For those who wish to stay on the island of Aphrodite without time restrictions, there is the possibility of obtaining a permanent residence permit, which does not expire and does not require renewal.
Permanent Residence Permit - A permanent residence permit, allows unlimited time to live in the country with your family, easily obtain visas and travel to any European countries and the United States, study in Europe, and receive free medical care.
The government of the island offers foreigners to obtain permanent residence through real estate investments. In this case, there are two options. The first (category 6, 2) - an accelerated procedure for obtaining a residence permit for investments from 300 thousand euros. The card is issued immediately after approval of the application. The whole procedure takes only 2 months. The second option (category F) - a slow procedure for obtaining a residence permit for investments of about 100 thousand euros - also allows you to get a residence card but is considered for an indefinite period of time.
In both categories, a residence permit is issued for the whole family: spouses and children under 18 years of age. In the accelerated program, children between 18 and 25 years of age can apply separately for a residence permit, provided that they are not married and they have at least 6 months of study left at the time of application. The permanent permit stays with the children forever but does not apply to their future spouses and children. One family makes one application, so the restrictions apply to the entire family, not to each individual separately.
For foreigners from third countries, consider obtaining a residence permit under category 6.2
You can apply for this residence permit either by staying on the island or remotely through a representative. There is no requirement to live on the island permanently, each family member is enough to visit Cyprus once every 2 years.
Knowledge of the Greek language is not required. But it may be useful in the future. In case a person has lived on a residence permit for 5 years on the island and did not leave for a long period during the last 12 months after the end of this period, he has the right to apply for citizenship by naturalization.
The holder of a permanent residence permit in Cyprus has the right to open an international company and conduct business here, but employment is prohibited by law.
Buying a new property in Cyprus
To obtain an accelerated residence permit through investment in real estate, you need to buy a new property. The transaction can be carried out in your own name, in the name of your spouse or company, if family members are the sole beneficiaries or shareholders.
The main condition: the new building must cost at least 300 thousand euros. Alternatively, this amount can be used to buy a couple of new apartments or a couple of small houses, or a residential property and commercial premises up to 250 m2 suitable for an office.
Since 2021 it is allowed to buy real estate from different development companies, and before it was strictly necessary to stick to one.
Keep in mind, that the family makes one application, so the restrictions apply to the couple and not to each individually.
According to the rules on foreigners and immigration, alienation of the purchased property without replacing it with a similar or more expensive one will lead to the revocation of the status of the residence permit.
Money to the seller's account must come from a foreign (strictly non-Cypriot) account. In this case, you can pay in installments: first 200 thousand euros, and then all the rest. If you buy real estate through the agency DOM, you will be provided with free legal support in the registration of permanent residence in case the budget of the transaction over 500 thousand euros. The package of services, including full support of the transaction and assistance in visa issuance, costs about 2.5 thousand euros.
New buildings in Cyprus are subject to VAT. In the case of purchase of the first property tax is 5% (provided that the property will not be subsequently rented out), otherwise the tax will be 19%.
The term of registration of accelerated residence permit is only 2 months. The property purchased in this way can be rented out through a management company and thus receive a steady income. As mentioned above, in this case will have to pay VAT 19%, not 5%.
The main conditions for obtaining a residence permit:
- Payment for the new building with foreign money (not from Cyprus).
- Prove that the annual income outside Cyprus is at least 30 thousand euros (20 thousand euros for the slow category). The amount is increased by 5 thousand euros for each family dependent (spouses and children) and 8 thousand euros for financially dependent grandparents.
- Absence of criminal history, confirmed by the presence of a translated into English certificate of no criminal record with an apostille.
- Applicants must confirm that they do not intend to work in Cyprus.
At the same time, they can be shareholders in a company registered in Cyprus, and dividend income is not considered an obstacle to a permanent residence permit in Cyprus.
Invest in a new building, get a residence permit, and earn money
To get into the program of accelerated permanent residence permit in Cyprus can also buy real estate at the off-plan stage and save up to 30-40%, as the market value of ready-made housing in Cyprus is higher for the corresponding amount.
Selection of properties suitable for the conditions of the program.
Usually, these are 2-bedroom apartments in modern buildings, built to the newest standards of quality, energy efficiency and earthquake resistance.
How to obtain a permanent residence permit in Cyprus remotely?
This requires a specialist who will advise and help find a property that suits the conditions of the program and other desired characteristics (city, distance from the sea, area, number of bedrooms, layout, and others).
Then the consultant will familiarize the client with the materials on each object and will conduct a video broadcast at any convenient time.
In conclusion, the local lawyer takes care of the execution of the sale and purchase transaction and the opening of an account in Cyprus for the transfer of funds to it.
After receiving permission to immigrate, you need to fly to the island within a year to pass biometric data and receive a plastic card resident of the country. The card is issued immediately after approval of the application.
Package of documents for obtaining a residence permit
Documents can be collected by the applicant himself, and arising questions can be asked to their lawyer. The papers must be translated into English and certified by the Ministry of Foreign Affairs, the embassy of the applicant's home country, the embassy of Cyprus or bear an apostille stamp.
The list includes the following:
- Copies of passports of all family members.
- Resume or curriculum vitae of the applicant.
- A duly certified translation of the marriage certificate.
- Certified translations of children's birth certificates.
- Original apostilled translated certificates of criminal record of all family members obtained in the home country.
- Title deed or contract of sale of real estate in Cyprus, which were submitted to the Land Department of Cyprus.
- Documents confirming payment in Cyprus (Swift or confirmation of the Bank of Cyprus made payment from abroad). In the amount of at least 200 thousand euros (excluding VAT). The full amount must also be transferred to a Cypriot bank account.
- Original certificate from a Cypriot bank on the existence of a deposit of 30 thousand euros in the applicant's account.
- Documentary proof of official income outside Cyprus.
Apply for the program
You can apply yourself or through an authorized person, such as a lawyer.
The lawyer will submit the documents to the Civil Registration and Migration Control Department of Cyprus CRMD at the office in the capital Nicosia or in the city of residence. The application is processed for up to 2 months. If the documents are in order, the probability of obtaining a residence permit is 100%. An interview with the applicant is held only if the secretary of the Ministry of Interior considers it necessary.
After receiving permission to immigrate, it is necessary to fly to the island within a year to pass biometric data and receive a plastic card of the residency. The card is issued immediately after the application is approved.
Obtaining a permanent residence permit in Cyprus under category F
To get a residence permit in category F, which is also called "slow", you also need to invest in real estate. The price will be different from the requirements of the accelerated procedure. Will fit almost any real estate at a price of about 100 thousand euros. It can be a new building or secondary one.
The total annual income of the spouses outside the island should be at least 15-20 thousand euros. The amount is increased by 5 thousand euros for each dependent. It will also be necessary to make a deposit on the account of a Cypriot bank in the amount of 30 thousand euros.
The set of documents for the application is the same as in the case of the accelerated procedure. If the application is approved, all family members and children under 18 years of age will receive a residence permit.
The cost of registration of a permanent residence permit in Cyprus
When applying for permanent residence through real estate, the cost of the procedure is 500 euros plus 70 euros for the registration of each family member under 18 years of age. Adult children, siblings, and grandparents submit a separate application under the same conditions.
Interested in housing on the island? Check out DOM, the #1 real estate agency in Cyprus! The agency's website has the largest real estate database in the country - more than 30 thousand residential and commercial properties all over the island. Select and contact professional brokers who will help you make the right choice!
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