To be eligible you must either purchase or rent a property on Cyprus. The approval of your application is not guaranteed. The more money you have to commit, the more likely it will be accepted by the Civil Registry and Migration Department of Cyprus. This requirement will usually be fulfilled by property purchased at EUR150,000.
The property must only be used as a residence and not for rental.
Additionally, your annual income must not be less than EUR10,000. Each dependent must have EUR5,000. At the discretion of Civil Registry and Migration Department, additional payments may be required.
This program will allow you to obtain permanent residency, but you cannot work in Cyprus. You can however be the owner or director of a Cypriot company, and you will be eligible for dividends.
Permanent residency requires that you visit the country at least twice every two years. If you don't, your permit might be revoked.
After seven years of legal resident status, you might be eligible to become a citizen. You may need to prove that there are ties to Cyprus, such as a residence or a place of abode.