The government of Cyprus is offering the opportunity to a foreign purchaser of real estate property to get a Cyprus Permanent Residency, which is valid for life and entitles the holder to stay in Cyprus with no limitation.
There are two types of Permanent Residency: the category 6,2 which is the fast track procedure and the category F which is the slow procedure.
Below you can find a detailed description of both categories.
In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has decided to issue an Immigration Permit, Permanent Residency to third country applicants, in cases where the following conditions are satisfied.
The applicant should submit a confirmation letter from a bank in Cyprus that deposited an amount of €30.000, which will be pledged for a period of three years.
The said amount must be transferred to Cyprus from abroad.
The applicant of a permanent residency should prove that has a secure annual income of at least €30.000. This annual income is increased by €5.000 for every dependent person of the family (spouse and children) and by €8.000 for every dependent parent or parent-in-law.
This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o. For the calculation of the total amount of the annual income, the spouse’s income may be also taken into consideration.
The applicant should submit, together with the application, title deeds or a sale contract in his/her name and/or his/her spouse, filed at the Department of Lands and Surveys, of a real estate, of total market value of at least €300.000 (excluding V.A.T.) and official payment receipts of at least €200.000 (excluding V.A.T.), irrespective of the delivery date of the real estate. It should be stressed that the full payment of the real estate value shall be settled in an account in a bank in Cyprus and the money should be transferred from abroad.
It is noted that the real estate purchase may be accepted even when made in the name of a company if the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it.
The applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved.
The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company.
It is noted that the alienation of the purchased property without an immediate replacement with another property, as it is described in par.2.3, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result to the cancellation of the Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.
The Cyprus Permanent Residency issued to an applicant covers his/her spouse and children under the age of 18. Two separate Immigration Permits may be granted to each spouse if desired, provided that a separate application is submitted and the relevant fee is paid, without being required for the other spouse to satisfy the criterion of the purchase of a property, the secure annual income and the deposit in a financial institution in Cyprus. Children under the age of 18 may be included as dependent persons in both Immigration Permits with the payment of the relevant fee.
Unmarried children aged between 18 and 25, who prove that they are students in University abroad with at least six months of remaining study period from the date of the submission of the application and, furthermore, that they are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit with the payment of the relevant fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his/her application, all the supporting documentation.
The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or underage children cannot be included as dependent persons on this permit.
If children wish to study in a University in the Republic, they have to submit through the institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age will be able to submit their own application to obtain an Immigration Permit, as it is described above, with the condition that their parents present only an additional annual income of €5.000 for every such child.
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.
Applicants who were granted an Immigration Permit without satisfying themselves the conditions of the acquisition of real estate in the Republic, the secured annual income and the deposit in a financial institution, are not allowed to include in their permit their spouses, children and parents.
The applicant of a Cyprus permanent residency and his/her spouse must submit a clean criminal record from their country of residence or from Cyprus, in case they are residents of the Republic, and generally, they should not be considered as a threat in any way to the public order or public security in Cyprus.
The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus.
It is noted that the applicant and/or his/her spouse may be a shareholder(s) in a Company registered in Cyprus, and the income from the dividends of such a company in Cyprus is not deemed to be an impediment for the purpose of obtaining an Immigration Permit.
The holder of an Immigration Permit according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, as well as his/her dependent persons who are included in his/her permit, are obliged not to be absent from the Republic for more than two (2) years. Otherwise, the Immigration Permit is automatically cancelled.
It should be stressed that provided the criteria of this policy are satisfied and there are no reasons with regard to either the criminal record of the applicant or to public order and public security issues, the application shall be examined by the Minister of Interior in a positive manner and an Immigration Permit shall be issued.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed two (2) months from the date of the submission of a complete application.
The procedure from filing an application for Cyprus residence permit under category F until approval takes about 9-12 months.
1. Property - Purchase of a property in Cyprus. A house, apartment or building of an approximate market value of €100.000.
2. Income - Prove annual income of approximately €20.000 (applicant together with his spouse/husband), from sources other than employment in Cyprus.
• Derived from salaries of employment, pensions, stock shares, rents, etc.
• Is increased by €5.000 for each dependent person.
3. Bank deposits - Deposit an approximate capital of €30.000 in a bank account in Cyprus, which will not be pledged.
4. Dependent Children - Only covers children up to the age of 18.
A Cyprus Permanent residency entitles the holder to stay in Cyprus with no limitation, no entry visa will be required. It is unlimited, does not expire. However, it does not entitle the holder to travel to other European Union Countries without a visa.
Our team of immigration lawyers are ready to advise and prepare any kind of the above applications. We will support you through all the procedure from initial property purchase, advice on required documents, preparation and submission of the immigration permit applications, collection of the permanent residency cards.