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Cyprus Permanent Residence Permit

Cyprus Permanent Residence Permit

 

 

Cyprus Investment Residency Programme is a fast track programme to obtain Residence Permit in Cyprus.  This law aims to support and strengthen the economic condition of Cyprus yet to boost the real estate industry.  The minimum investment requirement has been set to 300.000 Euros (VAT/ taxes are Not included).  Any non-EU National has the right to purchase a property and relocate to Cyprus with the family, for an indefinite period of time as Permanent Residents.

The Immigration of Cyprus needs about 2-3 months time to review every 'PR' application.  Once the PR is issued, you will no longer need to apply for any visa to visit and/or stay in Cyprus, with your PR you are automatically a Resident of Cyprus.  Under certain cirsumstances, once you receive your PR, you have the option to apply for the Cypriot (EU) citizenship too.  

 

Cyprus Immigration Fast

The Council of Ministers with a decision taken 22nd August 2012, allows the Minister of Interior to take a decision on category F immigration permits applications (Permanent Residency) without the application having to go through the 4-member committee that has been deciding up to now, thereby speeding the process.

The criteria for a fast and unilateral decision by the Minister are as follows:

 

  • Income from abroad of at least 30,000 euro per couple (from income, interest, rentals, dividends, pensions, etc)
  • To purchase a home or other property in Cyprus of at least €300,000= value or more and proof of payment of at least €200,000= of this amount before the application is lodged.
  • Proof of a fixed deposit of 30,000 euro for a minimum of three years in a Cyprus based bank.
  • Official declaration that the applicant will not engage in any form of employment in Cyprus, paid or unpaid.

 

All amounts mentioned above must be proven to have come from abroad.

Subject to verifying the truth and accuracy of all papers that will be submitted with the application

For any applicants who do not meet one of these criteria, their application will be examined by the committee

 

View the list of required documents and more information on the Cyprus Permanent Residence .

Cyprus Permanent Residence Fast 6(2)

 

Receive Cyprus Permanent Residence (PR) in Europe with a purchase of a property with a value of 300,000Euro + VAT and over.  Property purchasers have the right to apply for Cyprus Permanent Residence immediately.

1) Applicants will also need to prove that they have a stable means of income of at least 30,000Euro per year.  This amount increases by 5,000 Euro for every dependent such as wife/husband and children, e.g. a family with one child will need to provide proof of a total minimum income of 40,000Euro per year.

2) The applicant must also hold deposits in a Cyprus Bank of at least 30,000Euro for a term of 3 years. 

3) Before the Cyprus Permanent Residence application can be submitted the applicant must pay a minimum of 200,000Euro + VAT of the property value, all receipts and proof that the funds have come from abroad to purchase the property must be submitted with the clients Cyprus Permanent Residence application.

4) The applicants must sign a statement both husband and wife that they will not work in Cyprus. If it is proved that the Cyprus Permanent Residents have been working or receiving an income form a source in Cyprus, this could result in the cancelation of their Cyprus Permanent Residence!

5) Cyprus Permanent Residence applications must be submitted with proof of a clean criminal record with double authenticity stamp from the China ministry of Justice and the Cyprus embassy.

6) The government of Cyprus requires a private health insurance policy covering every member of the family who is included in the Cyprus Permanent Residence application.

There is no minimum residence time required in Cyprus; the clients can fly back to their country immediately..

For clients wishing to live in Cyprus, once the property is purchased the applicant is able to do this immediately under a temporary residence permit.

After a short period of 3 weeks to 2 months applicants will receive from the government of Cyprus their Permanent Residence

 The Cyprus Permanent 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 can be made for them to live as residents in Cyprus also.

Cyprus Permanent Residence Required Documents

 

1.Copy of valid passport.

2.  Curriculum Vitae (including academic qualifications).

3.   Statements of deposits in a Cypriot Bank account, of a minimum capital of €30.000(original).

4.  Declaration of a secured annual income of a 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.  The amount that is declared on the sworn affidavit must be the same as the amounts presented in the income certificates that will be submitted with Permanent Residence application. (it is recommended for the applicant to have an estimate of what their annual income is before they make the sworn affidavit in a Cyprus court).

5.  Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy) .if the   title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands &Surveys and proof of payment for at least €200.000.

6.  Official Statement by the applicant and spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.

7.  Health Insurance   Policy.

8.  Criminal Record Certificate (if the applicant resides abroad the certificate must be issued from his country of origin and submitted     with an official and certified translation into Greek).

9.  Marriage Certificate (official and certified translation)

(if applicable).

10.  Children’s Birth Certificates (official and certified translation) (if applicable).

11.  Other documents which are submitted with the

 application.

 

 

 

Cyprus Permanent Residency

 

The Cyprus PR program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse dependent children up to age 25 and the parents of the applicant and spouse. What’s more, the permits are valid forever! The process is extremely straightforward and can even be arranged remotely.

