Permanent Residence Permit in Cyprus
The following main requirements in order to obtain the Permanent Residence Permit in Cyprus within 4 months are as follows:
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Purchase a Cyprus property the value of which exceeds €300,000 +V.A.T. (5%)
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Create a long-term deposit with a Cyprus bank of €30,000 which will be pledged for at least a three-year period.
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The property must be new, not resale.
How to get Cyprus permanent residence permit by investment?
The Minister of Interior has decided on the preferential treatment for immigration permits category F, (as it is stated in the Aliens Immigration Law of 1972 until 2004), which regards the citizens of third world countries who have purchased a house to use as their personal residency in Cyprus, and the whole value of which is not less than €300.000. This permit is also valid as a permanent permit in Cyprus so its is suggested that same must be issued in the name of the Applicant. Holders thereof are also exempted from time consuming immigration procedures which are necessary for other categories of citizens of third world countries who wish to enter Cyprus (e.g. Consulate valuations, renewals of residency permits, re-entry permits etc). Category F permit is related with third country nationals wishing to remain in Cyprus as permanent residents and having at their disposal a secured annual income generated from abroad, without working in Cyprus. The secured annual income should be of at least €10.000 and an additional €5.000 (coming from pensions, shares permanent deposits) will be required for every dependent person also generated from abroad (i.e explicitly not from any employment in Cyprus). Additional requirements in terms of the income may be applicable by the relevant Cyprus Authority, subject to the special circumstances of each case. The approval for Category F applicants is further subject not only onto the applicant qualifying but also upon the approval of such qualification by the relevant Authority.
How to apply for a permanent residence permit in Cyprus by investment?
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The main requirement needed is the purchase of a brand-new residential property (apartment, villa, home) at the price of at least €300,000+VAT. Please note that such purchase can be done by a physical person or a company provided that there is proof that the sole shareholder thereof is the applicant. Also worth noting is that, the VAT for first time buyers for Cyprus properties up to 200sq.m, is reduces to 5% whereas any subsequent purchase remains at the applicable 19% VAT. An application form is signed by the applicant accompanied by the a) duly stamped contract of sale as deposited with the pertinent Land Registry in Cyprus and b) a copy of the receipt of such payment from the pertinent Land Registry office in Cyprus.
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A confirmation letter by a Cyprus Bank that the amount of €30,000 has been deposited. The amount must come from abroad and such will be pledge for a period of 3 years before it can be released back.
An annual income of at least €30,000 must be proven by the applicant increased by another €5.000 for the spouse and additional €8.000 for every dependent child. There is no limitation as from how this income is generated, the only limitation remains that same must come from abroad.
Benefits: the property includes the whole family (parents and children below 18), Dependent children (not married) up to 25 years old and the parents of the applicant are also eligible, Children can enrol in any Cyprus private or foreign school in Cyprus and visit to Cyprus can be limited to minimum 2 days every 2 years.
Other important information
When the permit is issued:
A) Temporary residence permit (pink slip)
B) The applicants are allowed to apply for the permanent residency which gives them the right to reside for life.
Applicants that reside in Cyprus for over 7 years in total can apply under the Cyprus Investment Program.
Relevant documents required after forms have been completed for the permanent residence permit in Cyprus:
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Notarised Passport Copy
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Curriculum Vitae
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Original Documents of Bank Deposits
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Original documents and Affidavit to prove income from other sources other than employment (e.g. income from shares, companies, property, industry)
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Original documents to prove the purchase of property in Cyprus (The contract is required that also states the price of the property)
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Documents that prove occupation
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Utility Bill (for example, electricity bill to prove the country of residence)
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Property title deed or any additional property deed
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Reference Letter from the foreign bank
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Health Insurance Certificate (Resident in Cyprus)
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Certificate of Clean Criminal Record ( if your reside in Country A but your docile by origin in Country B you need Criminal record for both countries)
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Marriage Certificates
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Birth Certificates
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Two (2) photographs for each member in the family
Please note: All documents must be translated to English language and stamped from the Cyprus embassy in your country or official translations made in Cyprus.
Please do not hesitate to contact us should you require any further information or clarifications.