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Criteria for Cyprus Residence Permit

28 May 2015

New criteria have been introduced with regard to foreign citizens who wish to obtain a permanent residence permit in Cyprus.

The permit exempts the holder from immigration entry procedures (i.e. Visitor’s Visa) and their family can also obtain it (spouse and children under 18 years old). The Permit issued to an applicant covers his spouse and children under the age of 18. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit.

The Permit is granted for an indefinite duration.

The following Quantitative Criteria must apply:

-         The applicant should submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date for the delivery of the dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.

-         The applicant, together with his spouse, should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.

-         The applicant should submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.

-         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.), as described above, (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 dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc.). In such an event a confirmation of payment for the 66% of the market value of the dwelling must be submitted with the application (e.g. €400.000 for a dwelling 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).

 

The following Quantitative Criteria must apply:

-          The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.

-          The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.

-          The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.

-         All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.

 

Procedure for Application:

Applications are submitted to Civil Registry and Migration Department (CMRD) personally or through an agent and a fee of €500 is payable when submitting the application. The application is reviewed by CMRD and the Ministry of Interior shall notify the applicant or his agent and the CRMD as to the decision of the Minister of Interior. The processing time is about 2-3 months.

 

Our services:

We can assist you for any of the two options described (either the Permanent Residence or Citizenship applications) and I remain at your disposal for any further information you may require.

 

In particular we assist in the following:

-          Consult on the requirements of the application process and advise on questions / issues that need to be clarified

-          Assist in drafting relevant required documents and submit the complete application to the authorities on client’s behalf

-          Continuous review of the application documentation to ensure required quality standards and monitor the status of the review by the authorities and debrief the client

-          Act as a liaison with authorities during the examination of the application