiving UK state pensions, that income counts towards the foreign income requirement and would be taxed at 5% flat rate under Cyprus non-dom rules.

Maintaining Your PR Status

Getting the permit is the hard part. Keeping it is straightforward - but don't get complacent. Your PR can be revoked if you:

• Fail to visit Cyprus at least once every 2 years
• Sell your qualifying property without purchasing a replacement of equivalent value
• Obtain a criminal record
• Provide false information on your original application
• Take salaried employment in Cyprus (directorships remain permitted)

The 2-year visit requirement is the one most people risk breaching. Set a calendar reminder. A single overnight trip counts - you don't need an extended stay. Just make sure your passport is stamped on entry.

If you decide to sell your PR-qualifying property, you must purchase a replacement property of at least EUR 300,000 (new-build, same conditions as the original). You can upgrade, change location, or split across multiple properties - as long as the total meets the threshold.