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Permanent Residence Visa

cy-passport

Why should you apply for Permanent Residence Visa?

  • Immigration Permit, gives you a Non-EU national, the right to permanently reside in Cyprus
  • Exempts you from immigration entry procedures (i.e Visitor’s Visa)
  • Your family can also obtain it (married spouse, children under 18 years old and financially dependent children up to 25 years old)
  • As of February 2016 the parents of the investor and/or of his/her spouse can also obtain Permanent Residence as dependents
  • A permanent residence permit is granted indefinitely by means of a one off application and does not require renewal.
  • Can provide both a secure investment and a second family home.
  • Cyprus, as a popular Mediterranean island very much on the tourist map, offers good investment opportunities.
  • Permanent residents do not pay tax on overseas income.
  • Permanent residents can establish businesses in the EU, thereby expanding their opportunities.
  • Multicultural society.
  • High standard of living.
  • Financial criteria:

    • Investor must purchase a permanent residence worth at least 300.000 euro (excluding VAT) of which for the 200.000 euro the investor must submit a proof of payment.
    • The Investor must prove that he/she has at his/her disposal a secured minimum annual income amounting to 30.000 euro, which will be increased with 5.000 euro for each dependent child and to 8.000 euro for each dependent parent.
    • The investor must submit a confirmation letter from a Cyprus Banking Institution that he/she has deposited a minimum amount of 30.000 euro, which will be pledged for a period of three years.

    Conditions and specifications:

    • A fast track procedure (not more than two months)
    • Property must be sold for the first name.
    • Employment in Cyprus is strictly prohibited; the annual income must be derived from sources abroad. (Pensions, dividends, employment income)
    • The applicant and/or his wife may be a shareholder(s) in a company incorporated under the laws of Cyprus. Income deriving from the Company in the form of dividends is not deemed an impediment for the purpose of obtaining an Immigration Permit.
    • Have a Clean Criminal record;
    • Statement confirming his/her no intention to work however he/she can be engaged with an active company in the Republic of Cyprus as Beneficial owners;
    • The investor must visit The Republic of Cyprus at least once every two years (and all the family members that are included in the applicant’s permit)

    Examination procedure:

    • The application is examined by the Civil Registry and Migration Department and are then submitted to the Ministry of Interior along with all the necessary documents for the final decision.
    • No personal interviews are required unless otherwise is requested.
    • The time frame for the completion of the process is approximately 2 months from the date of submission of the application.
    • Once the application is approved the Civil Registry and Migration department issues the Certificate of Permanent Residence.

    Required documents:

    • Copy of valid passport of the applicant and his dependants.
    • Copy of valid temporary residence permit (if the applicant resides in Cyprus).
    • Curriculum Vitae (including academic qualifications).
    • Original Letter from a financial institution in Cyprus (Bank, Coop) of a deposit of €30.000, pledged for three years.
    • Declaration of a secured annual income from abroad of €30.000 at least, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each dependent person.
    • 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.
    • Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.
    • Health Insurance Policy for the applicant and his dependants
    • Original Criminal Record Certificate duly certified for the applicant and his spouse (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation).
    • Marriage Certificate duly certified (official and certified translation).
    • Children’s Birth Certificates dully certified (official and certified translation).
    • Other documents which the authorities may ask.

     

    Note: All documents that are issued by a foreign authority should be translated to either Greek or English and be duly authenticated. They should bear the stamp «APOSTILE» if they are issued in a country that signed the Hague Convention. Otherwise, they should be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country.

    Immigration Permit Required Documents / Certificates

    1. Copy of valid passport
    2. Copy of valid temporary residence permit (if the applicant resides in Cyprus)
    3. C.V (including academic qualifications)
    4. Income tax returns for all years (original or true copy), if applies
    5. Statement of Social Insurance Contributions for the previous year (original or true copy), if applies
    6. Bank Accounts Statements (original)
    7. Income declaration from sources other than employment (original documents and affidavit)
    8. Title of ownership or rental agreement (original or true copy).  If the title of ownership has not been obtained yet, the applicant must submit the deed of sale and proof of payment.
    9. Health Insurance Policy
    10. Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from his country)
    11. Marriage Certificate (official translation duly validated)
    12. Children’s Birth Certificates (official translation duly validated)

    Additionally:

    • Date of last entry and point of entrance
    • Proof of income at least 30.000 Euro if only the applicant (Sources can be: business activities abroad, salary, pension, dividends, fixed deposits, rents, wife’s/husband’s income or other)
    • Swift confirmations for all the transfers in Cyprus (From which account to which account)
    • Letter from the bank confirming the deposit and the pledged of 30.000 Euro for 3 years along with Swift confirmation

    Additional Information:

    • Investors are obliged to retain the investment.
    • Applicant does not become a tax resident in Cyprus, unless he/she spends more than 183 days in any one calendar year
    • The approval of Residence Permit under the relevant Decision is granted by the Minister of Interior, and the Minister has complete discretionary power regarding these decisions.
    • The application processing usually takes 2 months from the date of submission of all the necessary documentation.