Cyprus Permanent Residency requires a qualifying investment plus a range of government, legal and ongoing costs. Below is a concise breakdown of the expenses and financial criteria involved.
Quick cost overview
| Category | Single applicant | Married couple (2 people) | Family of 4 (parents + 2 minor children) |
|---|---|---|---|
| Minimum qualifying investment | €300,000 + VAT | €300,000 + VAT | €300,000 + VAT |
| Estimated VAT on property | 5 % or 19 % (see below) | 5 % or 19 % | 5 % or 19 % |
| Government application fee | €500 | €500 | €500* |
| Resident card issuance fee | €70 | €140 | €280 |
| Estimated total initial cost | ≈ €357,620 | ≈ €357,690 | ≈ €357,830 |
| Required annual foreign income | €50,000 | €65,000 | €85,000 |
*An extra €500 applies for each child over 18; children under 18 are exempt.
Core investment requirement
- Minimum investment: €300,000 (excluding VAT) in one of the approved asset categories:
- New residential real estate (most common)
- Commercial property
- Shares in a qualifying Cyprus company
- Units in an approved investment fund
The investment must be made in a single asset; splitting the amount across several assets is not permitted.
Property purchase costs and VAT
When the qualifying asset is new residential real estate, additional transaction costs apply:
- VAT
- Standard rate: 19 % on the purchase price.
- Reduced rate: 5 % may apply if the buyer intends the property to be their primary residence and meets specific legal conditions.
- Legal fees for conveyancing, due diligence and transaction support.
- Administrative and registration fees (e.g., land‑registry filing).
These costs are relatively small compared with the €300,000 investment but should be included in the budgeting plan.
Itemised government and professional fees
| Fee | Amount (per applicant or per transaction) |
|---|---|
| Government application fee | €500 for the main applicant and each adult dependent |
| Resident card issuance (ARC & biometric) | €70 per person |
| Land Registry contract submission fee | €50 |
| Bank compliance costs | €2,000 – €5,000 per application |
| Power of Attorney & certification | ≈ €70 |
| Legal fees | Vary by firm and transaction complexity |
| Certified translations, notarisation, apostille | Vary with document volume and country of issue |
| Bank transfer fees | Vary by bank and amount transferred |
Mandatory foreign‑income proof
Applicants must demonstrate recurring income from sources outside Cyprus:
| Applicant | Minimum annual foreign income |
|---|---|
| Main applicant | €50,000 |
| Spouse (if included) | +€15,000 |
| Each dependent child | +€10,000 |
Acceptable income types include overseas employment earnings, dividends, rental income, pensions, interest and other lawful recurring streams. Documentation typically required: bank statements, tax returns, employment or pension certificates, dividend statements, and any other records requested during due‑diligence.
Ongoing renewal and property‑maintenance expenses
- Residence card renewal: every 10 years, €50 renewal fee.
- Building management / communal fees: €50 – €250 per month, depending on the development.
- Property insurance: €200 – €600 per year for standard residential coverage.
- Municipal taxes and utilities: modest municipal charges; utility costs vary with occupancy.
- General maintenance: costs depend on property age, size and condition; owners should budget for periodic repairs.
These recurring expenses are separate from the one‑off investment and must be considered when evaluating the overall financial commitment of Cyprus Permanent Residency.
Source article: www.astons.com
