fbpx

8:00 - 19:00

Our Opening Hours Mon. - Fri.

+357 25 660 092

After Hours Call +357 99 345 000 Call Us For Free Consultation

Facebook

Twitter

LinkedIn

 

Cyprus Permanent Residence Requirements

Michalaki Pitsillidou Rozen Law Firm > English Articles  > Cyprus Permanent Residence Requirements

Cyprus Permanent Residence Requirements

Cyprus Investment Program

Cyprus Permanent Residence

Why apply for a Cyprus Permanent Residency ?

The category F 6 (2) immigration permit allows to the Non-EU national the right to reside in Cyprus. This right excempts the holders of Cyprus Permanent Residence status from immigration entry procedures – visitors visa. The family through this process can also obtain the Cyprus Permanent Residency status.

Important Information:

  • The permit is granted for an indefinite duration
  • Holders of this Permit are not allowed to work in Cyprus
  • It does not concern EU citizens
  • Minor children till the age of 18 years old can be granted the permit (In cases of dependants permit can be extented until the age of 25 years old
  • Cyprus Permanent Residence holders can own a Cyprus Company and receive dividents from this company

The above permit can be revoked when the holder does not visit Cyprus within a two year period and when the holder of Cyprus Permanent Residence obtained a permanent residence permit in another Country (Exception is the Country of Nationality which is accepted )

How Lond Does it take to obtain it:

  • Fast Track Procedure within 2 months – (Regulation 6(2)
  • Category F within 5- 12 months –  (Regulation 5(f)

Decision of the Minister of Interior 7th of May 2009

Upon the decision of the Minister of Interior – Republic of Cyprus, on the 7th of May 2009, when a non EU Member buys a Propery – Residence of €300.000 and more, his application for Permanent Residence, Category F will be examined favourably within the time period mentioned above.

Regulation 5 (F)

This permit is granted to those, who possess and have fully and freely at their disposal a high enough secured annual income to give them a decent living in Cyprus. The reason for this income is for those individuals not to have to engage in a trade profession or any business in Cyprus.  Income usually might come from business activities from abroad, deposists, pensions, companies, shares etc. This regulation concerns Non EU nationals.

Income Requirements

  • Minimum annual income required is €9,568.17 for a single applicant and €4,613.22 for every dependent person,
  • Civil Registry and Migration Department may demand extra amounts as they deem necessary. These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case.
  • All family needs of the applicant are taken into consideration. Applicant must give a solid evidence that is able to cover all needs personally and for all his family.

General Requirements:

  • Income derives from Legal Sources
  • All expenses are covered from income from abroad (individually and for all family)
  • Income is consistent  and reliable

Fast Track Procedure for obtaining a Cyprus Permanent Residence – 6 (2)

What is required ?

1. Property :

The property must be purchased in Cyprus either by just the applicant or just his spouse, or jointly between the applicant and his spouse or under a Cypriot Company as is described below:

  • Vendor must be just a Developer, who built this property
  • Property must be new
  • Purchase price must be €300,000 plus vat
  • At least €200,000 plus vat must have been paid to the developer – vendor (proof of transfer from abroad will be needed)
  • Contract of sale must have been deposited to the Land Registry

Can more than one properties be purchased ?

More than one properties can be purchased as follows:

  • House (or apartment) + house (or apartment)
  • House (or apartment) + shop up to 100 m2
  • House (or apartment) + office up to 250 m2

Requirements:

The total purchase price should be more than €300,000 euro plus vat and the properties again might be new. If two properties are separate they must be purchased from the same vendor. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally. Only two properties are to be purchased by the coupl

What happens when the purchased is a company ?

Then the property is purchased under the company name. The purchasing company must be a Cyprus Company and 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. A trust deed from the applicant will not be accepted. In the case that the shareholder of the purchasing company is another company then it has to be proved that the shareholder of the second company is again the applicant.

2.  Band Deposit:

A prove of transfer of €30,000 from abroad will be required. This money should stay in a Cypriot Bank account blocked for at least three (3) years.

3.  Applicant and Spouse Income:

The applicant should prove at least 30,000 Euro of income created from abroad for himself and plus 5,000 Euro for each dependent on his family members.

4.  Applicant cannot engage in any professional activities in Cyprus

The holders of the Cyprus Permanent residence permit cannot work in Cyprus. An affidavit for this is signed by the applicants. Income from dividends in a Cyprus Company of the applicants is allowed for this purpose.

5.  Criminal Record must be clean

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 within three months.

6.  Translation and legalization of Documents

A certified translator should translate all documents into English or Greek language.

All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a part 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. Apostille is not required for Russian citizens.

Please note, that for Russian citizens.

How long does it take to examin the application for Cyprus Residence?

This application should be approved within 2 months and PR should be granted provided that all reqirements are satisfied.

What happens if Childrens are adult ?
Children who are still dependent are allowed up the age of 25 . If the children are aged more than 25 years old then a separate application should be submitted.
Requirements:

Dependent Children Age 18-25

The children should depent on their parents and provide proof of their studies. In this case the parents must then prove additional 5,000 euro of income for each dependent adult child.
What happens if children are aduslt and independent ?

Independent chilren are 18 or more, independent from their parents. Total purchase price of the property of their parents must be €300,000 Euro plus vat for each independent adult child. It must be proved payment of 66% of the total purchase price of the property of their parents. All other requirements  must be satisfied as abovee.

If applicants do not comply with 6 (2) regulation requirements they may apply for a Cyprus Permanent Residence under Category F. This is mostly suggested when property purchase price is less than €300,000 plus vat.

For more information and guidance get in touch with our lawyers or email iMPK Global Business Law Firm – Cyprus Lawyers, at info@impklawyers.com .Tel. +357 99345000 – Fax +357 25 660097

No Comments

Leave a Comment

Translate »
GET IN TOUCH


[recaptcha]