PERMANENT RESIDENCE IN THE EUROPEAN COUNTRY OF CYPRUS
NEW LEGISLATION APPLIES FOR 2023. BELOW INFORMATION IS NOT VALID ANY MORE.
HOW CAN A PERSON WHO IS NOT FROM THE EUROPEAN UNION GET A PERMANENT RESIDENCE IN THE EUROPEAN COUNTRY OF CYPRUS?
Permanent Residence for the Republic of Cyprus can be applied under category F application in Cyprus. New and accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intent to invest in the Republic of Cyprus. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue Immigration Permit to applicants, who are third country nationals, provided that they fulfill the following criteria:
(α) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.
(b) The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
(c) The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.
It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
(d) The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
(e) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
(f) The applicants should visit Cyprus at least once every two years.
THE guidelines FROM THE MINISTRY OF INTERIOR
With regards to the granting on immigration (residency permits) under category F, the Minister of Interior has decided on the privileged treatment ( as it is stated in the Aliens Immigration Law of 1972 until 2004), to any applicant who have purchased a house for their own use as their personal residence in Cyprus, and whole value is not less than €300000. The immigration permit mentioned above, is also valid as a permanent permit in Cyprus and its holders are 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). [Preferably, the property must be written on the name of the Immigration Permit Applicant].
Cyprus Migration Policy Category F relates to people that are third-country nationals which will not be working in Cyprus but will remain in Cyprus as permanent resident.
When is the permit issued?
The right to reside permanently is Cyprus passes through 2 stages:
- Purchase a property.
- Temporary residence permit (pink slip)
- 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 5 years and more can apply the Cypriot Citizenship. With the passport obtained there, you may travel to 84 countries, including some developed ones, without a visa requirement.
Advantages of permanent residency and immigration to Cyprus
1) Your normal life and work at home would not be affected since there is no mandatory provision for a certain period of stay before becoming a permanent resident.
2) Within 2-3 months the permanent residency can be obtained.The duration of the application is very swift provided the applicant applies with all the documents needed.
3) The application is confidential and no questions of the source of money is asked. You don’t have to report the resource of your fund and your business experience.
4) Company and physical persons taxation is one of the lowest in the world. The corporate income tax here is the lowest in Europe, only 10% after all. It is considered as a world-class offshore tax haven.
5) Since ancient times, it has been the crossing point between the Middle East, Africa and Europe.
6) The property invested can be used as one’s own residence or for rent, without any limitation.
7) There is a strong rental market especially in most areas in Larnaca that can provide a rental return of 4% up to 7%.
8) The title deed of the property is permanent and intergenerational.
9) In Cyprus, schools execute British-style education and immigrants can take Cyprus as a springboard to further their children’s education in first-class schools in Europe or America.
10) For five years’ stay within 7 years, the immigrant can apply for and become a permanent resident of Cyprus.
11) Dual nationality is permitted there so you can keep your original identity of the Mainland.
12) One person applies and then the family as a whole can get immigrant status at the same time.
13) The scenery of the island is beautiful and marvelous. It is sure to be the most desirable place to those who are seeking a second home somewhere under the sun.
14) Cyprus is expected to become a Schengen nation soon.