Are you are you thinking of moving to Cyprus and wondering how easy it is to do the legal process? In this article i will briefly cover some basic topics of how to acquire the permanent residency in Cyprus.Unfortunately, the Cypriot government withdrew the Citizenship by Investment program because of the fames Al Jazeera Documentary so the only option now is the Permanent Residency.
There are two ways to get the Permanent Residency:
1) Permanent Residence Permit scheme:
Non – EU nationals are able to acquire a guaranteed a residency permit in Cyprus through investment in Cyprus real estate.
Requirements:The requirements for the Cyprus Residence Permit scheme are:
- A purchase of residential property with a minimum value of €300,000 (+VAT 5% of its the first purchase)
- Deposit a minimum amount of €30,000 into a bank account in Cyprus, for a minimum period of three years.
- Provide evidence of a secure annual income of at least €30,000. This required annual income, increases by €5,000 for every dependent family person, and by €8,000 for every dependent parent or parent-in-law that will reside with you in Cyprus. (Example: Father is the applicant and has two kids, we need evidence of annual income €40 000)* Applicant also need to provide a recent clean criminal record, issued by the authorities of the country of existing residence.
Of course we can find a property for you to buy, make all the necessary research to make sure that the property is safe to buy. We can also provide other immovable property services such as:
- Power of Attorney Preparation for Purchase of Property
- Permission for Acquisition of property by foreigners
- Due Diligence before Property Purchase
- Drafting Property Reservation Agreements
- Real Estate Sale Agreements Draft or Review
- Rental agreements advice and preparation
Additional Information:- The residence permit does not allow the applicant to undertake any kind of employment in Cyprus (since the scheme aims to attract Investors that bring money to Cyprus).
- Holders of the residence permit must visit Cyprus once every two years.
- Residence permit holders are however permitted to own a Cyprus company or shares in Cyprus companies and receive dividends. (Tax Free).
- Residence permits can also be issued to the investors’ family (wife, children, parents)
Cyprus citizenship by Naturalization:If you acquire your Residence Permit and reside in Cyprus for the next 7 years then you will be eligible for Cypriot Citizenship.
2) Cheaper way for the Residence Permit – Non-EU Nationals:
There is also another way without buying a property for EUR 300 000. The main disadvantage of this method of application is that it takes up to a year (but in practice it may even take longer) to have the Ministry of Interior’s decision. So first of all you will have to rent or purchase a residential property (no minimum value). After that there are also some additional requirements.
So what are the requirement for this method:- Applicant does not maintain employment in Cyprus;
- Minimum annual secured income of approximately EUR 10,000 from sources outside of Cyprus (increased by EUR 5,000 per dependent person)
- Income is secure and provides stable support for the applicant and their family in the long run (including supporting evidence that all financial needs of the family are adequately covered)
- Income is derived from legally acceptable sources abroad
- No sanction order to have been made against applicant or any dependents
* Applicant also need to provide a recent clean criminal record, issued by the authorities of the country of existing residence. This method provides the advantage of renting a house instead of buying it and if you decide to buy a house it can be of any value. Tip: Also a good thing to know is that once the application is filed, you will be free to travel outside Cyprus without any restrictions.
3) Also another way without any of the above mentioned requirements:
Non-EU citizens may apply for Cyprus Permanent Residency upon at least 5 years of continuous legal stay in Cyprus and having held a Temporary Resident Permit for the entire preceding period.
Cyprus permanent Residency for EU-Citizens:
If you are an EU – Citizen and you are coming to Cyprus you will need to register with the authorities if you spend more than three (3) months here. Also there is not any employment restrictions and you can work here in Cyprus.
What documents are required:- Valid passport or valid Identity Card (to be presented to the authorities).
- Certificate of Medical Insurance in the Republic (we can take care of this – fixed price EUR 150).
- Rental Agreement or Contract of Sale.
* The application must be submitted before the expiration of the 3-month period to the Civil Registration and Migration Department (a fine is applicable in case of late application).
Additional Information: - Physical presence of each applicant shall be required at the Immigration Department in order to submit biometrical fingerprints.
- A copy of the employment agreement is required (if applicable)
- The members of the family of a European citizen (applicant) have the right to exercise an employment or self-employment activity in the Republic of Cyprus.
Tip: Registration certificate (“yellow-slip”) is issued within a time period of between 2 weeks to 2 months. These time frames are given by way of an indicative reference.
How we can assist:
- Advise and assist the applicant to complete the application procedure
- Fill and file the relevant documents for you to the authorities
- Registering a company in Cyprus (Tax structures for dividends, royalties, capital gains, interest income)
- Find a property for you to buy or rent with the help of our associates Real Estate agents
- Take care of legal part of buying an immovable property (draft agreements, research about the property etc.)
- Open bank accounts in Cyprus and also register with different authorities like Social Insurance, VAT etc.
- Conduct an examination of the applicant’s circumstances and give an advice if the requirements of the residency permit are being met.Since we are a small Law Office, we have α more personal relationship with our customers and more frequent communication. Also, all your details are revealed only to the necessary people, something that is not done in large offices and companies.
If you are interested in registering a company in Cyprus or becoming a resident in Cyprus then send us a message for a Free discussion.Also feel free to call us directly or write on Whatsup: Tel:+357 97680423Written by Grigoris Aivazidis – Financial Advisor LA Law Firm
