Cyprus Permanent Residence Permit Fast-Track By purchasing a residential property of €300,000 plus VAT in Cyprus

The Cypriot Ministry of Interior allows for an accelerated procedure to issue Immigration Permits (Permanent Residence Permits) of indefinite duration to foreign investors, who are third country nationals, applying under Regulation 6(2) of the Aliens and Immigration Regulations, provided that they fulfill some Economic Criteria.

  • A non-Cypriot citizen that fulfils all of the Economic Criteria below may apply for a Permanent Residence Permit
  • The examination period for the issuance of a Permanent Residence Permit by the Government is only 2 months
  • The applicant’s spouse and financially dependent children who are students, up to the age of 25 can also apply on the basis of the main applicant’s purchase of residential property
  • The Permanent Residence Permit allows the applicant and his family to freely reside in the Republic of Cyprus and removes the requirement of visa upon entry into Cyprus
  • Can apply for a reduced VAT rate of 5%  for the purchase of the residence instead of 20%


Our Services

  • Opening of Bank Account in a Cypriot Bank
  • Introductory services to the Cypriot Bank
  • Sale Agreements for the purchase of the residence
  • Preparation of all documents needed from the outset
  • Health insurance issuance by a Cypriot insurer company
  • Council of Ministers application for aliens to acquire property in Cyprus
  • Application for reduced rate of VAT at 5%  for the purchase of the residence


The Economic Criteria


Applicants must prove that they have made the following investments:

  • A bank deposit of €30.000 in a Cypriot Bank, pledged for 3 years.
  • Purchase or own a residence of €300,000 (excluding VAT)


Conditions

  • All investment funds must be proved to have emanated from abroad.
  • Declaration that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders in a company registered in Cyprus. 
  • All applicants must visit Cyprus at least once every two years
  • The applicant, his spouse and any children over 18 years old must submit a clean criminal record declaration from their country of residence
  • Unmarried children between the ages of 18 and 25, provided that they are students and financially dependent on the applicant, can submit their own application to obtain the Permanent Residence Permit on the basis of the main applicant’s investment. 
  • Applicant must show an additional annual income of €5,000 for each dependent child. The Permanent Residence Permit will continue to have effect after the age of 25 for so long that the child is a student and financially dependent on the applicant


Additional Facts

  • An Applicant can purchase up to 2 residential units (apartments or houses), or 1 residential unit and 1 shop with an area of up to 100 m² or 1 residential unit and  office with an area of up to 250m.
  • Residences or apartments may be independent of each other but both must be sold by the same company
  • A reduced VAT rate of 5% on the purchase of the residence can be applied for and conditions apply


The Ministry estimates that when applying under the “fast-track” procedure described above, the period for the examination of the application, shall not exceed a period of 2 months from the submission of a duly completed application form and supporting documentation.

The Advantages

  • Applicants and their families can freely reside in the Republic of Cyprus
  • Applicants can register a company in Cyprus and be the shareholders in their Cypriot companies.
  • Access to  the best Universities and private schools all around the island
  • Warm-climate all year round  


Contact Us


This outline has been prepared for the assistance of clients considering to invest in Cyprus.

It is only intended to provide a brief summary of the main legal requirements and it is not intended to be a comprehensive guide in its scope. It is recommended that a client seeks legal advice prior to taking any steps to implement it. This outline has been prepared on the basis of the law and practice as at 28 February 2015.


Email:
immigration@tplaw.com.cy
info@tplaw.com.cy
npapaefstathiou@tplaw.com.cy
mclappa@tplaw.com.cy
dpapaefstathiou@tplaw.com.cy
ashiamaris@tplaw.com.cy


Telephone: +357 22 88 9999
Facsimile:  +357 22 88 9988


Tassos Papadopoulos & Associates LLC
Lawyers / legal consultants

2 Sofouli Street
Chanteclair Building
2nd Floor
1096 Nicosia
Cyprus

Being a member of major international networks enables us to guide clients through the challenges of global business and to provide them with a rapid and thorough response.

