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