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Cyprus residency for Non EU Citizens:  PERMIT WITHOUT RIGHT TO WORK

(For people who want to work, there is a different procedure for which we can assist also).

REMEMBER THAT WE WILL BE WITH YOU DURING THE WHOLE PROCESS OF BUYING PROPERTY, SEEING THE LAWYERS, THE BANK, ETC.

THIS PERMIT:
1. Concerns NON EU citizens
2. It is granted to the applicant and his spouse till the rest of their lives
3. It is granted to their minor children till the age of 18 years old. Dependent adult children (students) should make their own application and they receive permit till the age of 25 years old. Non dependent children should make their own application and if they and their parents satisfy all criteria, they receive permit till the rest of their lives.
4. Holders of this Permit are not entitled to work in Cyprus
5. Holders of this Permit may own Cyprus Company and receive dividends from its profit
6. Reasons for revocation of the Permanent Residence Permit:
• When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality)
• When he did not visit Cyprus for a period longer than 2 years continuously   

WAYS TO OBTAIN IT:
1. Fast Track Procedure (Regulation 6(2)): within 2 months
2. Category F (Regulation 5(f)): within 5- 12 months
 
FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT
REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS

REQUIREMENTS:
1. PROPERTY:
1. Must be purchased in Cyprus
2. Purchasers could be:
• just an applicant or
• just his spouse or
• the applicant and his spouse or
• a Cyprus Company as below described
3. Vendor must be the Developer who built the property
4. Must be new (not resale)
5. The Purchase Price must be at least 300,000 Euro (not including VAT)
6. At least 200,000 Euro (not including VAT) should be paid to the Vendor
7. Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided
8. Contract of Sale must be deposited at the Land Registry

IT IS POSSIBLE TO BUY TWO PROPERTIES:
1. House (or apartment) + house (or apartment)
2. House (or apartment) + shop up to 100 m2
3. House (or apartment) + office up to 250 m2

Conditions:
1. Total purchase price is more than 300,000 euro (without VAT)
2. Property must be new, resale is not accepted from 7/5/2013
3. If two properties are separate they must be purchased from the same developer. It is not required when the properties possible to unite in one because they are connected to each other vertically or horizontally

Note:
All conditions are valid for the couple. It will not be accepted purchase of more than two properties by the couple (including purchase by the Company)

WHEN THE PURCHASER IS A COMPANY:
The property could be purchased in the name of the Company.

Conditions:
1. Company must be registered in Cyprus
2. Applicant or his spouse (or both) must be shareholders and his/their name/ names should appear in the certificate of the shareholders of the Company
3. They must be only shareholders of this Company

Notes:
• Trust deed is not accepted
• If the shareholder of this Company is another Company, it should be proved that only shareholder of that Company is the applicant (his spouse or both)

2. BANK DEPOSIT:
It must be created a bank deposit of 30,000 Euro in a Cypriot Bank, blocked at least for 3 years. It must be proven that 30,000 Euro was transferred to Cyprus from abroad.

3.  INCOME OF THE APPLICANT AND HIS SPOUSE:
1. Income must be created abroad, not in Cyprus
2. The applicant should prove at least 30,000 Euro of income for himself and plus 5,000 Euro for each dependent on him family member
3. It should derive from legal sources as salary, rent, pension, interests, dividends, etc.

4.  OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS
The holders of the Permanent residence permit must not work in Cyprus. Therefore, they should make Affidavits that they are not going to engage in any professional activity in Cyprus.
Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

5.  CLEAN CRIMINAL RECORD
The applicant, his spouse and children from 16 years old should have and provide clean criminal record from the country of their origin. The period of validity of this document is three months.

6.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS
All documents must be translated into English or Greek language by certified translator.
All official documents must be duly legalized by apostil. If the Country, which issued the official document is not a party on the Hague Convention of 5 October 1961, abolishing the requirement of legalisation for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

NOTES:

PERIOD OF EXAMINATION OF THE APPLICATION
It should be approved within 2 months and PR should be granted provided that:
1. All requirements are satisfied
2. There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order

ADULT CHILDREN:
DEPENDENT ADULT CHILDREN AGE 18- 25:
Application fast track procedure (regulation 6) may be submitted by the adult child. He will get his permit till 25 years of age. After 25 he will have to make his own application for PR as independent person.

Conditions:
1. Age 18-25
2. To be dependent on the parents
3. To provide proof of their studies
4. Parents must prove additional 5,000 euro of income for each dependent adult child
5. Adult child provides all documents required in his case

INDEPENDENT ADULT CHILDREN:
1. Age 18 and more
2. To be independent on their parents
3. Total purchase price of the property of their parents must be 300,000 Euro (without VAT) for each independent adult child
4. It must be proved payment of 66% of the total purchase price of the property of their parents
5. All other requirements (bank deposit, etc) must be completed

Immigration Permit Required Documents / Certificates under Reg. 6(2)
1. Copy of valid passport.
2. Copy of valid temporary residence permit (if the applicant resides in Cyprus).
3. Curriculum Vitae (including academic qualifications).
4. Statements of deposits in a Cypriot Bank account, of a minimumcapital of €30.000 (original).
5. Declaration of a secured annual income of a capital of €30.000 at least, from sources other than employment in Cyprus (original documents and affidavit). The necessary annual income is increased by €5.000 for each dependent person.
6. Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (not including VAT) (original or true copy).  If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000 (not including VAT).
7. Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus.
8. Health Insurance Policy.
9. Criminal Record Certificate (if the applicant resides abroad, the certificate must be issued from his country of origin, and submitted with an official and certified translation into Greek).
10. Marriage Certificate (official and certified translation) (if applicable).
11. Children’s Birth Certificates (official and certified translation) (if applicable).
12. Other documents which are submitted with the application.
Application M. 67 with photos of the applicant, spouse, minor children

Additional (non obligatory) documents:
Diplomas of higher education of the applicant and his spouse

Immigration Permit Required Documents / Certificates under Reg. 6(2)

(DEPENDANT STUDENTS 18-25 YEARS OLD)
1. Copy of valid passport of the applicant. 
2. Copy of valid temporary residence permit (if the applicant resides in Cyprus). 
3. Curriculum Vitae (including academic qualifications).  
4. Copy of the immigration permit of the parent under Reg. 6 (2) or proof of submission of the relevant application of the parent for immigration permit under Reg. 6 (2)
5. Declaration of a secured annual income of the parent from abroad of at least €30.000, (original documents and affidavit or declaration). The necessary annual income is increased by €5.000 for each person dependent to the parent.
6. Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus.
7. Health Insurance Policy for the applicant
8. Original Criminal Record Certificate duly certified for the applicant (if the applicant resides abroad, the certificate must be issued from his country of residence, and submitted with an official and certified translation
9. Birth Certificate of the applicant dully certified (official and certified translation).
10. Letter from the school/university that the applicant is a registered student.
11. Other documents which are submitted with the application.

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First, each member of our team originates from the UK so there are no communication barriers.

Second, each of us has bought property in Cyprus and understands the the processes from first-hand experience. This has enabled us to help many other people buy property in Cyprus with confidence.

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The help we received in Cyprus from your colleagues in Larnaca was superb.Sharon whom we dealt with is asset to your company. She was helpful and not pushy she seemed more like a friend and anything we needed to ask she had the answers

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