Cyprus Fast Track Permanent Residency - Legal Requirements

Cyprus Fast Track Permanent Residency - Legal Requirements

Cyprus Fast Track Permanent Residency - Legal Requirements 

A - Cyprus Property purchase

The key criterion is the purchase of a new immovable property/ies* in Cyprus with a value greater than €300,000 (excluding vat). The applicant must submit the application form accompanied with a contract of sale and proof of
payment of at least €200,000 (excluding vat). The Cyprus property can also be put on a company name provided that the company is registered in the name of the applicant and/or the applicant and spouse, and that he/they are
the sole shareholders. Additionally, the contract of sale must have been submitted to the Cyprus Department
of Land and Surveys.*the applicant may purchase up to 2 residential properties (apartments/houses), or one
residential unit and one shop (with a minimum area of 100sqm), or one housing unit and one office (with a
minimum area of 250sqm), provided that the combined value exceeds €300,000. This allowance is per married
couple. From 7th May 2013, the Government has stipulated that only new properties purchased directly from a
developer qualify for this scheme. Additionally, the units should be purchased from one developer

B - Annual Income

The applicant must provide a declaration with supporting documentation of a secured annual income from
a legitimate source, deriving from outside Cyprus. The minimum annual income per applicant is €30,000 and
an additional €5,000 per dependent up to 18. A combined annual income of €35,000 is acceptable for married
couples.

C - Fixed Deposit

A statement of deposit must be provided showing a €30,000 minimum deposit in a Cypriot bank account, which
will be locked for a period of 3 years. After the expiration of this period the money will be released without restriction.

D - Statement of Intend

The applicant must provide an official statement, confirming that he/she does not intend to work in Cyprus.
However, the applicant and/or his wife are entitled to be a shareholder and receive income from the dividends
of a company registered in Cyprus without affecting their application or permit. (see pg.3 business & taxation)

E - Dependents (children) over 18 years old

Permits may be granted to unmarried dependents aged 18-25, provided that it is proved that they are in fulltime
education and are financially dependent on the applicant/s. In such cases the requirement of secure annual
income is increased by €5,000 per dependent child. A positive amendment to the original 6(2) legislation
was made on 14.01.14, which now means that permits granted to all dependents are valid forever. To obtain the
permit a separate application should be made which includes all of the above mentioned documents in addition
to a declaration from the parents stating that they are willing to support the dependent and a registration
certificate from an educational institution to prove that the applicant is in full time education. An additional fixed
deposit is not required.

F - Non-dependents (children) over 18 years old

Permits can also be obtained for non-dependent children over 18 years old provided that each child has an
attributable market value of the acquired property of €300,000 excluding vat ( in addition to the €300,000 attributable to the main applicant and his /her spouse). For such cases the application must be accompanied by
a receipt of payment for at least 66% of the purchase price of the acquired property. For example, an applicant
who has a child aged 30 years old, should purchase a property/ies with a purchase price of €600,000 or above,
and provide a payment receipt for at least €396,000. The non-dependent child must submit together with his/
her application all other supporting documents required by the Regulation 6(2) stated above, such as the secured
annual income of at least €30,000, and 3 years fixed deposit account.

G - Required documentation

The applicant must submit a 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.

 

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