Cyprus Residency

CYPRUS RESIDENCY

P.R. PERMANENT RESIDENCY IN CYPRUS

Cyprus, was the first European country introducing in August 2012 a new policy, offering an opportunity to obtain residency status both simply and efficiently. Non-European citizens can obtain a Cyprus Residency Permit, with unlimited duration, within a period of just two months! The permit is valid for the entire family including dependent children up to 25 years of age, subject to certain conditions being fulfilled. Furthermore, the process is extremely straightforward and can even be arranged through a lawyer, without requiring a visit to the island.

Legal requirements to obtain 6(2) category immigration permit (Fast Track):

1. Property purchase
An applicant must purchase a property with a value greater than €300,000 (excluding vat at a rate of 5%). Someone is entitled to apply for P.R. as soon as he has paid €200,000 plus V.A.T.

2. Annual income & Deposits
The applicant must provide a declaration and documentation for an annual income for €30,000 and an additional €5,000 for each dependent.
Additionally, an amount of €30,000 must be deposited in a Cypriot bank account, locked for a period of 3 years.

3. Required documentation
The applicant must submit a clear criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years), are also required.

4. Permission for two properties
The applicant is allowed to purchase even two properties in different projects but they must be purchased from the same company/developer.

5. No second hand properties
Resale contracts (second hand properties) are not accepted. The applicant must purchase a property from a development company and the purchase must be the first purchase in relation to the said property.

6. The immigration permit issued to an applicant covers his spouse and children under the age of 18. The said permit is also applicable for unmarried children aged 18 to 25 who may prove that they are students at a University and are financially dependent on the applicant. The said permit will be valid for life after the age of 25 without any other supportive document.

7. The parents of the main applicant and those of his spouse are also able to apply and obtain the Permanent Residence Permit by just showing an extra 8,000 euros each on the main applicant’s income certificate.

8. Unlimited duration
The Permanent Residency will have unlimited duration and shall not be cancelled provided that the applicant and dependents visit Cyprus at least once every 2 years.

9. Statement of intend
The applicant and his wife/her husband must provide the Authorities with signed statement that they do not intend to work in Cyprus (please note that they are allowed to be the shareholders in a registered company in Cyprus and to get income from such a company).
Cyprus, is the only European Union country in which non- EU Nationals are able to obtain permanent residency within such a short period and with such simple criteria. It has been proven that should the above criteria be fulfilled, residency is practically guaranteed!