Valsen Fiduciaries provides immigration services for those who desire to acquire permanent residency in Cyprus. The Ministry of Internal affairs in Cyprus announced a new, rapid and simplified procedure of granting Immigration Permits to third country nationals who wish to invest in Cyprus (under Reg.6(2) of the Aliens and Immigration Regulations).
Application Requirements for a Cyprus Immigration Permit
The applicant should satisfy the following requirements:
- The applicant must prove that he has at his disposal a secured annual income of at least €30.000 from sources other than employment in Cyprus, such as from:
- Wages for work outside Cyprus,
- Stock shares,
- Fixed deposits,
- Rents etc.
This annual income is increased by €5.000 for each dependent person. A dependent person is either the wife of the applicant or the children under 18. Adult Children should submit their application independently and must meet all the criteria without exception.
- The applicant must submit his application accompanied with a title deed or contract of sale of an immovable property in Cyprus, worth at least €300,000 (excluding VAT) and official proof of payment of the amount of at least €200,000. The said purchase must be sold for the first time by a development company.
- The applicant must provide a certificate/confirmation letter issued from a Cyprus Bank that he has deposited a fixed minimum amount of €30.000. – In an account in Cyprus for a minimum period of 3 years.
- The applicant must submit a Criminal Record Certificate, which must be certified by the Cyprus Embassy in his country of origin or apostilled and the applicant should prove that he would not constitute a threat to the public order or the public safety in any way.
- The applicant and his wife should submit a declaration that they do not intend to be employed directly or indirectly in Cyprus, paid or unpaid. The above does not preclude the applicant or his/her dependents from being a shareholder in a Cyprus registered company, which operates in Cyprus.
- He should visit Cyprus at least once every two years. If the above criteria are met and provided there are no reasons relating to either the criminal record of the applicant, or grounds of public policy and public security, the application will be examined by the Minister of Internal Affairs in a positive way and an immigration permit will be issued. The period of examination will not exceed 2 months from the date of its submission.
Categories of Cyprus Permanent Resident Permit
The Permanent Resident Permit may be obtained also by applying through one of the following categories (referred to in Regulation 5 of the Aliens and Immigration Regulations):
- Category A: Individual with a capital of €.430.000.- who intends to work as self-employed in agriculture, cattle breeding, bird breeding or fish culture in Cyprus, provided that he has in his possession adequate land or a permit to acquire same and such an employment should not negatively affect the general economy of Cyprus.
- Category B: Individual with a capital of €.350.000.- who intends to work as self-employed in mining enterprises in Cyprus, provided that a permit for mining is secured and such an employment should not negatively affect the general economy of Cyprus.
- Category C: Individual with a capital of €.260.000.- who intends to work as self-employed in a trade or profession in Cyprus, provided that a relative permit is secured and such an employment should not affect negatively the general economy of Cyprus.
- Category D: Individual who intends to work as self-employed in a profession or science in Cyprus, with academic or professional qualifications, for which there is demand in Cyprus. Possession of adequate funds is also necessary.
- Category E: Individual who has been offered permanent employment in the Cyprus, which will not create undue local competition.
- Category F: Individuals who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9568,17 for a single applicant and moreover at least €4613,22 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary.
Conditions for Cancellation of a Cyprus Immigration Permit
An Immigration Permit will be automatically cancelled if:
- The interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus.
- It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
Dependents of a Permanent Resident Permit holder (wife or children under the age of 21) can also obtain the Permit. Those who acquire the Immigration Permit may apply for a Citizenship/ Cyprus Passport after 7 years of residence in Cyprus and the issuance of the permit.
The fees for the granting of an Immigration Permit amount to €500 and are paid against a receipt upon submission of the application.
The most common category is Category F which has recently attracted many non EU citizens who wish to obtain Cyprus Permanent Residence Permit without the right to work.
You may apply for this Permit either by Fast Track Procedure under Regulation 6(2) (period of examination 1-2 months) or Category F under Regulation 5(F) (period of examination 5-12 months).