The recent circular from the Ministry of Interior dated 07/05/2009 establishes the following policies in Cyprus.

We are delighted to inform you of the recent circular from the Ministry of Interior dated 07/05/2009 by which the following policies have been established in Cyprus:

According to the new procedure, established by the Minister of Interior, any Third Countries citizens (i.e. other than the European Union) who purchases property in Cyprus of a value exceeding €300,000- with the intention of using this property as their main residence, will qualify for ‘favorable treatment’ when applying for a Permanente Residence Permit. Provided that certain minimum requirements for the Immigration Authorities i.e. sufficient income generated from sources outside Cyprus  will be satisfied.

Basically, according to the Minister’s decision, our Government is simplifying the procedure as the holders of these Permanent Residence Permits are exempt from the lengthy immigration procedures which apply in the case of other categories of Third Country Nationals such as re entry visas, etc.

Source: Ministry of Interior