Residence Permit

OBTAINING PERMANENT RESIDENCE IN CYPRUS THROUGH REAL ESTATE PURCHASE

Cypriot immigration law allows foreign investors and their families to quickly and easily obtain permanent residency by purchasing residential property.

Our legal advisers will answer all your questions in more detail, analyzing your individual case.

Main Requirements to Obtain Residence Permit:

1. Purchase of new property from a Developer with a minimum value of 300,000 euros (excluding VAT).
2. Pay a minimum sum of 300,000 euros (excluding VAT) before application submission to the Immigration Department
3. Registration of  sale and purchase agreement in the Land Registry.
4. The property purchase must be made with funds obtained from abroad.
5. Provision of a certificate of no criminal record and not being under investigation for committing criminal offenses.
6. The applicant must have a guaranteed annual income from abroad of at least 50,000 euros per year. This amount increases by an additional sum of 15,000 euros for a spouse and €10,000 for each minor child.
7. The required amount of annual income can be obtained from sources that include, but are not limited to employment wages, pension, interest on bank deposits, dividends, savings, and rental income.
8. The applicant’s income must be confirmed by official confirmation from an independent certified accountant or by providing a tax declaration from the country in which the applicant is a tax resident.
9. The applicant and his/her dependents must provide a medical insurance policy certificate for receiving medical care, covering both inpatient and outpatient treatment.
10. The applicant and his/her spouse must confirm that they do not intend to engage in any form of employment in the Republic, except for their work as directors in the company they decided to invest in.

 

The purchase of real estate will be also accepted even if it is made by a legal entity, provided that the applicant and/or spouse are the sole shareholders or ultimate beneficial owners, and that this legal entity is legally established in Cyprus or in any other member state of the European Union or European Economic Area.

Main Advantages of Residence Permit:

1. The issuance of the permit takes about 6-8 months and is available to all family members, including children up to 25 years old (minors and. or dependents).
2. As a resident of Cyprus, you can stay in Cyprus all year round, but this is not required. You need to visit Cyprus only once every two years.
3. Owners of permanent residence in Cyprus and their spouses can own their own business in Cyprus and receive dividends, but cannot be employed.
4. The Cyprus Permanent Residence Programme is the most profitable programme in the EU; in other European countries, residency is granted for a limited period (just a couple of years).

 

The legal partners of our company provide clients with full legal support in arranging the purchase of real estate, as well as assistance in collecting and submitting an application for obtaining a residence permit in Cyprus.

 

For further information regarding obtaining a residence permit, you can contact us or fill in the form below or request a callback.

Leave a request for our legal consultants +357 25-31-76-76.