Cyprus Permanent Residency Programme
According to the Cyprus law, a Non-European national who purchases one or two properties (Residence) in Cyprus for himself and his family of a total value of €300.000 + VAT and more, may apply for obtaining Permanent Residency, Category F (6.2).
The most important criteria are:
- The applicant has sufficient funds to cover all the families’ expenses.
- None of the applicants is allowed to engage in any business, trade or profession. Exception is given only to own a Cyprus company and receive dividends.
- The investment funds must come from abroad from legal sources.
- The applicant must have secured income, reliable and consistent on a long run.
FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT CATEGORY (F) REGULATION 6.2) OF THE ALIENS AND IMMIGRATION REGULATIONS REQUIREMENTS:
1. PROPERTY – Must be purchased in Cyprus. It is possible to purchase up to two properties. A) House or apartment + house or apartment – B) House or apartment + shop up to 100 m2 – C) House or apartment + office up to 250 m2.
- The property must be new (not Resale)
- The Purchase Price must be at least 300,000 Euro (excluding VAT)
- At least 200,000 Euro (not including VAT) should be paid to the Developer
- Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
- Contract of Sale must be deposited at the Land Registry.
If two properties are separate they must be purchased from the same developer.
2. BANK DEPOSIT:
- The applicant must make a bank deposit of 30,000 Euro in a Cypriot Bank, blocked for 3 years. It must be proven that 30,000 Euro were transferred to Cyprus from abroad from legal sources.
3. INCOME OF THE APPLICANT AND HIS SPOUSE:
- Income must be made abroad, not in Cyprus.
- The applicant is required to prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on every family member.
- It should derive from legal sources as salary, rent, pension, interests, dividends, etc.
4. OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS
- The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.
- If the applicant is a shareholder in a Cyprus registered Company and receives dividends, such income shall not be considered as a violation of the requirements of not engaging in any professional activity in Cyprus.
5. CLEAN CRIMINAL RECORD
- All applicants and children from 16 years old must provide clean criminal record from the country of their residence and origin.
6. LEGALIZATION AND TRANSLATION OF THE DOCUMENTS
- All documents must be clear and translated into English or Greek language by certified translator.
**All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalisation for foreign public documents, then the document must be legalized by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country.
PERIOD OF EXAMINATION OF THE APPLICATION
The whole process will take up to 60 days and Permanent Residence should be granted provided that all requirements are satisfied as verified by the law.
Dependent Adult Children Age 18- 25:
Application fast track procedure (regulation 6) may be submitted by the adult child under certain conditions.
New PR Regulations – February 22nd 2016
- A PR permit is issued to an applicant and his/her spouse as well as to their dependent children below 18. In case they wish, two separate PR permits can be issued for each spouse without the requirement for the dependent spouse to purchase a property or deposit €30.000 into an account. It is understood that a separate PR application should be submitted for the dependent spouse and the €500 fee should also be paid. The minor children can be added as dependents in both their parents PR applications.
- It is understood that in case a PR holder passes away a PR permit is issued for his/hers dependents ( spouse and minor children ) even if a separate PR Permit has not been issued for the dependent spouse provided a new PR application is submitted and the fee of €500 is paid to the Immigration department.
- Single children from 18-25 years old can submit a PR application to obtain the ‘for so long’ status. The studying certificate submitted with the application must state that the applicant will be a student for at least 6 more months from the date the application is submitted. The PR permit will still remain valid even after the PR holder turns 25 years old and even if he is no longer single and/or a student and/or financially dependent on his parents. It is understood that the adult child’s future husband and/or children will not be entitled to obtain the PR.
- In case an adult child is a student in a University in the Republic then a temporary residence application should be filed with the Immigration department based on the Regulations imposed by the European Union so that they obtain a temporary residence permit as students. After the adult child finishes studies in Cyprus, he/she can submit their own separate PR application for obtain the ‘for so long’ status as mentioned above regardless of their age with the only requirement being that the parents show an additional annual income of €5.000.
- A PR permit is also issued to the parents of the PR holders by submitting a PR application and by paying the €500 fee with the only requirement being that the PR holder (the main applicant) shows an additional annual income of €8,000 per dependent parent.
BENEFITS OF CYPRUS PERMANENT RESIDENCY
provided that all requirements are met.
- The permit is for lifetime provided that the property ownership is held.
- The permit enables one to live, Retire, study (but not work) and also become a shareholder in a Cyprus registered company.
- The Property is freehold (it can be passed down to the children)
- Permanent Residency holders of an EU country have preferential treatment to lower tuition fees in European Universities or collages.
- Permanent Residency applies to all the family (wife, husband, parents, and children below the age of 25)
- No inheritance tax levy is payable when property is passed down to the children.
- PR holders are only required to stay in Cyprus one day every two years.
- Having a Cyprus PR simplifies the immigration checks at entry and exit of Cyprus.
- The permit is issued in ID type card with biometric features of the holder
Cyprian Properties can assist you in every step for obtaining the Cyprus Permanent residency.
Please contact us by email email@example.com by phone +357 26 952 348 or make an inquiry.