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