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Permanent Residence Permit

Permanent Residence Permit

When a non EU Member buys a residential property for himself and his family of €300.000 and more, his application for Permanent Residence, visa Category F will be examined favourably. There are some various methods to accomplish this but you have to meet some certain preconditions.

 

Preconditions for Permanent Residence Permit

The applicant should:

  • Have a minimum annual income of €30,000 deriving from abroad, from legal sources. For every dependent person, an extra €5,000 is required.
  • Provide solid evidence that he is able to cover all his family’s needs in money for the long run (and all the money should be available from activities abroad). The more money the applicant deposits in a Cypriot bank, the better he will serve his application procedure.
  • Possess a clean criminal record.
  • Sign a statement confirming that he/she has no intention to work or be engaged in any form of active business in Cyprus.
  • Visit Cyprus at least once every two years.

NOTE: If you want to reside in Cyprus but you want to engage in any business or trade, and money is not an issue, the “Citizenship by Investment” program is more appropriate for you.

 

Fast- track procedure for granting Permanet Residence Permit - Requirements

According to the Cyprus Ministry of Interior, the fast-track procedure is examined and it results to a positive answer within 2 months, as long as you meet the preconditions and requirements. There is a second option to acquire a permanent residence permit, under more flexible preconditions and requirements, but it takes 6-12 months to be examined and provide a result, plus it is difficult to be granted.

The cost of a fast-track application involves a one-time €500 payment, required for the examination of your application, plus you will be required to acquire a health insurance for you and your family and pay some minor costs for other paper-work fees. The requirements to apply for a permanent residence permit are the following:

 

1. Property

  • Must be purchased in Cyprus.
  • The purchasers could be just an applicant or just his spouse or the applicant and his spouse or a Cyprus Company (see below).
  • Vendor must be just the Developer, who built this property.
  • The property must be new and not a resale.
  • The purchase price must be at least €300,000 excluding VAT.
  • At least €200,000 excluding VAT should be paid to the Vendor.
  • Sufficient proof of €200,000 excluding VAT, transferred from abroad, must be provided.
  • Contract of Sale must be deposited at the Department of Lands and Surveys.

You may buy two properties instead of one:

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

But there are some certain conditions:

  • Total purchase price should be equal to, or exceed €300,000, excluding VAT.
  • Both properties must be new, resale is not accepted.
  • If two properties are located separately they must be purchased from the same developer. It is not required when the properties possibly unite in one because they are connected to each other vertically or horizontally.
  • It is not accepted for a couple or the Company to purchase more than two properties.

When the purchaser is a compnay:

The property could be purchased in the name of the Company.

But 

  • The company must be registered in Cyprus.
  • 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. Trust deed will not be accepted.
  • They must be the only shareholders of this Company. If the shareholder of this Company is another Company, it should be proved that the only shareholder of that Company is the applicant (his spouse or both)

 

2. Bank Deposit

A bank deposit of €30,000 in a Cypriot Bank must be created and blocked for at least 3 years. It must be also proven that this money was transferred to Cyprus from abroad.

 

3. Income of the applicant and his spouse  

The applicant should prove at least €30,000 of income for himself and plus €5,000 for each dependent on him family member, which must be created abroad, not in Cyprus. The income should derive from legal sources such as salary, rent, pension, interests, dividends, etc.

 

4. Obligation of not engaging in any professional activities in Cyprus

The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus. Please note that any income from dividends in a Cyprus Company, of the applicants, shall not be considered as a violation of the requirement (of not engaging in any professional activity in Cyprus).

 

5. Clean criminal record

The applicant, his spouse and children from 16 years old should have and provide a clean criminal record from the country of origin, issued maximum 3 months before the application.

 

6. Legalization and translation of the documents

All documents must be translated into English or Greek language by a certified translator. All the official documents must be duly legalized by apostille. For Russian citizens apostille is not required.

 

Click here to read fast -but with detail- all the benefits and requirements of the for Permanent Residence Permit

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