Given this new procedure and the savings of thousands of Euros due to the discounted transfer fees, now is the best time to buy property in Cyprus.
Our Experienced Legal Representatives, who prepared this information, are willing to be your authorised representative, to undertake the submission of the application on your behalf, at areasonable fee,
Submit the application accompanied with Title deeds or Contract of sale (submitted to the Department of Lands and Surveys) for a property purchased in Cyprus of a minimum value of €300.000 and proof of payment for at least €200.000
Prove that they have at their disposal a minimum annual income of €30.000 transferred from overseas. The amount requirement increases by €5.000 for each dependent child, €8.000 for each dependent parent (applicant’s or spouse’s)
Submit a letter from a Cypriot Bank confirming they have deposited an amount of minimum €30.000, to be deposited in the account for 3 consecutive years. The amount should be sourced from overseas. The amount must be transferred to Cyprus from abroad.
Provided that the criteria described above are fulfilled, the application shall be examined by the Minister of the Interior and the permit shall be granted within 1-2 months, from the date of the submission of the application..
Non-EU citizens who purchase property in Cyprus can benefit from a new and accelerated procedure for obtaining a Permanent Residence Permit. The parents (his and or hers) of Permanent Residency holders or future applicants can also apply for a permit.
The applicants must satisfy all the following criteria:
2.1 The applicant should submit a confirmation letter from a financial institution in Cyprus that he/she has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least 3 years. It must be proved that the said amount has been transferred to Cyprus from abroad.
2.2 The applicant should prove that he/she has at his/her disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person of his/her family (spouse and children) and by €8.000 for every dependent parent or parent-in-law. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o. For the calculation of the total amount of the annual income, the spouse’s income may be also taken into consideration.
2.3. The applicant should submit, together with the application, Title deeds or a sale Contract, which has been officially filed at the Department of Lands and Surveys, of a real estate, of total market value of at least €300.000 (V.A.T. is not included therein) and official payment receipts of at least €200.000 (excluding V.A.T.), irrespective of the delivery date of the real estate. It should be stressed that the full payment of the real estate value shall be settled in an account in a financial institution in Cyprus.
The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.
It is noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic or other member state of the European Union or European Economic Area.
2.4 For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and not for each of the persons involved.
The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted.
It is noted that the alienation of the purchased property without an immediate replacement with another property, as it is described in par. 2.3, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result to the cancellation of the Immigration Permit pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.
3.1 The Immigration Permit issued to an applicant covers his/her spouse and children under the age of 18. Two separate Immigration Permits may be granted to each spouse, if desired, provided that a separate application is submitted and the relevant fee is paid, without being required for the other spouse to satisfy the criterion of the purchase of a property, the secure annual income and the deposit in a financial institution in Cyprus. Children under the age of 18 may be included as dependent persons in both Immigration Permits with the payment of the relevant fee.
3.2 Unmarried children aged between 18 and 25, who prove that they are students in an institution of tertiary education abroad with at least six months of remaining study period from the date of the submission of the application and, furthermore, that they are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit with the payment of the relevant fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit with his/her application, all the documentation defined in the relevant list.
3.3 An Immigration Permit may also be granted to the parents and parents-in-law of the applicant/holder of an Immigration Permit with the submission of an application and the payment of the relevant fee, with the condition that the applicant/holder of an Immigration Permit presents only an additional annual income of €8.000 for every such dependent parent. It is noted that every such dependent parent, shall submit with his/her application, all the documentation defined in the relevant list.
4.1 An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired real estate attributed to each such child is at least €300.000
5.1 The applicant and his/her spouse must submit a confirmation of a clean criminal record from their country of residence or from Cyprus, in case they are residents of the Republic, and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.
5.2 The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus.
5.3 The holder of an Immigration Permit according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations is obliged to acquire residence in Cyprus within one (1) year from the date of the issuance of Immigration Permit Certificate. At the same time, the holder of such a permit, as well as his/her dependent persons who are included in his/her permit are obliged not to be absent from the Republic for more than two (2) years.
6.1 Applications accompanied with the required documents must be submitted to the Civil Registry and Migration Department (CRMD). A fee of €500 is payable with the submission of the application.
6.2 Applications that are submitted through authorised representatives must be accompanied by an authorisation letter from the applicant stating the particulars, full address and contact number of the representative.
6.3 An interview with the applicant shall take place only when deemed necessary by the Permanent Secretary of the Ministry of Interior.