CYPRUS PERMANENT RESIDENCY SCHEME
A Permanent Residence Permit is an official authorization that a person has the right to reside in Cyprus indefinitely, subject to certain conditions.
The most popular option under the Aliens and Immigration Regulations ( the "Regulations") is the fast track process.
Fast Track Process under Regulation 6(2) of the Regulations, also known as Category 6(2) application. Permanent residence application under the fast track process takes up to 2 months to be examined by the Ministry of Interior from the date of submission of a complete application.
The financial criteria of the applicant for a Permanent Residency Permit are as follows:
· The acquisition of a residential property in Cyprus of a purchase price of at least €300.000 plus VAT evidenced by a contract of sale, receipts of payment of at least €200.000 of the purchase price and a letter from a Cyprus bank that the funds were transferred from abroad;
· A deposit of a minimum of €30.000 in a bank account with a Cyprus bank, pledged for a period of at least three years; and
· A secured annual income from abroad of at least €30.000 plus €5.000 for each dependent spouse or child plus €8.000 for each dependent parent.
Other criteria in support of the application:
· A copy of a valid passport for the applicant and his/her dependents;
· Curriculum vitae of the applicant and his/her spouse;
· A certificate of clean criminal record from country of residence duly translated and certified. This requirement is also applicable to the applicant’s spouse;
· A marriage certificate, duly certified (official and certified translation);
· A birth certificate for each child, duly certified (official and certified translation);
· Health insurance policy for the applicant and his/her dependents; and
· Official statement that the applicant does not intend to take any sort of employment in Cyprus. This requirement is also applicable to the applicant’s spouse.
Parents and in-laws of the applicant and children between 18-25 years old:
It is now possible for parents of the applicant and the parents of the applicant’s spouse to apply as part of the application of the original applicant without having to fulfill the financial criteria referred to above, provided that the applicant is able to evidence a secured annual income of at least €8.000 for each parent.
In order to make the Residency Program even more attractive, the Cyprus government now enables children between 18-25 years who are studying at universities to obtain a Permanent Residency Permit together with their applicant parent without having to fulfill the financial criteria above separately, provided that the applicant is able to evidence a secured annual income of at least €5.000 for each such child. This has proven to be a huge incentive for applicants and has led to record applications being submitted since its introduction by the Cyprus government.
The application and supporting documents can be lodged once evidence can be provided that at least €200.000 plus VAT of the purchase price has been paid to the seller. The examination time under the accelerated procedure is two months from the time the complete application and supporting documents are submitted.
Duration and Revocation of Permanent Residency Permit:
The Permanent Residency Permit is obtained for an indefinite period. The Permanent Residency Permit holder and the dependent persons who are included in the permit must visit Cyprus at least once every two years. If the applicant and his dependents are absent from Cyprus for more than two years, the permit will automatically be revoked.
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