The republic of Cyprus has a well-established fast track procedure allowing citizens of third countries (non-EU members) and their families to acquire permanent residence. An immigration permit under section 6 (2) of the Aliens Immigration Regulations of 1972, as amended, which provides permanent resident status, will be issued to individuals who acquire, by purchase from a property developing company, a property in Cyprus for the purpose of the occupation by them and their family. The property must have a minimum price of €300,000 excluding VAT and it must be the initial sale of the property rather than a resale.
Permanent Residency
For non-EU nationals seeking to acquire a Permanent Residence Permit in an EU country, Cyprus has proven to be an ideal destination. In an effort to streamline the process for international investors interested in using Cyprus as a gateway for their business in Europe, the Cyprus Ministry of Interior has created a fast-track method to permanent residency.
In addition, the applicant must maintain a fixed deposit of at least €30,000 with a bank in Cyprus for three years and be able to demonstrate a secured income of a specified amount, which must not come from activities or self-employment in Cyprus, but overseas. The minimum amount for the main applicant is currently set at €30,000 plus €5,000 for each dependent and €8,000 for each parent (either parent of main applicant or spouse) who is included in the application. Each case is examined on its own merits and the total amount needed may vary depending on the personal circumstances of the applicant.
The Process
1
Gather all necessary documents
Applicant must gather all necessary papers required for application. The documents must be officially translated into Greek or English and certified with apostille (if in a country which has signed the Hage Convention of 1961) or stamped by the Ministry of Foreign Affairs and relevant Cyprus Embassy.
2
Sign purchase agreement
Selected property/ies (through visit to Cyprus or via correspondence). Sign purchase agreement and transfer funds to a secure account. Receipt issued by a developer which is required for application.
3
Submission fee
Payment of submisson fee €500 for the applicant.
4
Application and documents lodged
Application lodged, together with the property purchase agreement and all required documents, at the Civil Registry and Migration Department (CRMD).
5
Fast Track Residence Permit
Fast Track Residence Permit form CRMD within a 3 month period.
6
Visit Cyprus is mandatory
Applicants must visit Cyprus after receiving approval to provide authorities with their Biometric Data and to collect their Residence Permit Cards.
7
Immigration Permit
The Immigration Permit issued to an applicant covers his/her spouse and children under the age of 18.