Permanent Residency Permit applicants have to fulfill the criteria below:
• Evidence of a steady income from abroad of at least €30,000 from sources other than employment in Cyprus (certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice). The minimum annual income is increased by €5,000 for each dependent person to be included in the application.
• Confirmation letter from a Cyprus Bank indicating deposits of a minimum capital of €30,000 from sources other than employment in Cyprus. The Capital should be transferred from an International bank to a local Cypriot Bank and it should be pledged for at least a period of three years.
• Submission of a title deed or purchase agreement of a residential property issued on the name of the applicant of a minimum market value of €300,000 (plus VAT) and proof of payment of a least €200,000, excluding VAT, upon submission of the application.
• Clean criminal record from country of origin or country of residence.
• Sworn affidavit confirming that the applicant and his/her spouse shall not undertake any sort of employment in Cyprus. However, the applicant and her/his spouse may engage in business activity in Cyprus (i.e. Hold shares in Cyprus Company).
• The applicant should visit Cyprus at least once every two years.
• The Permit gives to the investor and his/her dependents the right to permanently reside in Cyprus.
• Exempts the holders of the Permit from immigration entry procedures for other countries (i.e. Visitor’s Visa).
• Investor’s family can also obtain permanent residence permit without any additional investment (married spouse, children under 18 years old and financially dependent children up to 25 years old).
• The parents of the investor and/or of his/her spouse can also obtain permanent residence as dependents without any additional investment.
• Children over the age of 18 who are not financially depended can also obtain the Permit with additional investment.
• The Permit is granted for an indefinite duration.
• Investors can purchase in Cyprus one or two, new real estate properties, with total purchase cost of at least €300.000 (excluding VAT). Properties can be 2 residences, or 1 residence & 1 office or 1 residence & 1 shop (purchased from the same developer/seller). The applicant needs to prove that all funds were transferred from abroad.
• The application processing time is approximately 2 months.
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