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INVESTMENTS

Cyprus Residency

PERMANENT RESIDENCE

Main requirements needed to gain Permanent Residency:

  • Purchase a property worth over €300,000 +V.A.T. (5%)
  • Create a long term deposit in a Cypriot bank of €€30,000 which will be pledged for at least a three year period.
  • The property must to be new, not resale.

Persons 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 €9569.17 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. Most applicants come under this Category, the majority of them being pensioners or retired persons.

For the granting of an Immigration Permit application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above or through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Board which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.

passport-largePASSPORT ALLOWANCE

As per the announcement by the Cyprus Government dated 24th May 2013, you, your spouse and your dependents children ( students up to the age of 18 ) are entitled to a Cyprus Passport (Citizenship) with a direct investment into properties at a minimum value of €5 million plus vat, and by owning a private residency of at least €0.5 million plus vat.
By investing, you and your family members,  become Cyprus Citizens / EU Citizens, which allows the same rights as any other European citizen , such as freedom of movement, freedom of employment, etc. in any EU Member State.
Please note that our services include handling of your application and other procedural aspects, so as to receive your passport in a timely manner. The investment must be retained for at least 3 years and thereafter this period you may, if you choose to do so, sell or retain the investment
We are at your service to for further discussions

THE INSTRUCTIONS FROM THE MINISTRY OF INTERIOR

The Minister of Interior has decided on the preferential treatment for immigration permits categories F, ( as it is stated in the Aliens Immigration Law of 1972 until 2004), which regards the citizens of third world countries who have purchased a house to use as their personal residence in Cyprus, and whole value is not less than €300.000. The immigration permit mentioned above, is also valid as a Permanent Permit in Cyprus and its holders are exempted from time consuming immigration procedures which are necessary for other categories of citizens of third world countries who wish to enter Cyprus (e.g. Consulate valuations, renewals of residency permits, re-entry permits etc). [Preferably, the property must be written on the name of the Immigration Permit Applicant].

Cyprus Migration Policy Category F relates to people that are third-country nationals which will not be working in Cyprus but will remain in Cyprus as permanent resident. They must have at their disposal a secured annual income of at least 9568.17 euro and a further 4613 euro for every dependent person who may, for example, emanate from pensions, shares or even permanent deposits. This income however must not emanate from any employment or self- employment in Cyprus but only from abroad. The immigration control board may demand additional income. Category F concerns persons who are citizens of a third world country and personally own at their full and free disposal a secured annual income of an appropriate amount, which is not derived from any work (employment nor self-employment) done in Cyprus, but from work that would be done abroad.

QUESTIONS ON CATEGORY F

Category F was initially directed to people that arrives in Cyprus and remains in Cyprus as tourists and has their income arrive from abroad.

During the peak of the financial crisis the Minister of Interior decided to combat the ongoing crisis by presenting a new regulation regarding Category F by providing incentives to third country citizens. Below is a quote from the original regulation that was decided on the 28 of May 2009.

The objective:

‘This parameter is part of the efforts which the government is making to face the world financial crisis, and especially to strengthen the real estate market in Cyprus, by increasing incentives of citizens of third world to purchase house’.

The decision:

‘The Minister of Interior has decided on the preferential treatment for immigration permits categories F, (as it is in the Aliens Immigration Law of 1972 until 2004), which regards the citizens of third world countries who have purchased a house to use as their personal residence in Cyprus, and whole value is not less than 300.000 Euro’.

The result:

‘The immigration permit mentioned above, is also valid as Permanent Permit in Cyprus and its holders are exempted from time consuming immigration procedures which are necessary fot other categories of citizens of third world countries who wish to enter Cyprus (e.g Consulate valuations, renewals of residency permits, re-entry permits etc)’.

The application:

‘Category F concerns person who are citizens of a third world country and personally own their full and free disposal a secured annual income of an appropriate amount, which is not derived from any work (employment nor self-employment) done in Cyprus, but from work that would be done abroad’. Therefore Third Country Nationals that can quality for Category F should be: · Persons who posses 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 of profession. · The annual income required should be at least 9.568.17 Euro for a single applicant and moreover at least 4.613.22 Euro for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons. When the permit is issued:

The right to reside permanently is Cyprus goes enough 2 stages:

  1. Temporary residence permit (pink slip)
  2. The applicants are allowed to apply for the permanent residency which gives them the right to reside for life

*Applicants that reside in Cyprus for 5 years and more can apply the Cypriot Citizenship. The approval for Category F applicants are subjects: To their applications and whether it qualifies and Upon the approval by Government Committee appointed to decided on this matter.

FORMS TO BE COMPLETED

  • Form M.67: Application for Immigration Permit under any of the Categories A to F, Inclusive, of Regulations 5 of the Aliens and Immigration Regulation Cap. 105
  • Affidavit

Relevant documents required after forms have been completed

  1. Notarised Passport Copy
  2. Curriculum Vitae
  3. Original Documents of Bank Deposits
  4. Original documents and Affidavit to prove income from other sources other than employment (e.g. income from shares, companies, property, industry)
  5. Original documents to prove the purchase of property in Cyprus (the contract is required that also states the price of the property)
  6. Documents that prove occupation
  7. Utility Bill (for example, electricity bill to prove the country of residence)
  8. House deed and any additional property deeds.
  9. Reference Letter from the foreign bank.
  10. Health Insurance Certificate (Resident in Cyprus).
  11. Certificate of Clean Criminal Record.
  12. Marriage Certificates.
  13. Birth Certificates.
  14. Bank guarantee
  15. Two (2) photographs for each member in the family.

All documents must be translated to English language and stamped from the Cyprus embassy in your country.

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