Permanent Residency under Regulation 6(2)
Cyprus Permanent Residency is a legal status which entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations. It does not expire; therefore, the holder does not need to renew it. It is also known as a Cyprus immigration permit or unlimited residency.
I. LEGAL FRAMEWROK
Permanent Residency shall be issued to on EU nationals as investors in property in accordance with Regulation 6(2) of the Aliens and Immigration Regulations, provided that the following conditions are satisfied:
II. INVESTMENT CRITERIA
A. Confirmation letter from a financial institution in Cyprus that he/she 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 overseas.
B. The applicant should prove that he/she has at his/her disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person of his/her family (spouse and children) and by €8.000 for every dependent parent or parent-in-law.
This income should derive from overseas funds, and may include salaries from employment, pensions, dividends from shares, fixed deposits and rental income. For the calculation of the total amount of the annual income, the spouse’s income may be also taken into consideration.
C. Contract of sale for the purchaser of a dwelling home, which has been officially lodged with the Department of Lands and Registry office or a title deed, the value of such property being at least €300.000 plus VAT with official payment receipts of at least €200.000 plus VAT, irrespective of the delivery date, (if the property is under construction).
It should be noted that the full payment of the real estate value shall be settled in an account in a financial institution in Cyprus, with such amounts emanating from overseas funds.
It is further noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic of Cyprus or other member state of the European Union or European Economic Area.
D. For the purpose of complying with the property acquisition requirement, an applicant may purchase up to two housing units which can be independent, but be purchased from the same development company, 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 is at least €300.000 plus VAT. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved.
The pproperty purchaser4 must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company.
Note: It is noted that the alienation of the purchased property without an immediate replacement with another property, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result to the cancellation of the Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.
III. DEPENDENT PERSONS
A. The Immigration Permit issued to an applicant covers his/her spouse and children under the age of 18. Two separate Immigration Permits may be granted to each spouse, if desired, provided that a separate application is submitted and the relevant fee is paid, without being required for the other spouse to satisfy the criterion of the purchase of a property, the secure annual income and the deposit in a financial institution in Cyprus.
The children of applicants who under the age of 18 may be included as dependent persons in both Immigration Permits with the payment of the applicable fees fee.
In the event of the death of an Immigration Permit holder, the spouse is granted an Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations with the submission of an application and the payment of the applicable fee, without being required for the other spouse to satisfy the above criteria.
B. Unmarried children aged between 18 and 25, who are students in an institution of higher education abroad with at least six months of remaining study period from the date of the submission of the application and, furthermore, that they are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit with the payment of the applicable fee.
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. It is noted that every such dependent child, shall submit with his/her application, all the documentation defined in the relevant list.
The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents.
The future spouses or underaged children cannot be included as dependent persons on the permit of the adult child of an investor.
If children wish to study in an institution of higher education in the Republic of Cyprus, they have to submit through the institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, as it is described above, with the condition that their parents present only an additional annual income of €5.000 for every such child.
C. An Immigration Permit may also be granted to the parents and parents-in-law of the applicant/holder of an Immigration Permit with the submission of an application and the payment of the applicable fee, subject to the condition that the applicant/holder of an Immigration Permit presents only an additional annual income of €8.000 for every such dependent parent.
Every such dependent parent, shall submit with his/her application, all the documentation defined in the relevant list.
Applicants who were granted an Immigration Permit without satisfying themselves the conditions of the acquisition of real estate in the Republic, the secured annual income and the deposit in a financial institution, are not allowed to include in their permit their spouses, children and parents.
IV. Investment of a Higher Value for the Inclusion of Children who are not financially dependent:
A. 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 plus VAT.
In event the applicant has a child that is 30 years old and wishes to obtain an Immigration Permit, the applicant must purchase real estate valued at €600.000 plus VAT if the applicant has two (2) adult children, financially independent, he/she must purchase real estate valued at €900.000 etc).
In such an event a payment confirmation for the 66% of the market value of the property must be submitted with the application.
The purchase of property must be made solely in the name of one or/and both parents, or solely on the child or on both parents and the child.
Provided that in such an event each child shall submit the necessary documentation with his/her 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).
V. Non-Investment Criteria:
A. All adult applicants must provide a clean criminal record from their country of residence and their country of origin (if different from their country of residence)
B. The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus.
It is noted that the applicant and/or his/her 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 to be an impediment for the purpose of obtaining an Immigration Permit.
C. The holder of an Immigration Permit according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations is obliged to acquire residence in Cyprus within one (1) year from the date of the issuance of Immigration Permit Certificate.
At the same time, the holder of such a permit, as well as his/her dependent persons who are included in his/her permit are obliged not to be absent from the Republic for more than two (2) years so as to prevent the Immigration Permit from being cancelled
D. 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 apostilled or legalized up to the level of the Cyprus Embassy in the issuing country.
VI. Procedure for the Submission and Examination of an Application:
A. Applications accompanied with the required documents must be submitted directly to the Civil Registry and Migration Department personally or through an authorised representative.
Applications that are submitted through authorised representatives must be accompanied by an authorisation letter from the applicant stating the particulars, full address and contact number of the representative.
B. The application shall be processed by the CRMD and be submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior. An interview with the applicant shall take place only when deemed necessary by the Permanent Secretary of the Ministry of Interior
VII. Time schedule for issuing an Immigration Permit:
It should be stressed that, provided the criteria of this policy are satisfied and there are no reasons with regard to either the criminal record of the applicant or to public order and public security issues, the application shall be examined by the Minister of Interior in a positive manner and an Immigration Permit shall be issued.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed two (2) months from the date of the submission of a complete application.