Acquiring Permanent Residency
CYPRUS PERMANENT RESIDENCE PERMIT
- Concerns NON EU citizens
- It is granted to applicant and his spouse till the rest of their lives
- It is granted to their minor children till the age of 18 years old (in some exceptions till the age of 25 years old)
- An Immigration Permit may also be granted to the parents and parents-in-law of the applicant/holder of an Immigration Permit with the submission of an application and the payment of the relevant fee, with the condition that the applicant/holder of an Immigration Permit presents only an additional annual income of €8.000 for every such dependent parent. It is noted that every such dependent parent, shall submit with his/her application, all the documentation defined in the relevant list.
- Holders of this Permit are not entitled to work in Cyprus
- Holders of this Permit may own Cyprus Company and receive dividends from its profit
- The applicant must not be a holder of permanent Residence Permit in another Country (other than the country of his nationality)
- The applicant must stay in Cyprus at least once every 2 years.
FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT
- Must be purchased in Cyprus
- Purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company as below described
- Vendor must be just the Developer, who built this property
- Must be a first sale property
- The Purchase Price must be at least 300,000 Euro (not including VAT)
- At least 200,000 Euro (not including VAT) should be paid to the Vendor
- Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provide
- 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 m
- Total purchase price is more than 300,000 euro (without VAT)
- Both of properties must be new, resale is not accepte
- If two properties are separate they must be purchased from the same developer.
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.
- Company must be registered in Cyprus
- 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.
- They must be only shareholders of this Company
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:
- Income must be created abroad, not in Cyprus
- The applicant should prove that he/she has at his/her disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person of his/her family (spouse and children) and by €8.000 for every dependent parent or parent-in-law.
- 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 and his spouse should be provide a 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.
PERIOD OF EXAMINATION OF THE APPLICATION
It should be approved within 2 months and Permanent Residence should be granted provided that:
a. All requirements are satisfied
b. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order
Single children from 18-25 years old can submit a PR application to obtain the ‘for so long’ status. The studying certificate submitted with the application must state that the applicant will be a student for at least 6 more months from the date the application is submitted. The PR permit will still remain valid even after the PR holder turns 25 years old and even if he/she is no longer single and/or a student and/or financially dependant on their parents. It is understood that the adult child’s future husband and/or children will not be entitled to obtain the PR.
The P.R by “Fast Track” procedure is guarantee when only all requirements are met.
BENEFITS OF CYPRUS PERMANENT RESIDENCY
- The Cyprus PR permit enables one to live (but not work) in Cyprus and enjoy the Mediterranean lifestyle. (Company shareholder is allowed)
- The Property is freehold (it can be passed down from parents to children)
- Permanent Residency holders have preferential right to lower tuition fees in European Universities or collages because they are considered Permanent Residents of an EU country.
- Permanent Residency applies to the wife and husband as well as all dependent children under the age of 25, and is issued within 3 months if all terms are met.
- No inheritance tax (When property is transferred to the children)
- Do not require to stay in Cyprus more than one day every two years.
- Easy to enter and exit Cyprus. (Cyprus expected to be in the Schengen zone in 2016)
- The permit is for lifetime as long as the property is not sold.
Choose Properties for your PR - http://www.agcyprus.com/en/properties-for-sale