An improved and accelerated procedure for granting permanent residency permits to NON EU citizens through investment in Cyprus, has recently been introduced by the Council of Ministers.
This new procedure reinforces the importance of Cyprus as an ideal destination for those wishing to obtain permanent residence in an EU country.
The scheme’s objective is to attract international investments and is targeted towards third country nationals who seek to use Cyprus as a gateway into Europe for business purposes. Furthermore, as Cyprus moves towards the introduction of the Schengen Agreement, once this is implemented, its citizens will be able to move freely throughout Europe.
- Applicable to NON EU citizens
- It is granted to applicant and his spouse, with no expiration date
- It is granted to applicant & spouse’s parents ( Fast track Procedure)
- It is granted to applicant’s children up to 18 years old
- It is granted to applicants dependent children from 18 years to 25 years
- Children who have received the permit shall keep it for their lifetime
- Holders of this Permit are not entitled to work in Cyprus.
- Holders of this Permit may own a Cyprus Registered Company and receive dividends from its profit
PERMANENT RESIDENCY BENEFITS
- Excellent prospects for the future as Cyprus will soon enter the Schengen Zone of Europe allowing all Cyprus PR holders to travel freely through Europe.
- CY PR holders have a right to reduced tuition costs in various universities within Europe, as they are considered permanent residents of a European country.
- CY PR Applies to the permit holder and spouse, as well as all children under the age of 18. However if the children are over 18 they are also allowed to reside in Cyprus under the Family Reunification Act, or if the children are dependent on their parents due to studies or any other reasons, they can be added to parents application up until 25 years old.
- Freehold Property
- No inheritance tax
- One of the lowest property taxes in the world
MAIN PROCEDURAL REQUIREMENTS
- Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other building with a minimum market value of € 300,000 plus vat and proof of payment of at least €200,000 plus vat. If the property is purchased from an off-plan project, then the first stage payment receipt is required. If the title deed is issued, then this deed is required. The contract must also be stamped and deposited at the local Land Registry Office
- Applicants must possess and have fully and freely at their disposal a secured annual income, high enough to give the applicant and his/her dependants a decent living in Cyprus, without having to engage in any business, trade or profession.
- Income required per year should be at least €30,000 for a single applicant plus €5,000 for every dependant.
- Health Insurance Policy
- Clean Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from the applicants Country or notarized)
- Official statement that the applicant does not intend to work or be engaged in any form of business in Cyprus
It is also possible to obtain permanent residency with the same requirements as above without applying as fast track procedure. The non-fast-track procedure takes 9 to 12 months to be approved. This is not guaranteed like the fast track, however if the client can fulfill the requirements needed then the chances of being declined are very small. The client should purchase a property with a value of approximately €150,000 in order to improve the success of approval.
For further detailed information about permanent residency in Cyprus, please contact us.