Permanent Residency in Cyprus

PROCEDURE AND REASONS FOR ACQUIRING A PERMANENT RECIDENCE PERMIT IN CYPRUS FOR

NON -EUROPEANS

 

 

 

ADVANTAGES OF CYPRUS RESIDENCY:

• Issued within 2-3 months
• Life-long (no need for prolongation)
• Qualified for all family members including children
• No obligation to reside for at least 3 months a year to keep it (like in other European countries) - you just need to visit Cyprus at least once every two years
• Possibility to have a business in Cyprus (receive dividends)

Reasons for acquiring a Permanent Residence

There are many advantages in obtaining a Permanent Residence Permit (PR) in Cyprus. Once a PR is granted by the Civil Registry and Migration Department of the Ministry of Interior, the holder of such permit is automatically allowed to move to Cyprus permanently, stay in Cyprus for an indefinite period of time and travel in and out of Cyprus any time he wishes with no restrictions whatsoever, avoiding all time consuming migratory formalities before the Consulate/Embassy of Cyprus in his Country. Also, according to Cyprus Immigration Policy of the Aliens and Immigration Regulations in Cyprus, dependents of the P.R. applicant may also be included to the PR application of the applicant. The applicant is usually the leader of the family as long as he can prove that he has the financial ability to support their stay in Cyprus. Dependents include the spouse of the applicant and children under the age of 18, or children between the ages of 18 –25 provided that they are students or the elder parents of the applicant and his/her spouse.

The PR permit will still remain valid even after the PR holder turns 25 years old and even if he is no longer single and/or a student and/or financially dependent on his parents. It is understood that the adult child’s future husband and/or children will not be entitled to obtain the PR.

There are different categories and procedures that apply to different cases of Non-Europeans who wish to acquire a Permanent Residence Permit (PR) in Cyprus and many reasons to do so.

The most common category is Category F, which refers to the Standard Procedure of the Permanent Residence Permit. However, recently a new Fast –Track procedure has come in force, according to the decision of the Minister of Interior of Cyprus on 22/08/2012, which is known as the Regulation 6(2) Procedure.

The regulation 6(2) has been recently amended according to an announcement of the Minister of Interior dated 02/02/2016. By these amendments many of the uncertainties of the previous announcements are now cleared and many changes have been introduced so the Regulation is now more attractive and convenient for the potential applicants.

The PR is mainly directed to the Non-Europeans who wish to live in Cyprus permanently with their families and have the financial ability to support their family without working in Cyprus, since the PR gives to the applicant and his family the right to live in Cyprus, but does not give them the right to work in Cyprus. However, the Ministry of Interior have recently decided that holders of a PR according to the Regulation 6(2) procedure are no longer obliged to actually emigrate and live permanently in Cyprus. If they do not wish to do so, they have the obligation to visit Cyprus within one (1) year from the approval date and then at least once every two (2) years.

If a Non-European decides to live with his family, if any, in Cyprus permanently, before acquiring a PR, he has to apply for a Temporary Residence Permit, so that they can all stay in Cyprus longer than a standard tourist visa, under a legal status.

The Procedure under Regulation 6(2)

The procedure under Regulation 6(2) is much easier, quicker and it addresses to applicants with specific financial criteria. If the applicant does not meet the criteria, then his application for P.R. under the Regulation 6(2) will not be accepted, but he can still apply under the standard procedure (Category F). The examination of the Regulation 6(2) procedure takes up to two (2) months from the day it is submitted and even if the applicant meets the criteria of the list given, the application is usually accepted, the Ministry of Interior has the absolute discretion to reject the application, especially for reasons related to the truthfulness of the statements of the applicant, the authenticity of the documents provided and reasons of national safety.

List of necessary documents for PR applications under Regulation 6(2).

1. Relevant Application Form MIP1. (This is a form which must be signed by the applicant)

2. Copy of Valid Passport of applicant and all the dependents of the applicant.

3. Curriculum Vitae (C.V.) for the applicant and his spouse.

This is a short Biography through which the applicant will introduce himself and summarize his work and academic

qualifications, his marital and personal status, education, occupation and business activities, hobbies and reasons for residency to Cyprus. It is always better that the C.V.  be accompanied by supporting documents such as University Diplomas, Degrees if any.

