PERMANENT RESIDENCY IN CYPRUS
Cyprus is widely regarded as a desirable destination for many people from outside the EU in search of a better life for their families. There are many compelling reasons for this, but ranking high in the list are: a favourable tax regime, personal safety and security, and the opportunity to engage in business.
Acquiring a Permanent Residence Permit to live in Cyprus is available to non-EU citizens who meet the conditions set down by the Government of Cyprus.
Once approved, a permit covers the applicant and his/her spouse for the rest of their lives subject to certain conditions. It is also granted to their dependent children up to 18 years of age, and in some cases up to 25 year of age if it can be proven that the adult child is still a dependent or in full time education.
Holders of the permit are not entitled to work in Cyprus but they may own a Cyprus company and receive dividends from any profits of that company. The permit will be revoked should the holder gain permanent residence status in another country (other than the country of his/her nationality) or if he/she does not visit Cyprus for two consecutive years. The permit is renewed five-yearly and exempts the holder from standard immigration entry procedures. Having a Permanent Residence Permit does not exempt the holder from the need for specific travel visas (Schengen, for example) in order to travel to certain other European countries.
There are two ways to acquire the permit and each has its own criteria. Here we present the basic conditions, and our attorneys will be pleased to work with interested individuals or families to expedite their application(s) quickly and diligently.
The applicant must have purchased a new residential property for himself and his family in Cyprus valued not less than €300,000 (excluding VAT) and the seller must be the developer who built the property. It is possible to purchase two properties providing they are both new and from the same developer. For example:- A house (or apartment) + a house (or apartment)
The applicant must have at his disposal a secure annual income of €30,000 plus an additional €5,000 for each dependent person and €8,000 per parent who accompanies the applicant. Income sources must be proven as legal, must not come from any income derived from employment in Cyprus, and may be in the form of salaries for employment from abroad, pensions, rents, dividends, etc.
The applicant must open and maintain a 3-year fixed deposit account in a Cyprus bank with a minimum amount of €30,000.
The applicant must provide evidence that each person included in an application has a clean criminal record.
Once the permit is issued, the applicant must come to Cyprus at least once every 2 years or risk the permit being cancelled.
The applicant must have purchased or rented a residential property for himself and his family in Cyprus;
The applicant must be able to provide evidence that he/she has minimum annual income of €9,568.17 (plus €4,613.22 for each dependent person) – essentially, enough to give them a decent living in Cyprus without having to engage in any business, trade or profession. This income must come from legal sources abroad (pensions, permanent deposits, business activities, stocks, company shares, etc.);
The Government may require further amounts that it deems necessary to cover additional outgoings such as maintenance of property, education fees, medical fees and other needs of the family;
The Immigration Authorities will examine the sources, stability and reliability of any income to ensure that the applicant can maintain themselves financially. A significant cash deposit into a Cyprus bank may well facilitate an application;
Other specific personal circumstances will apply.
Documents required to support an application:
(All documents must be officially translated into either English or Greek, and properly validated)