CYPRUS PERMANENT RESIDENCE – FAST TRACK PROCEDURE OF 1-2 MONTHS
Cyprus offers a fast track procedure for granting permanent residence in Cyprus, upon the fulfillment of certain conditions:
1. Acquire in Cyprus a house, apartment or other building, of the minimum value of 300.000 EUR (plus 5% or 19% VAT).
2. The applicant must provide a confirmation letter from a Cypriot Bank stating that he has deposited a minimum deposit of 30.000 EUR in an account, which will be held as a guarantee for 3 years.
3. The applicant must prove that he has at his disposal a secured minimum annual income of 30.000 EUR, from sources other than employment in Cyprus.
4. The applicant must submit a clean Criminal Record Certificate confirming that he should not constitute in general any threat against public order or security in Cyprus.
5. The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
6. The applicants should visit Cyprus at least once every two years.

It is estimated that when applying the procedure described above, the period for the examination of the application, shall not exceed a period of 1-2 months. The residence permit is granted for 5 years with a easy procedure to renew, upon filing a form of renewal.

Other required documents are:

Notarised Passport Copy
If already a resident in Cyprus, a copy of a residence permit is required
Curriculum Vitae (CV)
Original documents of Bank Deposits
Original documents and Affidavit to prove income from other sources other than employment (e.g. income from shares)
Original documents to prove the purchase of property in Cyprus (the contract is required that also states the price of the property).
Documents that prove occupation.
Deed that indicates annual turnover and income from applicant’s business.
Utility Bill (for example, electricity bill to prove the country of residence).
Reference Letter from the bank.
Health Insurance Certificate (Resident in Cyprus) .
Marriage Certificate (if applicable)

The applicants’ wife and any children under the age of 18 years old, will also be granted the right of permanent residence.
For further details about the subject matter please do not hesitate to contact us at : office@fiduciara.com

CYPRUS PERMANENT RESIDENCE – NORMAL TRACK PROCEDURE 

The applicant should have a secured annual income of at least €9570 which may, for example, emanate from pensions, shares or even permanent deposits. This income however must not emanate from any employment or self-employment in Cyprus but only from abroad.
A further requirement that is essential for the approval of an Immigration Permit by the Minister of Internal Affairs is that third-country nationals must purchase a householder residence for ownership-occupancy in Cyprus worth 300.000 EUR or more.

Relevant documents required after forms have been completed:

Notarised Passport Copy
If already a resident in Cyprus, a copy of a residence permit is required
Curriculum Vitae (CV)
Original documents of Bank Deposits
Original documents and Affidavit to prove income from other sources other than employment (e.g. income from shares)
Original documents to prove the purchase of property in Cyprus (the contract is required that also states the price of the property).
Documents that prove occupation.
Deed that indicates annual turnover and income from applicant’s business.
Utility Bill (for example, electricity bill to prove the country of residence).
Reference Letter from the bank.
Health Insurance Certificate (Resident in Cyprus) .
Certificate of Clean Criminal Record.
Marriage Certificate (if applicable)

The period for the examination of the application is around 6 months. The residence permit is granted for 5 years with a easy procedure to renew, upon filing a form of renewal.
For further details about the subject matter please do not hesitate to contact us at : office@fiduciara.com