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If you long to be a European resident for life and forget all those frustrating immigration procedures every time you want to travel to Cyprus and other EU countries please read this article carefully and learn the secrets. Our Firm has since 1979 been offering visa and other immigration services to our international clients. Trust us. Trust the experts. We will get you your Cyprus permanent residence fast and with no fuss. Our immigration expert was for over thirty years a director in the Immigration Department of the Government. He will assist you all the way to get your Cyprus permanent residence without any inconvenience without wasting your time and money. Our Firm offers probably the best fees for this service. We will support and assist you to prepare your application, and to get all the necessary documents to support it. Our In-House Real Estate Agent will also help you to fine the house to buy and protect you from any overcharging or any legal or technical issues. Our expert Administrators will be at your side all the way to explain to you all your queries and to answer to you within the hour all your questions.
The Cyprus Council of Ministers has decided to empower the Minister of Interior Affairs by virtue of regulations 5(f) and 6(2) of the Aliens and Immigration Regulations to announce a Cyprus fast track permanent residence scheme for foreign investors, not EU residents, by which a Cyprus permanent residence permit, will be granted in the proper cases to applicants who chose to invest 300 K Euro on the purchase of a house in Cyprus. Read below all the details and information to educate yourself on the subject and assist you to apply for your Cyprus permanent residence.
The Cyprus permanent residence scheme covers husband and wife. It will also cover all children under the age of 18 years old. Any child over 18 but not over 25 who is still studying or is an undergraduate is also covered provided that supporting documentation is presented such as school letter, payment of school fees receipt. Such adult children must submit a separate application and provide all the necessary documents presented for the main application and pay of course the fee of €500. Such children must also be not married. In this case the Cyprus residence permit will still be valid even if the child has grown over the age of 25 years and is still dependent on his family. Children of the foreign applicant over the age of 18 who are not dependent financially on him may also be given a residency in Cyprus provided that the house`s value bought by the father is increased by at least €300.000 and the child presents proof of a steady income of at least €30.000 per year and a blocked bank deposit of €30.000.Vat must not be included in the price. So in this case the value of the house to be purchased must be at least net €600.000. in this case the down payment on the house must be 66%.
See below the most important formalities for securing a Cyprus permanent residence. As we have already stated of course this is only for your information. You will not have to do anything yourselves, our expert Administrator will do everything for you. They will make it simple, fast and no fuss. Our expertise since 1979 will be at your disposal:
If you cannot qualify for a Cyprus Permanent Residence, or you are not ready to invests 300K Euro but you still want to live in Cyprus, an EU State, we can secure for you the Cyprus Long Stay Visa, for 2 years for you and your family in a couple of weeks. Cyprus Long Stay Visa does not involve buying a property. It is enough if your rent a home. For full details and info on the subject of Cyprus Long Stay Visa, please follow the link.
The foreign citizen in support of his application for Cyprus permanent residence,must open a local bank account in his name and deposit a sum of €30 000 in it which sum of money will be blocked for at least 3 years in the account. Supporting documentation such as a foreign bank swift transfer document must be presented to the Cyprus immigration office that the money was imported from abroad. Source of the money is not of any concern for the Cyprus immigration authorities. If you want more information on how to open a Cyprus bank account follow this link, where you will find a lot of material and advice: How to Open a Bank Account in Cyprus. Our Firm has been opening bank accounts for our foreign clients since 1979 with a success rate of over 98%. In due time our Banking Administrators will assist you to open this bank account without any problems.
The foreign applicant and his wife applying for Cyprus permanent residence, must present evidence in the form of documents such as bank deposit statements, share certificates, immovable property deeds, rent agreements, employment contracts, pension certification letter from the social security department of their country etc to prove that both of them together have as a steady yearly income of a net sum of at least €30.000. This yearly income of €30.000 will be increased by €5000.00 for each dependent child or other dependent person such as parent, brother, grandmother etc who will be covered by the Cyprus permanent residence. If in the future one of those persons has left or died then the foreign citizen can apply to reduce the total amount accordingly.
A legal entity such a Cyprus limited company can buy the house in the place of the foreign investor when is applying for a Cyprus permanent residence, provided that he and or his wife too are the 100% shareholders of this company. Find a lot of material and advice on how to incorporate a Cyprus company in the following link: Cyprus Company Incorporation. In case the shareholder of this company is another company then the foreign investor and or his wife must be the 100% shareholders of that company too. So the Cyprus residence permit for non EU citizens covers also legal entities such a limited companies.
The foreign investor for purposes of submitting his application for a Cyprus permanent residence may purchase the following properties:
In the case of a couple these provisions apply to the two of them together not each one of them separately. Any purchase of a house which was a re-sale property whose contract was registered at the local land office before 07 May 2013 will be accepted for purposes of getting the Cyprus permanent residence. For more information on how to find the suitable real estate in Cyprus follow this link: Cyprus Real Estate Services.
Cyprus permanent residence: The foreign investor must present to the Cyprus immigration authority copies of the title deed of the property or properties bought for securing the Cyprus permanent residence, which must be in his name or in the name of his wife. If the property has not been transferred then a contract of purchase must be presented and supporting documents to prove that the contract has been deposited and registered at the local lands office.
The price of the property bought in support of an application for a Cyprus permanent residence, must be paid in full. If that cannot be done because for example the property is not finished, then a sum of €200.000 must be paid in advance and the rest of the money for the full price of €100.000 must be deposited in a bank account in Cyprus, in the name of the foreign citizen and or his wife. The price of €300.000 must be exclusive of vat tax. Supporting documents such as a swift transfer receipt or a letter from the receiving bank verifying that the money was imported into the country from abroad must be presented.
Once the application is duly documented and submitted to the Cyprus immigration authority through the migration office the decision of the Minister whether yes or no should not take longer than two months if there are no problems with the documents their legalization or the personality or financial status of the foreign applicants.
Do I have to stay in Cyprus the Whole Time?
No you don’t have to stay all the time in Cyprus after you get the Permanent Residency in Cyprus. However you must visit Cyprus at last one time in every 2 years.
Will I be Paying Taxes in Cyprus?
No you do not have to pay any taxes at all in Cyprus after you get you Cyprus Permanent Residence. You simply become domiciled, not tax resident in Cyprus.
Am I Entitled to Any Social Benefits?
No your Cyprus Permanent Residency does not qualify you to social benefits such as a pension, unemployment benefits, free medical care or anything else.
Do I Get A Work Permit in Cyprus?
Your Cyprus Permanent Residence does not qualify you for a work permit in Cyprus. In fact you will sign a declaration that you will not be seeking to work in Cyprus.
Can I Drive a Car In Cyrus?
Yes, you will be able to insure yourself for driving a car and own a car in Cyprus after you get your Cyprus Permanent Residence.
What Amenities Can I Enjoy in Cyprus?
Cyprus has one of the best educational systems in the World. There are Schools everywhere for every nationality and religion but mostly Greek or English language.
The crime rate is very low.
Religious groups of all religions live in harmony in Cyprus.
There are air connections every day to all counties in the world.
The banking system is very safe, fast and low in charges and fees.
Telecommunications are fast and internet is very fast and available everywhere.
The local food and delicacies are very tasty with Halloumi cheese being known all over the planet.
There are malls in all cities and reach shops for clothes, shoes, jewellery, cars, electric and electronic goods etc. Everything.
The population of Cyprus is 800.000 people.