Suche

-
-
-
-
-
-
-
With photos
With videos
Suche
  
  
Foytina is a registered & licensed real estate agency (Reg.No:628 / Lic.No:332/E)

Permanent Residency in Cyprus, an E.U. Member Country

---

Obtaining permanent residency status in popular overseas destinations is very appealing to many international investors.  However, in the majority of these destinations the application process and legal requirements are both lengthy and daunting.

Cyprus, a European Union member country since 2004, offers an opportunity to obtain this residency status both simply and efficiently.  In August 2012, the Cyprus Government introduced new legislation under the provisions of Aliens and Immigration Law cap 105, regulation 6(2), enabling non-E.U. citizens to obtain a Cyprus residency permit, with unlimited duration, within a period of only two (2) months! The permit is valid for the entire family including dependent children over 18 years of age, subject to certain conditions being fulfilled.  Furthermore, the process is extremely straightforward and can even be arranged through experts easily.

Simplification, clarification and speedy response

To be more precise,  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:

- The applicant has to prove annual sufficient and secure income from abroad of at least €30,000 (from income, interest, rentals, dividends, pensions, etc.) plus €5.000 for any dependent member of the family.

- 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 bank.

However, the authorities NO longer accept applications for speedy permanent residence with the purchase of resales. The applicant can purchase up to 2 residential units or 1 residential unit and 1 shop provided the total purchase price is at least €300,000+vat.  In the event the applicant purchases 2 properties they must be sold by the same developing company. Proof that all of the above mentioned amounts are paid from countries outside Cyprus is required. Verification of the authenticity and accuracy of all files, will be submitted along with the application, and the applicant is required to have no criminal record.

Successful applicants are required every two years to return to Cyprus at least once in order to ensure the right of abode of the applicant. Successful applicants that meet the above criteria, receive a reply within 2 - 3 months.  Applications that do not meet the above criteria, their application is expected to be completed within 8-12 months.

Procedure for Non-EU citizens to obtain the Cyprus permanent residence permit

As per the regulation the category F “permanent residence” permit,is a long term residency, which can be granted under the following basic provisions:

1. Applicant must spend over €300.000 for the purchase of a property in Cyprus and

2. Provide evidence showing sufficient, secure, annual income from abroad since applicants are not allowed to work in Cyprus (A list of requirements can be provided)

Usually, there is no limit period for the validity of the permanent residency permit. The said permit remains valid provided the applicant will not be absent from Cyprus for a period exceeding 2 consecutive years. It is understood that the applicant cannot acquire permanent residency outside the Republic of Cyprus.

Once the application is then deposited with the Authorities, the applicant will be called for an interview by the Migration Officer in the district they have chosen to reside. The applicant can deposit the application whilst abroad through their solicitor in Cyprus, taking into consideration that the permit will be under the special term that the applicant is obliged to move to Cyprus within 1 year from the date of the permit for residency.

If clients are within the above provisions and plan to move to Cyprus to apply, since the procedure for the permanent residency takes time, in the meantime we would advise to apply and obtain temporary residency for convenience and ease of the applicant and their family.

Sample

--

undefined

FREQUENTLY ASKED QUESTIONS

Q.   Is the personal presence in Cyprus of the person and its family members required? And if yes, for how long?

A. For the granting of an Immigration Permit an application is submitted with the form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Permanent Residency (Category F) which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Board, which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.Since the Immigration will call the applicants for an interview at any time after making the application, it is advisable for the applicant and his family (i.e. the dependents such as spouse and children under 18 yrs) to be in Cyprus when this arises.

Q.   What is the required age for the children to get the residence?

A. Any child under the age of 18 years or a child considered as a dependent must apply as a family with the head of the household.

Q.   What is the effect of getting residency on the European tax and on income?

A. Interest income from deposits with local banks for resident individuals is subject to the special contribution tax for the defense at the rate of 10%Funds are transferable to Cyprus without any tax but you need evidence to prove that the money is legally derived.

Q.   Who can apply for a permanent residence permit?

A. When purchasing a home over €300,000 with funds from outside of Cyprus, you may apply directly for a permanent residence permit without having to wait 5 years under a temporary residence permit.

Q.   Is it easier to get a permanent residence permit if I purchase a home with €300,000 personal contribution with funds from outside of Cyprus?

A. The Cyprus government has offered in such cases to prioritize such applications. Acquiring a property for such a value and over is a positive step in order to obtain a residence permit.

Q.   Can I acquire a permanent residence permit in Cyprus so to be able to live in another EU country?

A. No, once the permanent residence permit is obtained, you will be enjoying freedom of movement within the EU with easier procedures. In the case you do not live in Cyprus for more than 2 years, your permanent residence permit will be revoked.

Q.   How long does it take to receive a permanent residence permit?

A. If you apply from abroad, 6 to 8 months. If you are already holding a temporary residence permit in Cyprus, 8 to 10 months.

Q.   One of my children is 20 years old; can he get a residence permit together with me?

A.   Children over the age of 18 must show independent proofs of income, unless they are supported by the applicant due to special needs they may have or they are students.

--

Please feel free to contact us on info@foytina.com for further details.

The 'Foytina.Com' Team

Foytina is a registered & licensed real estate agency (Reg.No:628 / Lic.No:332/E)