- Nicosia (Capital): 131%;
- Limassol: 4%;
- Larnaca: 50%;
- Paphos: 67%;
- Famagusta: 48%
Cyprus property market is picking up with a 67% growth year to year. In accordance to Land Registry statistics the numbers are not really huge but the rates are and it seems that the real estate market is kick starting. The growth rates per district are the following:
Cyprus has recently enacted a regulation allowing for a permanent residence permit via property investment. The regulation provides for the grant of a Cyprus permanent residence permit if the candidate purchases a privately-owned residence for self-occupancy in Cyprus, with a value of not less than €300.000.
The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person applying for permit.
The applicant must purchase a private house for his/her own residence in Cyprus with a value of not less than €300,000 and must have proof of payment/pre-payment of at least €200,000.
The applicants should visit Cyprus at least once every two years, otherwise he/she will automatically lose his/her status as a permanent resident in Cyprus.
If the applicant satisfies the pre-conditions above, then an application for permanent residence can be submitted. The required documentation for such application is the following:
The application should be submitted to the Civil Registry and Migration Department personally or through a representative.
The application is examined by the Civil Registry and Migration Department and is submitted to the Minister of the Interior, for a decision. For the purposes of the specific type of immigration permit, no personal interviews are necessary.
Then the Ministry of the Interior will inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of the Interior.
The normal time for a Permanent Permit of this kind requires 1-2 months, however the applicants are granted temporary residence permits from the outset of the procedure.