Cyprus Permanent Residency scheme grants to non-EU nationals the right to permanently reside in Cyprus with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse, dependent children up to age 25 and the parents of the applicant.
Criteria and Conditions
The applicant must:
a. Submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
b. Prove together with his spouse that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.
c. Submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date of the delivery of the dwelling. It should be stressed that the full payment of the value of the dwelling shall be settled in an account in a financial institution in Cyprus.
d. For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved. The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same company.
e. The Immigration Permit issued to an applicant cover his spouse, children under the age of 18 and the parents of the main applicant and of the spouse. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the documentation defined further below. The said permit is still valid even if the holder has exceeded the age of 25 years old.
f. An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000 (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc).
In addition to the above criteria the applicant must fulfill the following conditions:
The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally, they should not be considered as a threat in any way to the public order or public security in Cyprus.
The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
The applicant and his family included in the Immigration Permit must visit Cyprus at least once every two years.
All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.
Applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval.
The processing time is 2 months
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