CYPRUS RESIDENCE PERMIT FOR NON EU RESIDENT INDIVIDUALS (CYPRUS PERMANENT RESIDENCE PERMIT FOR NON EU RESIDENT INDIVIDUALS)

Cyprus Permanent Residence Program is the most popular and most attractive to investors wishing to migrate to Cyprus and invest in Cyprus. It compares the most favorable among all other investment immigration programs offered by other countries.

The Cyprus government decided to simplify and shortened the process to obtain a Cyprus Permanent Residence Certificate, making it very attractive to foreign investors.

Cyprus permanent residence for non-EU resident individuals

Non – EU resident individuals can obtain Cyprus permanent residence Certificate and migrate to Cyprus by fulfilling the following criteria:

1. CYPRUS RESIDENCE PERMIT (CYPRUS PERMANENT RESIDENCE PERMIT) A MINIMUM ANNUAL INCOME OF €30,000

Cyprus investor must prove that he has at his disposal a secured minimum annual income of €30.000, (including spouse income and domestic Cyprus income if invested in Cyprus) from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, fixed deposits, etc. The necessary minimum annual income is increased by €5.000 for each dependent person and €8,000 for each dependent parent (of the applicant and/or his spouse).

2. CYPRUS RESIDENCE PERMIT (CYPRUS PERMANENT RESIDENCE PERMIT) INVESTMENT PROPERTY VALUE €300,000

The investor – non-EU resident individual must have invested in Cyprus:

(A) Investment in a house/apartment in Cyprus: Purchase of a first sale house or apartment in Cyprus from a development company of at least €300,000 (plus VAT) of which €200,000 (excluding VAT) must be paid before application. A title deed or a sale contract must be filed at the Cyprus Department of Lands and Surveys. The investment can be up to two (2) housing units (apartments or houses)

(B) Investment in real estate in Cyprus (excluding houses/apartments): Investment in other types of real estate in Cyprus such as offices, shops, hotels, or related estate developments in Cyprus or a combination of these with a total value of €300,000. The investment can also be the result of a resale. At least €200,000 (excluding VAT) should be paid before the application. A title deed or a sale contract filed at the Cyprus Department of Lands and Surveys must be demonstrated. The Cyprus investment can be up to two (2) housing units (apartments or houses)

(C) Investment in Cyprus Company’s share capital, with Cyprus business activities and personnel in Cyprus: Investment worth €300,000 in the share capital of a Cyprus company registered in Cyprus, based and operating in Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people. Share Purchase agreements, relevant Cyprus Company Certificates, business profile, and employees’ employment must be demonstrated.

(D) Investment in units/shares in Cyprus Funds, Cyprus Alternative Investment Funds – AIFs, Cyprus Registered Alternative Investment Funds – RAIFs. Cyprus Investment should be worth €300,000 in units/shares of Cyprus Investment Funds. Units/shares contracts, Cyprus Fund set up should be demonstrated.

3. CRIMINAL RECORD CERTIFICATE

Cyprus investor (non-EU resident individual) and investor’s spouse as the case may be must submit a Criminal Record Certificate from their country of residence or from Cyprus in case they reside in Cyprus and not be considered as a threat in any way to public order or public security in Cyprus.

4. LIST OF IMPORTANT CYPRUS ENTRY REQUIREMENTS FOR CYPRUS PERMANENT RESIDENCE CERTIFICATE

A fee of €500.
Certified service provider authorization letter signed by the applicant and stating the particulars, full address, and contact number of the representative.
Affidavit confirming investor’s minimum annual income of €30.000
Copy of investor’s passport
Curriculum Vitae
Evidence of transfer of funds in Cyprus
Clean criminal record as described above
Non-employment Cyprus statement
Statement of accompanying documents

5. CYPRUS RESIDENCE PERMIT (CYPRUS PERMANENT RESIDENCE PERMIT) BENEFITS:

Simple, fast, and easy to complete and obtain Cyprus Residence Permit in less than 60 days;
The Cyprus permanent residence permit covers not only the applicant but also the applicant’s family members less than 18 years of age and parents;
Allows the holder to come and go without restrictions and lasts forever;
Reduction of VAT on buying properties from 19% to 5% and without the imposition of any Transfer Fees (around 6-7% depending on property value). This means significant savings of about 19-20% in government fees are enjoyed by Cyprus investors.
A separate Cyprus permanent residence certificate may be granted to each spouse, provided that a separate Cyprus permanent residence certificate application is submitted and the relevant fee is paid. A spouse is not required to satisfy the criteria.
Unmarried children between the ages of 18 and 25, being students of tertiary education abroad and being dependent on Cyprus investors, can submit their own, separate applications for Cyprus permanent resident permit and pay the relevant fee. A Cyprus permanent residence permit is still valid even if the holders have exceeded the age of 25 however spouses or children are not included.
Cyprus permanent residence certificate may also be granted to the Cyprus Investor’s parents
Cyprus permanent residence certificate may also be granted to children of the Cyprus Investor over the age of 18, who are not financially dependent on the investor, on a higher value investment i.e. multiplied by the number of adult children plus the secured annual income of at least €30,000

6. ADDITIONAL IMPORTANT CYPRUS ENTRY REQUIREMENTS FOR CYPRUS PERMANENT RESIDENCE CERTIFICATE:

Cyprus investor should submit a Statement that he does not intend to work or be engaged in any form of business in Cyprus. The investor and/or his spouse are allowed to be shareholders in companies registered in Cyprus and receive dividends. They may also hold the position of an unpaid Director.
The Cyprus investor should visit Cyprus at least once every two years.
The money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.
Any Cyprus investment interruption without being replaced results in the cancellation of the Cyprus permanent residence certificate
In case the Cyprus Investor chooses to invest other than a Cyprus house or apartment, evidence regarding his accommodation in Cyprus must be provided
Investment money should be derived from abroad and paid in Cyprus bank.
Cyprus Investment if in the name of a legal person (EU / Cyprus company) including spouse is permitted provided 100% owned or beneficially owned.
Immovable property purchased in Cyprus must relate to dwellings sold for the first time by a development company in Cyprus unless the purchase took place before 07/05/2013 and has been submitted to the Cyprus Department of Lands and Surveys
Within one (1) year from the date of the approval of the Cyprus permanent residence application, the holder of an Immigration Permit is obliged to become a permanent resident in Cyprus
All application documents should be fully certified (Apostilled or having diplomatic certification as the case may be) and officially translated either into English or Greek language

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