Cyprus enjoys a European political outlook and the lifestyle of a Mediterranean island. Permanent Residency under this program 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. What’s more the Permit is granted for an indefinite duration and it is the first step towards gaining Cyprus Citizenship.
CRITERIA & CONDITIONS
The applicant must:
- 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.
- 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.
- 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 for the delivery of the dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.
- 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.
- The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. 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.
- 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
- Freedom to live freely in Cyprus
- Permanent residency for applicant, spouse and dependents up to the age of 25- The permits are valid forever, no renewal is required.
- Insurance policy for the future
- It enables you to own a business in Cyprus
- It enables you to access first class healthcare and education
- A risk-free property investment of €300,000 is required
- The process and requirements are very simple and the permit is to be issued within 2-3 months
- It has a 100% approval rate
- Access to Cypriot citizenship after 7 years – travel throughout Europe with ease.
- Tax benefits: Setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ low corporation tax of 12.5% and 0% tax on dividends offered to non tax residents.
APPLICATION KEY INFORMATION
Applicants must provide the following documents:
- Copy of valid passport of the applicant and his dependents.
- Copy of valid temporary residence permit (if the applicant resides in Cyprus).
- Curriculum Vitae (including academic qualifications).
- Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit of €30.000, pledged for three years.
- Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each dependent person.
- Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy). If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000.
- Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.
- Health Insurance Policy for the applicant and his dependants
- Original Criminal Record Certificate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation).
- Marriage Certificate duly certified (official and certified translation).
- Children’s Birth Certificates dully certified (official and certified translation).
THE PROCESS
- The application should be submitted on form MIP (1) to the Civil Registry and Migration Department or to the District offices personally, through post or through a representative. The presence of the applicants isn’t necessary, as the paperwork can be undertaken by a lawyer.
- The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are not usually necessary for this category of permit.
- The Ministry of Interior shall inform the applicant/representative through the Civil Registry and Migration Department of their decision.
- The examination period of these applications is two months.
- Once the approval has been granted, the applicant must visit Cyprus within one year to obtain the actual permit card.
- The Immigration Permit shall not be cancelled, provided that the applicant and dependents visit Cyprus at least once every two years.