4. A Confirmation letter from a Cypriot Bank stating that the applicant has deposited a minimum capital of €30.000,= in a Fixed Deposit Account which will be pledged at least for a three (3) year period and the Original Bank Statements. This very important clause is that this amount must be proven to be transferred from abroad.

5. Proof of a secured and sufficient income generated from legitimate source/sources abroad. This is one of the most important parameters that the Applicant must fulfill in order to obtain a PR. The Applicant signs a declaration by which he declares that he has a secured and stable annual income from abroad, high enough to give him and his family a decent living standard in Cyprus, without having to engage to any trade or profession within the Republic of Cyprus. The declaration must be accompanied by all the documents, evidence, proof etc, proving what is stating in the declaration, such as work certificate from employer, dividend certificate and certificate of shareholder in case the applicant is a shareholder in a company, bank statements and in general any proof of any kind of income. All the above documents must be officially translated into the English language and notarized.

According to the procedure under Regulation 6(2),the Applicant’s and his spouse’s yearly income must be at least €30.000,= plus at least €5.000,= for each dependent child plus at least €8.000,= for each dependent parent of the applicant and/or his spouse.

6. Sales Agreement of the purchase of immovable property in Cyprus of minimum market value of €300.000,= plus VAT and receipts of payment of at least €200.000,=. The contract must be stamped with the stamp duty and deposited at the Land Registry Department. Also, the amount paid must be proven to have been transferred from abroad. For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value €300.000. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved. The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company.

7. Official Statement that the applicant and his spouse do not intent to work or to be engaged in any form of business in Cyprus. This is a standard form that the Applicant and his spouse must sign.

8. Clear Criminal Record Certificate for the Applicant and his spouse. This Certificate must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other European Embassy in the country which issued the certificate.

9. Marriage Certificate. This Certificate must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other European Embassy in the country which issued the certificate.

10. Birth certificate of the Applicant’s children. This Certificate must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other Europe an Embassy in the country which issued the certificate.

11. Health Insurance in Cyprus for the Applicant, his wife, children and elder parents. The medical insurance is required by the Civil Registry and Migration Department of Cyprus, so that the applicant and his family may cover any medical expenses during their stay in Cyprus without burdening the Public Health System.

Provided that the above criteria are fulfilled and no further questions arise with respect to the Criminal Record of the applicant for purposes of national safety, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit shall be granted. It is estimated that when applying the procedure described above, the period for examination of the application, is up to two (2) months.

The Immigration Permit will not be cancelled provided that the applicant will visit Cyprus at least one (1) time every two (2) year period, provided that the applicant and his spouse do not work in Cyprus and provided that the applicant does not sell the property he owns in Cyprus without replacing it immediately with another one of same or higher value. The Immigration Permit issued to an applicant covers his spouse and children under the age of 18. Unmarried or married children of ages between 18-25 provided that they are financially dependent on the applicant and provided that are students, may submit a separate application to obtain a P.R. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. Such a PR shall be valid "for so long".

The PR permit will still remain valid even after the PR holder turns 25 years old and even if he is no longer single and/or a student and/or financially dependant on his parents. It is understood that the adult child’s future husband and/or children will not be entitled to obtain the PR.

An immigration permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired property attributed to each such child is at least €300.000,= (excluding V.A.T.), e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a property valued at €600.000, if the applicant has two (2) adult children, financially independent, he must purchase a property valued at €900.000 etc. In such an event a confirmation of payment for the 66% of the market value of the property must be submitted with the application (e.g. €400.000 for a property of a market value of €600.000). Provided that in such an event each child shall submit the necessary documentation with his application (e.g. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which is bound for 3 years).

