Let's say you want to apply for permanent residence in Cyprus. The standard procedure allows you to apply for permanent residence permits. This scheme allows you to obtain permanent residence within one year.
You must own or rent property in Cyprus to be eligible. However, this does not guarantee approval. Higher financial commitments are more likely to be approved by Cyprus's Civil Registry and Migration Department. This requirement is usually fulfilled by a property bought for EUR150,000.
The property must be used for residential purposes only and cannot be rented.
You must also have a minimum annual income from non-Cypriot sources not less than EUR10,000 and EUR5,000 per dependent. The Civil Registry and Migration Department may require additional payment.
You will not be permitted to work in Cyprus if you have permanent residency under the program. However, you can own a Cypriot business and receive dividends.
You must visit the country at minimum once per year to maintain permanent residency. Your permit could be cancelled if you do not visit the country at least once every two years.
You may become eligible for citizenship after seven years of legal residence. You might need to prove that you have some Cypriot tax residency and have ties to the country.