The Cyprus Permanent Residence Permit has been in existence for a number of years, and the requirements, as well as the process, have been amended to become simple. The Cyprus government has introduced recently a new procedure for granting the permit to applicants, who are third-country nationals and intend to invest in Cyprus.
The authorities aim to grant the permit within two months from the date of submission. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the permit may be granted to third-country nationals who fulfil the following criteria:

(a) own a property in Cyprus, valued over €300.000 (plus VAT), and provide proof of payment of at least €200.000 (plus VAT) from an external source prior to application;

(b) have a minimum annual income of €30.000 from an external source (and an additional €5.000 per dependent person);

(c) hold a fixed three-year deposit of €30.000 with any bank in Cyprus;

(d) provide a clean criminal record certificate issued by the authorities of the country of origin;

(e) provide a statement of no intention to work in Cyprus; and

(f) visit Cyprus at least once every two years.

There are many foreign families who decide to move permanently to the island to take advantage of the warm weather, high standard of living, and EU residency or might be their preferred jurisdiction through which to conduct international business.