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Cyprus residency

Cyprus, an EU Member state, provides simple solutions to foreigners, to obtain Permanent Cypriot Residency through property acquisition, while enjoying the myriad of benefits the island has to offer. Our team of experts will provide guidance, advice and support in the applicant’s quest to obtain Permanent Cypriot Residency combined with educational programs for the whole family, within a period of three months from the date of application.

Cyprus residency

Cyprus permanent residency permit without the right to work

This permit:

1. Relates to  NON EU citizens.
2. It is granted to applicants and their spouses indefinitely.
3. It is granted to their children until the the age of 18 (in some exceptions until the age of 25).
4. Holders of this Permit are not entitled to work in Cyprus.

5. Holders of this Permit may own a Company in Cyprus and receive dividends from its profits.

Reasons for revocation of the Permanent Residence Permit: 

1.     The holder already has a Permanent Residence in another Country (other than the country of his nationality). 

2.     The holder has not visited Cyprus for a period longer than 2 consecutive years.

Ways to obtain it:

1.     Fast Track Procedure (Regulation 6(2)): within 2 months  

2.     Category F (Regulation 5(f)): within 5- 12 months

Fast Track

FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT
REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

REQUIREMENTS:

1. Property:

1.     Must be purchased in Cyprus
2.     Eligible Purchasers can submit applications as individuals, as couples or use a Cypriot Company
3.     Vendor must be the Developer who builds the property
4.     The property purchased must be new  
5.     The Purchase Price must be at least 300,000 Euro (not including VAT)
6.     Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:

House (or apartment) + house (or apartment)
House (or apartment) + shop up to 100 m2
House (or apartment) + office up to 250 m2

Conditions:

1.     Total purchase price is more than 300,000 euro (without VAT)
2.     Both properties purchased must be new ( resale is not accepted)
3.     A successful applicant can purchase two separate properties but they must be from the same seller

Note: All conditions are valid for the couple. No more than two properties are allowed to be purchased by the couple. .

When the purchaser is a company:
A company has the right to purchase a property provided :

Requirements:

1.     Company must be registered in Cyprus
2.     Applicant or his spouse (or both) must be shareholders and their names must be the only ones stipulated on the  Company’s shareholder ownership. 

        A Trust deed will not suffice  

3.     They must be the only shareholders of this Company

Note: If the shareholder of this Company is another Company, proof is required that both companies are owned by the same shareholders.

2.  Bank deposit:

An account in a Cypriot Bank must be setup with a minimum deposit of 30,000 Euro and remain in the account for a period of 3 years. A proof must also be provided showing the original transfer place of the amount. 

3.  Income of the applicant and his spouse:

1.     Income must be earned abroad, not in Cyprus.
2.     The applicant should prove at least 30,000 Euro of income plus 5,000 Euro for each one of his family dependents. 
3.     The applicant must show that his income is derived from legal entities i.e salary, pension, dividends etc.

4.  Obligations of not engaging in any professional activities in Cyprus

The holders of the Permanent residency are not permitted to work in Cyprus. They are required to sign relevant Affidavits stipulating that they are not going to engage in any professional activity in Cyprus.

Dividends earned by the applicants from their Cypriot Company is not considered as a violation to engage in any type of professional activity in Cyprus.

5.  Clean criminal record

The applicant, his spouse and children above the age of 16 years  should have and provide proof of clean criminal records from the country of their origin. The period of validity with respect to this document is three months.

6.  Legalization and translation of the documents

All documents must be translated into English or Greek by a certified translator.

All official documents must be duly legalized by apostil. If the Country that has issued the official documents is not party of The Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the documents must be legalized by the Ministry of Foreigner Affairs and in the Cypriot Embassy of that Country.

Please note, that for Russian citizens’ apostil is not required.

Notes:
Examination period of the application


 It should be approved within 2 months and PR should be granted provided that:
1. All requirements have been satisfied 
2. There are no reasons of rejection due to a criminal record

PARENTS OF APPLICANT AND SPOUSE:

The Parents of the main applicant and the parents of his spouse can apply and get the Permanent Residency Permit as well by only showing an extra 8,000 Euros per applicant on the main applicant’s income certificate 

ADULT CHILDREN 

Dependent Adult Children Age 18- 25:
Adult Children are entitled to a permit under the family’s dependent policy until the age of 25.

Once they reach the age of 25, they may apply as individuals.

Conditions:
1.     Age 18-25
2.     To be dependent on their parents
3.     Dependents 18-25 will be granted the Permanent Residency as long as they show a University/College certificate of                              attendance.The Permanent Residency  will be valid after the age of 25 without any other supportive documents. Thus they will          have it also for life but they will not be able to pass it on to their wife or children.

 4.    Dependents of a Permanent Residency holder who wish to study in Cyprus, will be granted a temporary student visa for the               whole duration of their studies and after their graduation, they will be able to get the Permanent Residency permit

 5.    Parents must prove an additional 5,000 euro for each dependent adult child

 6.    Adult children must provide all relevant documentation


Independent Adult Children:
1.     Age 18 and more
2.     To be independent from their parents
3.     The total purchase price of their parents property  must be 300,000 Euro (plus VAT) for each independent adult child
4.     Proof of ownership totaling 66% of the total amount paid for the acquired property. 
5.     All other requirements (bank deposit, etc) must be completed

PERMANENT RESIDENCE PERMIT CATEGORY F
REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS
  
Upon the decision of the Minister of Interior of the Republic of Cyprus, dated on 7/05/2009, when a non EU Member buys a PROPERTY - RESIDENCE for himself and his family of €300.000 and more, his application for Permanent Residence, Category F will be examined favourably.
 
This type of permit is granted to those NON EU nationals, who possess and have fully and freely at their disposal a SECURED ANNUAL INCOME, high enough to give them a decent living in Cyprus, WITHOUT HAVING TO ENGAGE IN ANY BUSINESS, TRADE OR PROFESSION. This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, business activities, ownership of companies, shares etc.
 
According the provisions of the Law the MINIMUM annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person, but the Civil Registry and Migration Department may demand ADDITIONAL AMOUNTS as necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take in consideration ALL NEEDS OF THE FAMILY of the applicant and to offer solid evidence that the applicant is able to cover all those needs on the long run. He has to prove that the money he is getting from abroad will be enough to cover ALL EXPENSES of the family.
  
As the Category F is the permit, granted once but for the permanent stay in Cyprus, the Immigration Authorities will examine the STABILITY and RELIABILITY of annual income during a long period of time. The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.
  
Basically, the most important requirements are:

1. The applicant has enough money to cover all expenses of all members of his family
2. This money come from abroad
3. This money come from legal sources
4. This income is secured, reliable and consistent on a long run and this income will be maintained in time

If there is a reasonable doubt that the applicant or any of his dependents might become an UNREASONABLE BURDEN ON THE SOCIAL ASSISTANCE of the Republic of Cyprus his application will be rejected.