Get European Union Residency in Cyprus
Cyprus, officially the Republic of Cyprus, is an island country in the Eastern Mediterranean Sea. Cyprus is the third largest and third most populous island in the Mediterranean, and a member state of the European Union. The northern part is under Turkish occupation which creates a difficult situation for the inhabitants and cuts the Island in two parts.
Cyprus real estate investment – following a major financial crisis in 2013, Cyprus has created a number of programs to welcome foreign investments through residency permits.
It is a favorite destination for residency permits for citizens of Egypt and Lebanon due to their physical closeness.
We currently provide all types of residence permit for non-EU citizens in Cyprus :
- A real estate purchase of 300 000 Euros minimum
- All permits under Categories A through F listed below.
Please contact us to obtain detailed information on Cyprus programs!
Types of Immigration Permits
Third country nationals can apply for immigration permits subject to Cyprus Immigration Laws under 6 Categories, which are referred to in Regulation 5 of the Aliens and Immigration Regulations, as:
Category A for persons who intend to work as self employed in agriculture, cattle breeding, bird breeding or fish culture in the Republic of Cyprus, provided they have possession of land or have permission to have possession of land and have fully and freely at their disposal a capital of €430,000.00. Such employment should not negatively affect the general economy of the Republic of Cyprus.
Category B for persons who intend to work as self employed in mining enterprises in the Republic of Cyprus, provided they have in their possession such a permit and have fully and freely at their disposal a capital of €350,000.00. Such employment should not negatively affect the general economy of the Republic of Cyprus.
Category C for persons who intend to work as self employed in a trade or profession in the Republic of Cyprus, provided they have or can acquire such a permit and have fully and freely at their disposal a capital of €260,000.00. Such employment should not negatively affect the general economy of the Republic of Cyprus.
Category D for persons who intend to work as self employed in a profession or science in the Republic of Cyprus, provided they have academic or professional qualifications, for which there is demand in Cyprus. The applicants must also possess sufficient funds or have a secured income.
Category E for persons, who have been offered permanent employment in the Republic of Cyprus, provided the employment will not create unjust local competition.
Category F for persons that will not work in the Republic of Cyprus but will stay as permanent residents, provided they have fully and freely at their disposal a secured annual income of at least €9,568 and additionally for every dependent person a further annual income of at least €4,613. The income may come from pensions, dividends from shares, permanent bank deposits, rents etc. One of the most common Categories is Category F, which is the Permanent Residents of independent means category and will be the main focus of the information given.
Why apply for an Immigration Permit in Cyprus?
The immigration laws of the Republic of Cyprus provide investors an inimitable opportunity to invest in Cyprus economy and gain Permanent Residence permits. There are many third country national investors that would like to obtain a Permanent Residence visa in order to enjoy the privileges of the Republic of Cyprus, which can either be privileges in their Country or regarding their stay in Cyprus or their movement within European Union Countries.
New Accelerated Procedure for Permanent Residency
A new and accelerated procedure for granting Immigration Permits according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations has been introduced by the Minister of Interior for applicants that are third country nationals and invest in the Republic of Cyprus. It is estimated that the application will be examined in no longer than two months from the date that the application is submitted. Any third country national that has applied for an Immigration Permit under Category F can submit additional documents in order to have their application examined according to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations on a much faster basis. The application will be examined on a fast track basis by the Civil Registry and Migration Department and will be submitted immediately to the Minister of Interior for a decision.
Criteria for accelerated procedure
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. The necessary minimum annual income is increased by €5,000 for each dependent person. The required income could derive from salaries of employment abroad, pensions, rents etc. The applicant must also submit a confirmation letter from a Cypriot Bank stating that they have deposited a minimum capital of €30,000 in an account that will be in a fixed deposit account for three years. The applicant must also buy a property in Cyprus for a minimum market value of €300,000 and proof of payment of at least €200,000 or if the property is bought from an off-plan project the first stage payment must be proved. The applicant must not engage in any work or business in Cyprus. The applicant must not constitute in general, a threat against public order or security in Cyprus and must therefore have a clean criminal record.
Documents Required for Permanent Residency
- Copy of a valid passport
- Copy of a valid temporary residence permit
- Marriage certificate
- Children’s birth certificate
- Two passport photos for each member of the family
- Recent Curriculum Vitae
- Statement of deposits in a Cypriot Bank account
- Any bank accounts and their recent balance
- Recommendation letter from a bank (certifying that the applicant is a creditworthy client and always meets the banks requirements)
- An income declaration from business etc (original documents are required as well as an affidavit)
- Title of ownership or contract of sale of a property in Cyprus, a house, apartment or other building of a minimum market value of € 300,000 and proof of payment of at least € 200,000. If the property is bought from an off-plan project then the first stage payment receipt is required. If the title deed is issued then this deed is required. The contract must also be stamped and deposited at the local Land Registry Office
- Health Insurance Policy
- Criminal Record Certificate (if the applicant resides abroad, official translation duly validated from the applicants Country or notarized)
- Official statement that the applicant does not intend to work or be engaged in any form of business in Cyprus
All documents must be original, officially translated and properly validated.
