Cyprus Permanent Residency - Regulations & Requirements

Cyprus Permanent Residency - Regulations & Requirements

CYPRUS RESIDENCE PERMIT -

Fast-track Procedure for Granting Cyprus PR

(Permanent Residence Permit) & Purchase of Cyprus Property

 

 

REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

 

REQUIREMENTS:

1. PROPERTY:

  1. Must be purchased in Cyprus

  2. Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as below described

  3. Vendor must just the Developer, who built this property

  4. Must be new (not resale)

  5. The Purchase Price must be at least 300,000 Euro (not including VAT)

  6. At least 200,000 Euro (not including VAT) should be paid to the Vendor

  7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided

  8. Contract of Sale must be deposited at the Land Registry

 

IT IS POSSIBLE TO BUY TWO PROPERTIES:

  • House (or apartment) + house (or apartment)

  • House (or apartment) + shop up to 100 m2

  • House (or apartment) + office up to 250 m2

Conditions:

  1. Total purchase price is more than 300,000 euro (without VAT)

  2. Both of properties must be new, resale is not accepted

  3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:

All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

 

WHEN THE PURCHASER IS A COMPANY:

The property could be purchased in the name of the Company.

Conditions:

  1. Company must be registered in Cyprus

  2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company. Trust deed will not be accepted.

  3. They must be only shareholders of this Company

Note:

If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

2.  BANK DEPOSIT:

It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

3.  INCOME OF THE APPLICANT AND HIS SPOUSE:

  1. Income must be created abroad, not in Cyprus

  2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member

  3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS

The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.

Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

5.  CLEAN CRIMINAL RECORD

The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of
their origin. The period of validity of this document is three months.

 
6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS

All documents must be translated into English or Greek language by certified translator.

All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalisation for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

Please note, that for Russian citizens apostille is not required

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION


It should be approved within 2 months and PR should be granted provided that:

  1. All requirements are satisfied

  2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order


ADULT CHILDREN:

Dependent Adult Children Age 18- 25:

Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.


Conditions:

  1. Age 18-25

  2. To be dependent on the parents

  3. To provide proof of their studies

  4. Parents must prove additional 5,000 euro of income for each dependent adult child

  5. Adult child provides all documents required in his case


Independent Adult Children:

  1. Age 18 and more

  2. To be independent on their parents

  3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child

  4. It must be proved payment of 66% of the total purchase price of the property of their parents

  5. All other requirements (bank deposit, etc) must be completed

 

NOTE:

Those applicants, who do not comply with strict requirement of Regulation 6(2) may apply for PR Permit under Category F.

For instance, if a family owns a property in Cyprus, the value of which is 100,000 Euro we would suggest to apply for permanent residence permit under Category F.

 

OUR COMPANY CAN HELP YOU WITH THE ABOVE PROCEDURES AND RECOMMEND YOU SUITABLE LEGAL ADVISERS TO PROTECT YOUR INTERESTS AND GUIDE ALL THEY WAY FOR THE PURCHASE OF PROPERTY IN CYPRUS AND APPLICATION FOR CYPRUS RESIDENCE PERMIT.

 

 

How we can help

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