Cyprus Permanent Residence

Recently the Cyprus Government by a Council of Ministers directive has decreed that citizens of third countries can secure permanent residence permit by investment.

Quick Points for Cyprus Permanent Residence Formalities:

  • Cyprus Permanent Residence can be secured by investing €300,000 in a house or flat.
  • Get your Cyprus Permanent Residence in your absence.
  • The permanent residency in Cyprus includes dependent children.

  • Only €500 fee payable for each applicant.
  • Permanent residence is given in TWO MONTHS!
  • A group of professional immigration lawyers will handle your application. 100% success rate!
  • Priority procedures, reasonable legal fees.

Frequently Asked Questions

No, all you have to do is visit Cyprus at least once every two years for a period of your choice.
No the application cannot cover your adult children they must file their own application and follow the same requirements. The sum spent for purchasing the house is 300,000 Euro as well.
Yes, provided that you or you and your wife are the 100% owners of the shares.
No, if you do, you will lose the permanent residence status.

Client Testimonials

The reason I am using E R Team Global Consultants for 4 years now, for all my offshore business is that they are professionals; they offer great services at very reasonable fees and always on a personal context. I am very happy with them. I fully recommend them.

Peter Johansen,
Sweden

E R Team Global Consultants were recommended to me by the CEO of a large company which trades in electronic goods in the EU, who is a friend of mine about three years ago. They have been handling all my legal and corporate matters since. They are quick and professional and also offer great fees for all their services.

Abraham Goldstein,
Israel

98% Client Satisfaction.

Our latest census has shown that 98% of our clients are satisfied with our services, our fees and our professional approach to their problems and business issues. We thank you.

Cyprus Residency Requirements

AN ANALYSIS OF THE REQUIREMENTS FOR SECURING A PERMANENT RESIDENCE IN CYPRUS FOR FOREIGN NATIONALS AND THEIR FAMILIES WHO ARE NOT CITIZENS OF THE EUROPEAN UNION.

How to get your fast track Cyprus Permanent Residence. Questions and answers. See our experts guidance and advice.

 

A Directive Of The Minister Of Interior Affairs For Cyprus Permanent Residence

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 residency permit, will be granted in the proper cases.

 

How To Get Permanent Residency In Cyprus

 

  1. The foreign national and his wife must declare in writing that they do not intend to work in the country in any way. They are allowed however to hold shares in a local company and enjoy any dividends from them. Such revenue will not be considered as income from `employment` and therefore it will not infringe the terms of getting a permanent residency in Cyprus.

 

  1. The foreign national after securing the Cyprus permanent residency he and his wife if included in the application, must visit the country at least one time every two years for a period of their choice. If they do not then the Minister has the prerogative to revise his decision and in extreme cases the residence in Cyprus may be recalled.

 

  1. A certificate of clean criminal record must be presented to the Cyprus immigration authority by the foreign investor and his wife or adult children when they apply for the Cyprus residence. Such certificate must be issued by the police authority of his country and must state clearly that he/she has not been convicted of any serious offence. Minor traffic offences for parking or speeding will not be an obstacle to his/them getting the residence in Cyprus. They should also not be categorized as a threat to national security or the interests of the country. Any application for a Cyprus permanent residence, by politically exposed persons such as members of parliament or ministers of another country will be examined by the Minister or the Council of Ministers themselves.

 

  1. The documents which will support the application for a Cyprus permanent residence including any official translations of those documents must be duly certified such as appostil.

 

+357 24 656 406

erteam@cytanet.com.cy

 

 

How To Submit An Application For a Cyprus Permanent Residence

 

  1. The application for permanent residence in Cyprus must be submitted to the proper officer at the Migration office in Nicosia, which is a department of the Cyprus immigration authorities. It can be delivered personally by the foreign citizen or better to employ an expert such our office to deliver it on his behalf.

 

  1. A fee of €500.00 is payable on the acceptance of his application payable in cash to the accepting officer.

 

 

  1. The application documents must be stash up in a file. They must be numbered at the top in blue ink in a consecutive row and they must be number from back to front. Number one document must be at the bottom of the stash.

 

  1. In the file of an application for a Cyprus permanent residence, there must be a precise list of all the documents inserted therein.

 

  1. The file containing the application for a Cyprus permanent residence is forwarded to the Minister of Interior for examination and decision.

 

  1. A foreign citizen may be called for a personal interview if that is considered to be necessary for elucidation of any matters regarding his financial standing, his wife, his children or his activities.

 

  1. The Minister`s office will in due time notify the foreign investor or his representative and the migration office of his decision to grant or not to grant the Cyprus residence.

 

+357 24 656 406

erteam@cytanet.com.cy

 

 

Opening Of A Local Bank Account

 

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.

 

Proof Of Steady Yearly Income for Cyprus Permanent Residence

 

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 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 residency in Cyprus. If in the future one of those persons has left or died then the foreign citizen can apply to reduce the total amount accordingly.

 

Which Persons Are Covered By The Cyprus Permanent Residence Scheme

 

The Cyprus permanent residence scheme covers husband and wife. It will also cover all children under the age of 18 years old. Any childe 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 €30.00 per year and a blocked bankdeposit 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%.

 

+357 24 656 406

erteam@cytanet.com.cy

 

 

A Legal Entity Can Buy the House Instead Of The Foreign Citizen

 

A legal entity such a Cyprus limited company can buy the house in the place of the foreign investor when 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 register a Cyprus company in the following link: Cyprus Bank Account.

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 no eu citizens covers also legal entities such a limited companies.

 

Properties Which Can Be Bought For Cyprus Permanent Residence

 

The foreign investor for purposes of submitting his application for a Cyprus permanent residence may purchase the following properties:

  1. A house valued at €300.000 regardless of size, but it must reflect a true value, new not a resale.
  2. An apartment valued at lease €300.00, new not a resale.
  3. A house and an apartment which may be independent valued at €300.000, new not re-sales and must be bought from the same developer.
  4. A house or an apartment and a shop of 100sq.m valued together at €300.000, new not re-sales.
  5. A house or an apartment and an office of 250sq.m both of them valued together at €300.000, new not re-sales.

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 residency in Cyprus.

For more information on how to find the suitable real estate in Cyprus follow this link:  Cyprus Real Estate Services.

 

Title Deeds or Contract Of Purchase Must Be Presented

 

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 Payment Of The Price Of The Properties

 

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 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.

 

Time Schedule For Decision By The Minister

 

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.

 

 

 

 

+357 24 656 406

erteam@cytanet.com.cy