CYPRUS PERMANENT RESIDENCY

BENEFITS OF CYPRUS PERMANENT RESIDENCY

  • Cyprus permanent residency may be acquired within two (2) months and covers the whole family;
  • Access to the European Union;
  • Professional financial and tax planning services based on British practices;
  • No inheritance tax;
  • Low Corporate tax; and
  • One of the lowest property taxes in the world.

Our team of experienced professionals work closely with the applicant to ensure the procedure is carried out correctly and efficiently.

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FAST TRACK PROCEDURES BASED ON REGULATION 6 (2) APPLICATION

The Minister of the Interior has issued a decision granting Immigration Permits for permanent residency to applicants, who are third country nationals, provided that they fulfill the following criteria:

1. The applicant must prove 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.

2. 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.

3. 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 3 year period.

4. It is noted that the amounts mentioned in paragraphs (1) and (3) should be proven to have been transferred to Cyprus from abroad.

5. Clean Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities of the country of origin.

6. Statement that the applicant does not intend to work or be engaged in any form of business in Cyprus.

7. The applicants must visit Cyprus at least once every 2 years.

Each case is examined on its own merits depending on the personal circumstances of the applicant.

The residence applies to husband and wife and all children under the age of 18, however for other cases such as children older than 18, or grandparents a family unification application may be made.

Each case is examined on its own merits depending on the personal circumstances of the applicant.

The residence applies to husband and wife and all children under the age of 18, however for other cases such as children older than 18, or grandparents a family unification application may be made.

 

PERMANENT RESIDENCY BASED ON REGULATION 5 (F) APPLICATION

A third country national may also apply for permanent residency on the basis of regulation 5 (F) after renting or purchasing a home to the value of no less than EUR 300.000,00 and provided the following conditions are met:

(a) Applicant’s minimum annual secured income is approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);

(b) Applicant does not maintain employment in Cyprus;

(c) Income is derived from legal sources abroad;

(d) Income is secure and provides sufficient support for the applicant and their family (including supporting evidence that all financial needs of the family are adequately covered);

(e) Clean criminal record;

(f) No sanction order to have been made against applicant or any dependents.

The main benefit of the 5 (f) application is the lower threshold of annual income required, together with the flexibility of renting a house prior to outright purchase.

Once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.