Revised requirement regarding the new, quick procedure for acquiring Permanent Residency in Cyprus to third-country nationals who invest in Cyprus (Regulation 6.2)
- The applicant must present a fixed deposit account certificate for the amount of €30.000 blocked for a period of three years in a Cypriot Bank and proof that the amount transferred from abroad.
- The applicant with his wife/her husband must prove a secured annual income of capital of €30.000 at least, from sources other than employment in Cyprus (original documents and affidavit). The necessary annual income is increased by €5.000 for each dependent person and € 8.000 for each dependent parent (his and / or her / his spouse) and € 8.000 for each dependent parent (his and / or her / his spouse). The annual income may derive from sources such as salary from employment, pensions, stock dividends, permanent deposits, renting property etc. (from abroad).
- The applicant must provide the Authorities with the title of ownership of property in Cyprus or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (excluding VAT) (original or true copy). The contract of sale can be either in the applicant’s name or in his wife/her husband’s name. If the title of ownership has not been obtained yet, the applicant must submit the contract of sale with the Department of Lands & Surveys and proof of payment for at least €200,000 (excluding VAT). The applicant must present proof that the amount transferred from abroad. This is provided that the rest of the amount to be paid to the Vendor for the purchase of the property will be paid in a bank account in Cyprus.
The purchaser can be a registered company in Cyprus, provided that the company is registered in the name of the applicant, and/or in the name of the applicant and his wife/her husband, and they are the only shareholders of the company. In any case that the shareholder of the company is another legal entity, it must be proved that the only shareholder of this legal entity is the applicant and/or the applicant and his wife/her husband.
- The applicant is allowed to purchase even 2 properties (apartments or houses), or a house and a shop with an area up to 100 sq.m, or a house and an office with an area up to 250 sq.m, provided that the applicant complied with the regulations regarding the purchase price as above.
The two houses/apartments can be purchased in different projects but they must be purchased from the same company/developer.
In any case that a husband and a wife are purchasing a property in Cyprus, they are not allowed to buy more than two houses/apartments, as paragraph 4 above.
- Resale contracts are not accepted. The applicant must purchase a property from a development company and the purchase must be the first purchase in relation to the said property.
- An Immigration Permit can be issued for the applicant and his dependent wife and children less than 18 years old.
The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. Applicants may apply for separate Immigration permits to each party, provided that they complete a separate application and pay the relevant application fee. The minor children may be included as a dependent in both parents permits by paying the relevant fee.
Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the required documentation.
The said permit is still valid even if the holder has exceeded the age of 25 years old.
- Immigration permit might be granted to the applicant’s children aged 18+, who are financially independent of their parents (namely the applicant and his wife/her husband), provided that €300.000 (excluding VAT) on the market value of the acquired property is proportionate to each child, as it is mentioned above. In such cases, they must prove the payment of the rate of 66% of the purchase price.
For example, if the applicant has a child in the age of 30 years old and he wished to acquire property in Cyprus, he has to purchase a property of a value of €600.000. If he has two children who are adults and financially independent, they have to purchase a property of a value of €900.000 and so on. (Provided that each child comply with the above requirements such as opening a three years fixed deposit account in a Bank in Cyprus etc…)
- The applicant and his wife/her husband must provide the Authorities with clear criminal record certificated (if the applicant resides abroad, the certificate must be issued from his country of origin).
- The applicant and his wife/her husband must provide the Authorities with a signed statement that they do not intend to work in Cyprus (please note that they are allowed to be the shareholders in a registered company in Cyprus and to get income from such a company).
- The criminal record, marriage certificate and children’s birth certificates must be translated in English, certified by a notary public, then certified by the foreign affairs office (for authentication) and then certified by the Cyprus Embassy in Cyprus.
- The applicant and any person from his family who got Immigration Permit must visit Cyprus at least once every two years.
- With the submission of each application for permanent residency in Cyprus, the applicant must pay the Authority the amount of €500.