GATE is experienced with the process and will gladly assist you to achieve your residency permit.

  • 100% approval rate
  • Permits are issued very quickly (3 weeks – 2 months)
  • Simple criteria, language proficiency, education certificates and medical examination aren’t required
  • A single day visit, once every two years is required

Money-Back Guarantee

We are so confident in the process and approval rate that we offer a money-back guarantee should you not receive your permits within a two month period.* 
* Two month period commences on the date of receiving your proof of submission of an application for an immigration permit under regulation 6(2) reference number from the Cyprus Ministry of Interior. The guarantee is subject to you fulfilling the application requirements for the fast-track 6(2) permit. A two week grace period will be allowed for administrative delays.

Key Points

  • Freedom to live freely in Cyprus
  • Permanent residency for yourself and dependents up to age 25
  • The permits for yourself and dependents are valid forever, no renewal is required
  • It offers an insurance policy for the future
  • It enables you to own a business in Cyprus
  • It gives you the right to apply for EU citizenship - - It enables you to travel throughout Europe with ease
  • It enables you to access first class healthcare and education
  • A risk-free property investment of €300,000 is required
  • The process and requirements are very simple and the permit is guaranteed to be issued within 2 months
  • It has a 100% approval rate

 

Program Benefits

What Is The Benefit Of Obtaining Permanent Residency In Cyprus?

Permanent residency status means that your family has the right to live freely in Cyprus or continue to live in your home country and just use the permit whenever you need it. It can act as an insurance policy for the future. Permit holders also have the right to own a business in Cyprus or setup a Cyprus company as an intermediary for export trading throughout the world, thus benefit from Cyprus’ excellent business and tax advantages. Cyprus is a superb base for travelling throughout Europe with its excellent flight connections and visas are very easy and quick to obtain. A permit holder can obtain a Schengen visa within just one week. Travel will become even easier when Cyprus becomes a Schengen State in he very near future. The island offers excellent education opportunities which enable your children access to the best universities worldwide. 
It also gives you the right to apply for EU citizenship after 7 years! 
“Permanent residency offers your family the freedom to live freely in the EU and to travel with ease, it provides access to excellent education and healthcare, or simply offers an insurance policy for an uncertain future!”

Business And Taxation

Permit holders may own a business in Cyprus and benefit from a low corporation tax of 12.5% on net profits by setting up a Cyprus company. Additionally, they can use their Cyprus company as an intermediary for export trading activities from their home country to enjoy tax benefits. Cyprus is firmly established as a reputable international commerce centre, the ideal bridge between East and West. It offers a tax efficient gateway for channeling foreign investments anywhere in the world. The Cyprus tax system is in full compliance with EU and OECD requirements. It provides a unique combination of favourable participation exemption provisions on income emanating from international activities, applies a wide network of double tax treaties, and zero withholding taxes on any type of payments made anywhere in the world. By invoicing all exports through a Cyprus company and accumulating most profits in Cyprus, permit holders may take advantage of the 12.5% corporation tax and benefit from the 0% tax on dividends offered to non tax residents. Anyone spending less than 183 days in Cyprus is considered non tax resident and will not pay tax on their worldwide income, only on income derived from Cyprus, excluding dividends. Please contact us for detailed information on business and taxation in Cyprus.

Family Reunification

Ascendants and second line relatives of permit holders are able to visit or reside in Cyprus in accordance with Cyprus law. Family members wishing to visit for holidays will be granted with a three month visa, while ascendants wishing to reside in Cyprus may apply for a one-year pink slip which is renewable annually.

Long-Term Residency

Upgrading your permit to long-term residency status will enable you to enjoy similar rights to EU citizens, including the ability to work and operate a company.

According to article 18H of the Aliens and Immigration Law, Cap.105 implementing Directive 2003/109/AC, non- EU nationals who live in a EU Member State for a period of more than 5 years are entitled to apply for long-term residency. This European Directive aims to provide permit holders with a set of uniform rights which are as near as possible to the rights which European citizens enjoy. These rights include the ability to work or operate a company, to benefit from the prevailing tax laws and to - access the same educational and professional opportunities offered to Cypriot and EU citizens, including scholarships. Long-term residency status is permanent and available to all non-EU nationals that have resided in Cyprus for over 5 years. The key criterion is that the applicant must not have been absent for more than six consecutive months or more than 10 cumu- lative months within the 5-year period.

Citizenship

Permanent residents will gain access to Cypriot citizenship after 7 years, in accordance with legal provisions. An EU citizen is free to live, work, travel, receive healthcare or pursue education anywhere within the EU, including the UK. In fact, travel benefits extend way beyond Europe with Cypriot passport holders being able to travel visa free to an extensive list of countries. Those that do require visas, such as the US, have very limited requirements and visas are issued within just a few days.

 

Criteria And Conditions

Who Qualifies?

