We have not been informed officially about any new citizenship program entering into force. Regarding the residency program, there is the fast-track procedure for obtaining a permanent residence permit for which the following conditions must be satisfied: a deposit of at least 30,000 euros in a Cyprus bank account that must be kept in a fixed deposit for a period of at least three years; an annual income of at least 30,000 euros must be available. The applicant must also purchase real estate, which should have a total market value of at least 300,000 euros+ VAT. The holders of this type of permit are not allowed to perform any professional or business activities in Cyprus; also, they are obliged to visit Cyprus at least once every two years. This procedure is fast and the permit is issued usually within two to three months. Other categories take approximately one year to 18 months.
