According to the decision of the Ministry of Justice, permanent residence is issued according to the accelerated procedure, subject to these requirements:
when applying for an accelerated procedure, you must pay a state fee of 500 euros to consider your application, and you must also get medical insurance for you and your family and collect a package of documents translated and apostilled.
1. Property in Cyprus
- Must be purchased in Cyprus.
- Buyers can only be the applicant or only his spouse, or the applicant and his spouse, or a Cyprus company (see below).
- Only the developer who built this property can be a seller.
- The property must be new and not be re-sold.
- The purchase price must be at least 300,000 euros, excluding VAT.
- At least 200,000 euros excluding VAT must be paid to the Seller.
- Sufficient evidence must be provided that 200,000 euros, excluding VAT, transferred from abroad, were credited to the account.
- The contract of sale must be posted on the website of the Department of Land Resources and Surveys.
You can purchase two real estate properties instead of one:
House (or apartment) + house
House (or apartment) + store up to 100 m2
House (or apartment) + office up to 250 m2
But there are a few specific conditions:
- The total purchase price must be equal to or exceed 300,000 euros without VAT.
- Both properties must be new, resale is unacceptable.
- If two real estate objects are located separately from each other, they must be purchased from one developer.
- A couple or company is not allowed to acquire more than two real estate properties.
If the buyer is a company:
Real estate can be acquired on behalf of the company, but:
- The company must be registered in Cyprus.
- The applicant or his spouse (or both) must be shareholders, and his / their names must appear on the certificate of shareholders of the Company. The trust agreement is not accepted.
- They must be the sole shareholders of this Company. If the shareholder of this Company is another Company, it is necessary to prove that the applicant (his spouse or both) is the sole shareholder of another Company.
2. Bank deposit for permanent residence
A bank deposit of EUR 30,000 with a Cypriot bank must be made and blocked for at least 3 years. It is also necessary to prove that this money was transferred to an account in a Cypriot bank from abroad.
3. Income of the applicant and his wife during their permanent residence in Cyprus
The applicant must confirm that he has an income of at least 30,000 euros and plus 5,000 euros for each dependent member of his family whose source must be created abroad, and not in Cyprus. Income must come from legal sources, such as payment, rent, pension, interest, dividends, etc.
4. Obligation not to engage in any professional activity with permanent residence in Cyprus
Holders of a permanent residence permit should not work in Cyprus. Therefore, they must make a sworn statement that they are not going to engage in any professional activities in Cyprus during their permanent residence. Please note that any income of the applicants from dividends of a Cyprus company will not be considered a violation of this requirement (do not engage in any professional activities in Cyprus).
5. Lack of criminal record in the homeland
The applicant, his wife and children from 16 years old must not have a criminal record in the country of origin (Russians in Russia, Ukrainians in Ukraine, etc.) and must provide a supporting document issued no earlier than 3 months before the application is submitted.
6. Registration and translation of documents for permanent residence in Cyprus for Russians
All documents must be translated into English or Greek by a qualified translator. All official documents must be duly certified by the apostille. For Russians, an exception applies - for Russians apostille is not required.