Cyprus brought about the introduction of favorable rules to third country nationals wishing to obtain permanent residence status in Cyprus.
The implementation of the new rules requires the following criteria to be fulfilled by the applicant:
- A secured minimum annual income of €30,000. This source of income must not be derived from the applicant’s employment in Cyprus (e.g. rent, dividends, income which do not arise from Cyprus);
- A confirmation letter of a €30,000 minimum deposit from a Cypriot Bank, subject to a 3 year pledge;
- The minimum annual income is increased by €5,000 for each dependent;
- Together with the submission of application, proof of ownership of property in Cyprus or contract of purchase of said property with a minimum market value of €300,000 (V.A.T. excluded), together with proof of payment of a minimum of €200,000 (V.A.T. excluded) shall need to be submitted. The contract of sale must have been executed and submitted to the Department of Lands and Surveys. The remainder of the amount for full settlement of the purchase price shall need to be paid into an account held in a Cypriot Bank;
- The above mentioned amounts should be proven to have been transferred to Cyprus from abroad;
- The purchase of the property may be accepted by a Company and not by the applicant per se, provided that the applicant and/or his/her spouse are the sole shareholders of the Company. Where the shareholder is a legal entity, proof must be provided that the sole shareholder(s) of that legal entity are the applicant and/or his/her spouse;
- For purposes of implementing this present scheme, the applicant may purchase up to two properties (apartments or houses), either one house and one shop of up to 100m2 or one house and one office of up to 250m2, provided that the total purchase price fulfils the requirements stipulated above.
- As from 07/05/2013, the purchase must concern a property sold by a developer company for the first time.
- A clean Criminal Record Certificate issued by the authorities of the applicant’s country of origin;
- A declaration that the applicant has no intention of work or engagement in any form of business in Cyprus. It is noted that the applicant and his/her spouse may be shareholders in a Company registered under the laws of Cyprus and their income from dividends received from the said Company shall not consist a barrier for obtaining the residency permit; and
- A visit to Cyprus must be made every 2 years by the applicant and his/her family if included in the residency permit.
Notwithstanding the above, each application is analysed on its own merits. Applicants and their dependants extends to spouse and direct descendants under the age of 18.
For further information, please don’t hesitate to contact us at +357 25573175 or at [email protected].