Note: The applicant and his/her dependent s need to be physically presented either during the submission of the application or at the time of the approval as from 08/02/2016 the P.R. Approvals are given in a form of digital ID cards for each member of the applicant’s family. This means that the applicant and his/her dependents need to give fingerprints, digital photo and digital sample of their signature to the Ministry in order for the ID cards to be prepared within (10) working days.

The standard procedure under Category F

According to the standard procedure under category F of the Aliens and Migration Regulations, the applicant during this procedure has to prove that he has the financial ability to provide to him and his family a decent way of living in Cyprus, without working in Cyprus. And during this procedure it is taken into serious consideration if the applicant with his family really wish to live in Cyprus permanently and whether they have already moved here, under the Temporary Residence status.

We have prepared a detailed list of the documents required for this specific category, with detailed explanation. The examination of this specific procedure takes up to twelve (12) months.

List of necessary documents for PR applications under Category (F)

1. Relevant Application form.

2. Copy of Valid Passport.

3. Copy of the temporary residence permit (if any). If the applicant wishes to actually move to Cyprus permanently, or just stay in Cyprus longer that the travel visa, the issue of a temporary residence from the Immigration Department is necessary.

4. C.V. Curriculum Vitae for the applicant and his spouse.

5. Proof of a secured and sufficient income generated from legitimate sources abroad.

All the above documents must be officially translated into the English Language and notarized.

There is no standard amount which the law requires as an annual income for the standard procedure. The requirement is only that this income must provide to the applicant and family a decent standard of living in Cyprus or abroad. The higher the applicant’s income is, and the higher the entire financial status of the applicant is, the more his possibilities for a P.R are.

6. Bank statements from Cypriot Banks. There are not standard provisions on the kind of bank account or the amounts deposit. However, the higher the amounts deposited and the longer the period of deposit, the better are possibilities of the application.

7. Sale Agreement of the purchase of immovable property in Cyprus of any price. The Contract must be stamped with the stamp duty and deposited at the Land Registry Department. Also the amount paid must be proven to have been transferred from abroad. The applicant must provide to the Migration Department receipts which prove the full payment of the purchased price of the property. The applicant may apply under this procedure even in cases where the property he purchased is under €300.000,=. However, the higher the price of the property is, the more chances the application has for approval.

8. Clear Criminal Record Certificate for the applicant and his spouse. This must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other European Embassy in the country which issued the certificate.

9. Birth Certificate for the applicant’s children. This must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other European Embassy in the country which issued the certificate.

10. Marriage Certificate. This must be officially translated in the English Language, notarized and then authenticated by the Ministry of Foreign Affairs of the country which issued the certificate and then stamped by the Embassy of Cyprus in the country or any other European Embassy in the country which issued the certificate.

11. Health Insurance in Cyprus for the applicant, his wife, children, if any and elder parents. The applications for such insurances are signed by the applicant and it s spouse during a meeting in our office to save valuable time of the  applicant. The application will be examined in a period of twelve (12) months and all the factors and circumstances of the applicant are taken into consideration. It is always considered in favor or the applicant to show his intension, if there is such intension, for him and his wife to move in Cyprus permanently.

The entire financial status of the applicant and family is the key for a successful application, which is in the absolute discretion of the Ministry of Interior. The application under any category is not necessary to be filed personally, by those who do not wish to live in Cyprus permanently. It can be filled through our office.

Note: The applicant and his/her dependents need to be physically presented either during the submission of the application or at the time of the approval as from 08/02/2016 the P.R. Approvals are given in a form of digital ID cards for each member of the applicant’s family. The applicant and his/her dependents need to give fingerprints, digital photo and digital sample of their signature to the Ministry in or der for the ID cards to be prepared within (10) working days.

 

Patrimonio offers an “A to Z” service for non-EU citizens seeking residency in Cyprus by means of buying a property.

Over the many years of successful work, we have arranged residence permits for hundreds of families from all over the world, including Russia, CIS countries and China.

Patrimonio undertakes all the arrangements to obtain a residence permit in Cyprus. We also offer a large selection of beautiful Cyprus properties qualified for obtaining residency.

Please contact us for more information.