Programme benefits
Conditions for permanent residence
Application procedure
Required documents



The Ministry of the Interior recently introduced improved provisions to the popular permanent residence permit scheme, with the aim of establishing it as one of the most competitive real estate investment programmes in Europe.

The simpler and accelerated procedure provides for a permanent residence permit to be granted through investment to non-EU nationals if they meet the requirements outlined below.

Programme benefits

The scheme grants Cypriot permanent residency to an applicant's:

  • spouse;
  • children under 18 years of age;
  • children between the ages of 18 and 25 who are unmarried and considered to be dependants; and
  • parents, as well as his or her spouse's parents.

Dependant parents
The parents of the applicant or his or her spouse can apply for a permanent residence permit if the applicant can provide an additional annual income of €8,000 for each dependant parent.

Unmarried dependant children
An applicant's unmarried dependant children, who are between 18 and 25 years of age can submit their own application for an immigration permit if they can prove that:

  • they are university or college students overseas and have at least six months of study left from the date of the application's submission; and
  • the main applicant or his or her spouse can provide an additional annual income of €5,000 for each dependant child.

The permanent residence permit will be valid after the child turns 26, gets married or is no longer a student or dependant. However, the spouse or children of a dependant child will not be granted a permanent residence permit automatically.

Non-dependant children
Non-dependant children over the age of 18 can apply for a permanent residence permit if they can claim a percentage of the purchase price of the immovable property which the main applicant purchased to obtain a permanent residence permit. In other words, if the applicant purchased property worth €600,000 instead of the required €300,000, the remaining €300,000 could be considered an investment that belongs to his or her children. By the same logic, if the applicant has two dependant children, he or she can purchase a €900,000 residence so that his or her dependant children can use it as part of their personal applications for a permanent residence permit. Dependant children must also meet the rest of the requirements described under the economic and investment criteria above.

Other benefits
Cyprus – a member of the European Union since 2004 – is striving towards the implementation of the Schengen Agreement; once the agreement has been implemented, its citizens will be able to move freely among other Schengen countries.

The estimated timeframe for the approval of an application is two months. Holders of a permanent residence permit do not need a visa to enter and live in Cyprus and after seven years (2,555 days) a permanent residence permit holder can apply for citizenship by naturalisation within 10 years.

Further, permit holders are not obliged to move to Cyprus; rather, they can visit once every two years to maintain their permits.

Conditions for permanent residence

In order to apply for permanent residence, an applicant must purchase:

  • residential property in Cyprus worth at least €30,000 (excluding value added tax (VAT) of 5% or 19%). An initial payment of €200,000 is required;
  • two housing units (apartments or houses) with a total market value of at least €300,000, excluding VAT. An initial payment of €200,000 is required;
  • a housing unit and a shop with an area of 100 square metres and a market value of at least €300,000, excluding VAT. An initial payment of €200,000 is required; or
  • a housing unit and an office with an area of 250 square metres and a total market value of at least €300,000, excluding VAT. An initial payment of €200,000 is required.

The applicant must also maintain a fixed deposit of €30,000 with a Cypriot bank for at least three years.

Further, the investor must provide proof of annual income of €10,000 originating from abroad. This increases by €5,000 for every dependant child and €8,000 for every dependant party of the applicant or his or her spouse.

This income can come from salaries, retirement schemes, dividends, permanent deposits or rental payments, but it must come from overseas.

The income of the applicant's spouse can be considered as part of the secure annual income.

Application procedure

 

Required documents

The following documents must be submitted as part of a permanent residence permit application:

  • copies of the valid passport of the applicant and his or her dependants;
  • the applicant's curriculum vitae (CV);
  • an original letter from a financial institution in Cyprus verifying a deposit of €30,000 pledged for three years;
  • a declaration of secured annual income from abroad of at least €30,000 (ie, original documents and an affidavit or declaration);
  • a title of ownership or contract of sale of a property in Cyprus with a minimum market value of €300,000 (an original or true copy). If the title of ownership has not yet been obtained, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands and Surveys and proof of payment of at least €200,000. The amounts paid for the property must be proven to have been transferred to Cyprus from abroad;
  • official statements by the applicant and his or her spouse that they will not undertake employment in Cyprus;
  • proof of a health insurance policy for the applicant and his or her dependants;
  • an original criminal record certificate duly certified for the applicant and his or her spouse (if the applicant resides abroad, the certificate must be issued from his or her country of residence and submitted with an official and certified translation);
  • a marriage certificate for the applicant and his or spouse, duly certified (official and certified translation);
  • birth certificates of dependant children duly certified (an official and certified translation); and
  • other documents to be submitted with the application.

The following documents must be submitted by the parents of dependant children as part of an application:

  • a copy of the applicant's valid passport;
  • the applicant's CV;
  • a copy of the immigration permit of the applicant's child or his or her spouse under Regulation 6(2) or proof of submission of the relevant application for an immigration permit under Regulation 6(2);
  • a declaration of secured overseas annual income of the applicant's child or his or her spouse of at least €30,000 (ie, original documents and an affidavit or declaration). The required annual income has been increased to €8,000 for each parent;
  • an official statement from the applicant that he or she will not undertake employment in Cyprus;
  • proof of the applicant's health insurance policy;
  • an original criminal record certificate duly certified for the applicant (if the applicant resides abroad, the certificate must be issued from his or her country of residence and submitted with an official and certified translation);
  • the birth certificate of the applicant's child or any other official document that proves the relationship between the applicant and the holder of the immigration permit under Regulation 6(2), duly certified (ie, an official and certified translation); and
  • other documents to be submitted with the application.

The following documents must be submitted as part of an application for dependant students:

  • a copy of the applicant's valid passport;
  • the applicant's CV;
  • a copy of the applicant's parent's immigration permit under Regulation 6(2) or proof of submission of the parent's relevant application for an immigration permit;
  • a declaration of the applicant's parent's secured annual income from abroad of at least €30,000 (ie, original documents and an affidavit or declaration). The required annual income has been increased by €5,000 for each dependant.
  • an official statement by the applicant that he or she will not undertake employment in Cyprus;
  • proof of the applicant's health insurance policy;
  • an original criminal record certificate duly certified for the applicant (if the applicant resides abroad, the certificate must be issued from his or her country of residence and submitted with an official and certified translation);
  • the applicant's birth certificate duly certified (ie, an official and certified translation);
  • a letter from an overseas tertiary education institution that the applicant is a registered student with at least six months of remaining study; and
  • other documents to be submitted with the application.

For further information on this topic please contact Georgia Georgalla at G Georgalla Law Firm by telephone (+357 22 35 32 90) or email (gogo@georgallalaw.com). The G Georgalla Law Firm website can be accessed at www.georgallalaw.com.

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