PERMANENT RESIDENCY IN CYPRUSChristos Paraskevas
Permanent residency on a “normal-track basis” (known as a Regulation 5 (f) application)
The minimum requirements are as follows:
• Minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by approximately EUR 5,000 per dependent);
• Applicant does not maintain employment in Cyprus;
• Income is derived from legal sources abroad;
• Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered);
• Clean criminal record;
• 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. It should be noted, that once the application is filed, the applicant is free to travel to and from Cyprus without any restrictions.
The main disadvantage of the above method of application is that it takes up to a year (officially – in practice it may even take longer) to have the Ministry of Interior’s decision.
Permanent residency on a “fast-track” basis (known as a Regulation 6 (2) application)
The minimum requirements for applying and obtaining a permanent residency permit in Cyprus by investment (“fast-track”) are as follows:
• Acquire new residential premises in Cyprus of a minimum value EUR 300K (excluding VAT );
• Open and maintain a fixed deposit in a Cyprus bank of a minimum of EUR 30K for three consecutive years.
Moreover, the applicant is required to meet the following additional conditions:
• Maintain secured annual income originating from abroad of at least EUR 30K. For each dependent person added to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by EUR 5K. The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the fast track permanent residency applications), it is also possible for the income to be derived from dividends of a Cyprus company. It is important to note that employment in Cyprus is prohibited for this type of permit application.
• An initial payment of at least EUR 200K (excluding VAT) for the residential property to be purchased, is required to have been paid by the date of filing of the application;
• A confirmation letter from a Cyprus bank where the fixed deposit of EUR 30K is maintained, indicating the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
• A clean criminal record certificate issued by the applicant’s country of origin;
• A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus;
• The applicant must visit Cyprus at least once every two years;
• No sanction order to have been issued against him/her or any dependent;
Once the completed application has been submitted to the authorities, a decision is reached within 2 months.
For more information please send us an email at [email protected] or call us at +357 22 432800