The residency permit applies to the investor, their spouse, minor children, unmarried dependent adult children up to age 25 that are studying outside of Cyprus, adult children that are over 25 but have studied in Cyprus and the parents of the applicant and spouse. The Cyprus program is unique in that once the permits are obtained they are valid forever, even after the children are no longer dependent. Obtaining permanent residency and eventually EU citizenship offers a legacy to your and later your children’s families.

The Investment

To obtain permanent residency a real estate investment of €300,000 (net of vat) is required. It’s a secure investment in a desirable asset class that can even provide an income should you choose to rent out your property, which we can undertake on your behalf. You can purchase a single property or two properties, so long as the total value exceeds €300,000.

Legal Requirements To Obtain The 6(2) Category Residency Permit (Fast Track):

1. Property purchase
The key criterion is the purchase of a new immovable property/ies* with a value greater than €300,000 (excluding vat). The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least €200,000 (excluding vat). The property can also be put on a company name provided that the company is registered in the name of the applicant and/or the applicant and spouse, and that he/they are the sole shareholders. Additionally, the contract of sale must have been submitted to the Cyprus Department of Land and Surveys.*The applicant may purchase up to 2 residential proper- ties (apartments/houses), or one residential unit and one shop (with a maximum area of 100sqm), or one housing unit and one office (with a maximum area of 250sqm), provided that the combined value exceeds €300,000. This allowance is per married couple. From 7th May 2013, the Government has stipulated that only new properties purchased directly from a developer qualify for this scheme. Additionally, the units should be purchased from one developer.

2. Annual Income
The applicant must provide a declaration with supporting documentation of a secured annual income from a legitimate source, deriving from outside Cyprus. The minimum annual income per applicant is €30,000 and an additional €5,000 per dependent, and €8,000 per dependent parent/parent in-law. The annual income of the spouse can be estimated for the purposes of this criterion.

3. Fixed Deposit
A statement of deposit must be provided showing a €30,000 minimum deposit in a Cypriot bank account of the applicant, which will be locked for a period of 3 years. After the expiration of this period the money will be released without restriction.

4. Statement of intent
The applicant must provide an official statement, confirming that he/she does not intend to work in Cyprus. However, the applicant and/or his wife are entitled to be a shareholder and receive income from the dividends of a company registered in Cyprus without affecting their application or permit. (see pg.3 business & taxation)

5a. Dependents (children) over 18 years old
Permits may be granted to unmarried dependents aged 18-25, provided that it is proved that they are in full-time education outside of Cyprus with a remaining studying period of 6 months from the submission of the application and are financially dependent on the applicant/s. If the adult children are in higher education in Cyprus they will be eligible to be included in the applicant’s permit once they’ve completed their studies, irrespective of their age. In such cases the requirement of secure annual income is increased by €5,000 per dependent child. A positive amendment to the original 6(2) legislation was made on 14.01.14, which now means that permits granted to all dependents are valid forever. To obtain the permit a separate application should be made which includes all of the above mentioned documents in addition to a declaration from the parents stating that they are willing to support the dependent and a registration certificate from an educational institution to prove that the applicant is in full time education. An additional fixed deposit is not required.

5b. Non-dependents (children) over 18 years old
Permits can also be obtained for non-dependent children over 18 years old provided that each child has an attributable market value of the acquired property of €300,000 excluding vat ( in addition to the €300,000 attributable to the main applicant and his /her spouse). For such cases the application must be accompanied by a receipt of payment for at least 66% of the purchase price of the acquired property. For example, an applicant who has a child aged 30 years old, should purchase a property/ies with a purchase price of €600,000 or above, and provide a payment receipt for at least €396,000. The non-dependent child must submit together with his/her application all other supporting documents required by the Regulation 6(2) stated above, such as the secured annual income of at least €30,000, and 3 years fixed deposit account.

6. Required documentation
The applicant must submit a criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years) are also required.

Process

The Process

  1. The application should be submitted on form MIP (1) to the Civil Registry and Migration Department or to the District offices personally, through post or through a representative. The presence of the applicants isn’t necessary, as the paperwork can be undertaken by a lawyer.
  2. The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are not usually necessary for this category of permit.
  3. The Ministry of Interior shall inform the applicant/representative through the Civil Registry and Migration Department of their decision.
  4. The examination period of these applications is two months!
  5. Once the approval has been granted, the applicant must visit Cyprus within one year to obtain the actual permit card.
  6. The Immigration Permit shall not be cancelled, provided that the applicant and dependents visit Cyprus at least once every two years.
  7. Purchase a property/ies with a €300,000 (net of vat) value in Cyprus.
  8. Pay for the property and prepare the residency documents.
  9. Receive your residency permit within 2 months!

Simple Process

Sample application and approval certificates. residency was granted in just 3 weeks!

 

Cyprus Residence Permit Programme!