What happens next?
When the application is successful the client must come to Cyprus at least once every two years for the Permanent Residence visa not to be cancelled. The Permanent Residence visa is valid for five years and then the applicant must apply for a renewal.
Travelling with a Schengen Visa means that the visa holder is allowed to enter all member countries and travel freely throughout the Schengen area. Although Cyprus is legally bound to join the Schengen area, it has delayed implementation. It is estimated however but it is still not confirmed, that Cyprus will join the Schengen area by 2015.
The immigration laws of the Republic of Cyprus provide investors/ entrepreneurs an excellent opportunity to acquire Cyprus Citizenship by investing in the Cyprus economy. There are many third country national investors/ entrepreneurs that would like to obtain Cyprus Citizenship in order to enjoy the advantages of being a Cypriot citizen and passport holder, these may be advantages in their Country or regarding their stay in Cyprus or their movement within European Union Countries. A third country national investor/ entrepreneur that is interested and capable of investing in Cyprus can apply for citizen ship by exemption according to paragraph2(f) of the third table of the Population Records Laws 2002-2003 as amended, under the following 6 criteria’s which must be fulfilled:
The applicant must have in the Republic of Cyprus direct investments amounting to at least €10 million. Direct Investments include, among other things purchases of property, business/ companies, shares, financial assets etc.
- Purchase of property: Contract of Sale, Title Deeds
- Purchase of Business, Company, and Manufacturing Company: Confirmation from the Registrar of Companies of Shareholders
- Purchase of Shares: Share Certificates
- Financial asset documents
The applicant must have established in the Republic of Cyprus a Company or Companies controlled by him, with a total turnover, in accordance with the Company or Companies Audited Accounts, of at least €10 million per annum, on average, over the last 3 years preceding the year of the application and at least 1/3 of the applicant’s employees are Cypriot citizens.
- Certificate of Registration of the Company from the Registrar of Companies
- Certificate of Shares
- Audited Accounts of the Business for the last three years preceding the year of the application
- Confirmation from the Social Insurance relating to the income of the employees in the applicant’s companies
Introduction of new and innovative technologies, Research Centers
The applicant should prove through his/ her activities that he/ she is introducing on a large-scale new and innovative technology in vital sectors of the Cyprus economy or that he/ she has established an important Research Centre on a large scale for the local conduct of research.
- Patent Certificate or other evidential document
The applicant must have personal deposits in Cypriot banks or deposits of privately owned Companies or trust (which he is a shareholder or beneficiary) in the Republic of Cyprus amounting to at least €15 million for at least a five year fixed period. In the event where following a periodic inspection it is ascertained that the condition is violated, the citizenship may be revoked.
Confirmation from Cypriot banks of the applicant’s deposits or the Companies controlled by him/ her of a five year fixed term. Or
Combination of Direct Investments, Entrepreneurial Activities and Deposits in Cypriot banks
The applicant must have a combination of the above stated assets amounting to €15 million.
Relevant confirmations/ documents required for Direct Investments, Entrepreneurial Activities and Bank Deposits, as set out above. Or
Direct Income/ Service fees
The applicant must proceed in establishing a Company or Companies, the management of which is in Cyprus, and in the last 3 years preceding the year of the application to have paid into the economy of Cyprus in the form of either income tax payments/ V.A.T. and/or in the form of fees for the purchase of business services (legal, accounting, auditing, banking and others) at least €500.000 on average per annum)
- Receipts of payment of V.A.T. and/or receipts for the purchase of business services (legal, accounting, auditing and others) that have been paid in the last three years preceding the year of the application
- Must be at least 30 years old
- Clean Criminal Record
- Confirmation that the applicants name is not included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union
- The applicant is required to have a permanent privately owned residence in Cyprus, the value of the property must exceed the amount of €500.000 at current prices
Further standard documents are required when applying for Citizenship and must be officially translated. Spouses and/ or children of the applicant cannot be granted citizenship. They must apply for Permanent Residence visas as explained above. It must be noted that none of the above affects the absolute discretion of the Council of Ministers to decide whether to grant Citizenship.
Apply for residence permit now!