RESIDENCY IN CYPRUS

RESIDENCY IN CYPRUS

If I purchase a property can I get a Residency permit?

Yes you can!.

FAST TRACK RESIDENCY

 

You can enter the Fast track residency program by purchasing a brand new property ,The property in Cyprus must have a minimum value of €300,000 plus VAT (if applicable), and provide official payment receipts of at least €200,000 (excluding VAT), regardless of the delivery date of the property, with evidence that the investment amount has derived from abroad. Some additional documents are required for the application such as proof of income of approximate €30,000 per year, clean criminal record etc.  The Cyprus permanent residency has no minimum residence time required in Cyprus except visiting once every two years.

Non Europeans can apply for the fast track Cyprus Residency Program by investing at least €300,000 plus VAT (if applicable) in real estate. In Finally, evidence of a secured annual income of at least €30,000 deriving from abroad needs to be submitted. This annual income must increase by EUR 5,000 for the spouse and every additional child and EUR 8,000 for each dependent parent of the applicant and/or his spouse.

In relation to the purchase of a house/apartment, it is specified that:

(a) The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the criteria above.

(b) The said purchase must relate to dwellings sold for the first time by a development company, unless the purchase took place before 07/05/2013.   Sale contracts related to resale of dwellings and have been submitted to the Department of Lands and Surveys before 07/05/2013 (the date of filing of the sale contract will be confirmed by the said Department), will be accepted for the purposes of this policy.

Benefits

  • The application procedure is approved in just two months with a high approval rate.
  • The Residency Permit is permanent, for life.
  • It is not necessary to reside in Cyprus, but a visit once every two years is required and the whole process can be arranged without being present in the country.
  • Dependents can attend high standard private schools, offering English and Russian language courses.
  • Residency applies to the whole family including dependent children up 25 years of age plus the parents of the applicant and/or his spouse.
  • Possible eligibility for Cyprus citizenship under certain criteria

Process

The application is examined by the Civil Registry and Migration Department and approval will be provided by the Ministry of Interior within two months. Once approval has been granted, the applicant and all the members of the family must visit Cyprus within one year to obtain the actual permit.

CATEGORY F RESIDENCY (standard Residency) is flexible and does not have a strict requirement of property purchase. You can purchase a property in Cyprus of any amount. It can also be a resale property. The applicant must show a yearly income of at least €10.000 for one applicant plus €5.000 for each dependent person. This income must be from abroad and can be from salaries, pensions, stock shares, rents. The applicant should deposit in his bank account in Cyprus an amount of approximately €15.000 to €20.000, which is not pledged, it is a simple deposit, the money can be used straight away after applying. The procedure will take approx 10-12 months to obtain the residency.

We work closely with the most experienced Law companies, Financial advisers and Embassies. We can manage all details, documents and submission of applications. We can also assist you in identifying the most profitable property investment opportunities in Cyprus.

A&C BUYCYPRUS LTD can provide you more detailed advice on residency upon request.


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