Cyprus Permanent Residence Permit Fast-Track By purchasing a residential property of €300,000 plus VAT in Cyprus

The Cypriot Ministry of Interior allows for an accelerated procedure to issue Immigration Permits (Permanent Residence Permits) of indefinite duration to foreign investors, who are third country nationals, applying under Regulation 6(2) of the Aliens and Immigration Regulations, provided that they fulfill some Economic Criteria.

  • A non-Cypriot citizen that fulfils all of the Economic Criteria below may apply for a Permanent Residence Permit
  • The examination period for the issuance of a Permanent Residence Permit by the Government is only 2 months
  • The applicant’s spouse and financially dependent children who are students, up to the age of 25 can also apply on the basis of the main applicant’s purchase of residential property
  • The Permanent Residence Permit allows the applicant and his family to freely reside in the Republic of Cyprus and removes the requirement of visa upon entry into Cyprus
  • Can apply for a reduced VAT rate of 5%  for the purchase of the residence instead of 20%


Our Services

  • Opening of Bank Account in a Cypriot Bank
  • Introductory services to the Cypriot Bank
  • Sale Agreements for the purchase of the residence
  • Preparation of all documents needed from the outset
  • Health insurance issuance by a Cypriot insurer company
  • Council of Ministers application for aliens to acquire property in Cyprus
  • Application for reduced rate of VAT at 5%  for the purchase of the residence


The Economic Criteria


Applicants must prove that they have made the following investments:

  • A bank deposit of €30.000 in a Cypriot Bank, pledged for 3 years.
  • Purchase or own a residence of €300,000 (excluding VAT)


Conditions

  • All investment funds must be proved to have emanated from abroad.
  • Declaration that there is no intention to be employed in Cyprus. The applicant and/or his wife could be shareholders in a company registered in Cyprus. 
  • All applicants must visit Cyprus at least once every two years
  • The applicant, his spouse and any children over 18 years old must submit a clean criminal record declaration from their country of residence
  • Unmarried children between the ages of 18 and 25, provided that they are students and financially dependent on the applicant, can submit their own application to obtain the Permanent Residence Permit on the basis of the main applicant’s investment. 
  • Applicant must show an additional annual income of €5,000 for each dependent child. The Permanent Residence Permit will continue to have effect after the age of 25 for so long that the child is a student and financially dependent on the applicant


Additional Facts

  • An Applicant can purchase up to 2 residential units (apartments or houses), or 1 residential unit and 1 shop with an area of up to 100 m² or 1 residential unit and  office with an area of up to 250m.
  • Residences or apartments may be independent of each other but both must be sold by the same company
  • A reduced VAT rate of 5% on the purchase of the residence can be applied for and conditions apply


The Ministry estimates that when applying under the “fast-track” procedure described above, the period for the examination of the application, shall not exceed a period of 2 months from the submission of a duly completed application form and supporting documentation.

The Advantages

  • Applicants and their families can freely reside in the Republic of Cyprus
  • Applicants can register a company in Cyprus and be the shareholders in their Cypriot companies.
  • Access to  the best Universities and private schools all around the island
  • Warm-climate all year round  


Contact Us


This outline has been prepared for the assistance of clients considering to invest in Cyprus.

It is only intended to provide a brief summary of the main legal requirements and it is not intended to be a comprehensive guide in its scope. It is recommended that a client seeks legal advice prior to taking any steps to implement it. This outline has been prepared on the basis of the law and practice as at 28 February 2015.


Email:
immigration@tplaw.com.cy
info@tplaw.com.cy
npapaefstathiou@tplaw.com.cy
mclappa@tplaw.com.cy
dpapaefstathiou@tplaw.com.cy
ashiamaris@tplaw.com.cy


Telephone: +357 22 88 9999
Facsimile:  +357 22 88 9988


Tassos Papadopoulos & Associates LLC
Lawyers / legal consultants

2 Sofouli Street
Chanteclair Building
2nd Floor
1096 Nicosia
Cyprus

Being a member of major international networks enables us to guide clients through the challenges of global business and to provide them with a rapid and thorough response.