The immigration laws of the Republic of Cyprus provide investors an inimitable opportunity to invest in Cyprus economy and gain Permanent Residence permits. There are many third country national investors that would like to obtain a Permanent Residence visa in order to enjoy the privileges of the Republic of Cyprus, which can either be privileges in their Country or regarding their stay in Cyprus or their movement within European Union Countries.
New Accelerated Procedure for Permanent Residency
A new and accelerated procedure for granting Immigration Permits according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations has been introduced by the Minister of Interior for applicants that are third country nationals and invest in the Republic of Cyprus. It is estimated that the application will be examined in no longer than two months from the date that the application is submitted. Any third country national that has applied for an Immigration Permit under Category F can submit additional documents in order to have their application examined according to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations on a much faster basis. The application will be examined on a fast track basis by the Civil Registry and Migration Department and will be submitted immediately to the Minister of Interior for a decision.
Criteria for accelerated procedure
The applicant must prove that he/ she has at his/ her disposal a secured minimum annual income of €30,000 from sources other than employment in Cyprus. The necessary minimum annual income is increased by €5,000 for each dependant person. The required income could derive from salaries of employment abroad, pensions, rents etc. The applicant must also submit a confirmation letter from a Cypriot Bank stating that they have deposited a minimum capital of €30,000 in an account that will be in a fixed deposit account for three years. The applicant must also buy a property in Cyprus for a minimum market value of €300,000 and proof of payment of at least €200,000 or if the property is bought from an off-plan project the first stage payment must be proved. The applicant must not engage in any work or business in Cyprus. The applicant must not constitute in general, a threat against public order or security in Cyprus and must therefore have a clean criminal record.
Documents Required for Permanent Residency
- Copy of a valid passport
- Copy of a valid temporary residence permit
- Marriage certificate
- Children’s birth certificate
- Two passport photos for each member of the family
- Recent Curriculum Vitae
- Statement of deposits in a Cypriot Bank account
- Any bank accounts and their recent balance
- Recommendation letter from a bank (certifying that the applicant is a creditworthy client and always meets the banks requirements)
- An income declaration from business etc (original documents are required as well as an affidavit)
- Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other building of a minimum market value of € 300,000 and proof of payment of at least € 200,000. If the property is bought from an off-plan project then the first stage payment receipt is required. If the title deed is issued then this deed is required. The contract must also be stamped and deposited at the local Land Registry Office
- Health Insurance Policy
- Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from the applicants Country or notarized)
- Official statement that the applicant does not intend to work or be engaged in any form of business in Cyprus
All documents must be original, officially translated and properly validated.
What happens next?
When the application is successful the client must come to Cyprus at least once every two years for the Permanent Residence visa not to be cancelled.