Cyprus Permanent Residency Permit
If you are looking to invest your wealth in a safe and tax-friendly economy backed up by the European Union and Eurozone membership, Cyprus provides all of this. As a full European Member State, Cyprus has enacted a regulation allowing a full residency permit to those who will qualify via investments.
Timeframe: 1-2 months
Timeframe: 1-2 months
Requirements
One route for the permanent residency permit in Cyprus is the local purchase of a privately-owned residence for self-occupancy, with its value amounting to no less than €300.000. The applicant must prove that he/she has at his/her disposal a secured minimum annual income of €30,000 from sources other than employment in Cyprus (employment in Cyprus is strictly prohibited).
The applicant must purchase a private house for his/her own residence in Cyprus of a value not less than €300,000 (excluding VAT) and proof of payment for at least €200,000 (excluding VAT).
The applicant must purchase a private house for his/her own residence in Cyprus of a value not less than €300,000 (excluding VAT) and proof of payment for at least €200,000 (excluding VAT).
Financial Criteria
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Provide evidence of a secure annual income, originating from abroad, of at least €30.000 (+€5.000 for every dependent person - spouse and children - and €8.000 for every dependent parent or parent-in-law).
Purchase of a "first-time sale" residential property in Cyprus of at least €300.000 (non-inclusive of VAT). An initial upfront payment of at least €200.000 must be made.
The Applicant must maintain a three year fixed deposit account with a Cyprus bank for an amount of at least €30.000; the funds deposited must emanate from sources outside Cyprus.
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The applicant may purchase up to two housing units (apartments or houses) from the same seller, or a house and a store/shop with an area of 100 square meters, or a house and an office with an area of 250 square meters, given that the total market value meets the provisions of not less than €300,000 (excluding VAT).
Other RequirementsThe Permanent Residency Permit does not allow the undertaking of any form of employment or business in Cyprus.
Holders of a Permanent Residency Permit must visit Cyprus at least once every two years.
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Permanent Residency Permit Services
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Submission of the Application to the Civil Registry and Migration Department personally or through a representative.
Liaising with the relevant authorities during the examination process.
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Drafting of purchase and other related contracts.
Assistance and guidance during the application, preparation and submission.
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People
Michael O. Ioannides
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Andreas N. Leonidou
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