The new regime for a Cyprus Permanent Residence Permit via property investment

Cyprus has recently enacted a regulation allowing for a permanent residence permit via property investment. The regulation provides for the grant of a Cyprus permanent residence permit if the candidate purchases a privately-owned residence for self-occupancy in Cyprus, with a value of not less than €300.000.

Main Conditions

The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person applying for permit.

The applicant must purchase a private house for his/her own residence in Cyprus with a value of not less than €300.000 and must have proof of payment/pre-payment of at least €200.000.

Visits Requirement

The applicants should visit Cyprus at least once every two years, otherwise he/she will automatically lose his/her status as a permanent resident in Cyprus.

Required Documentation

If the applicant satisfies the pre-conditions above, then an application for permanent residence can be submitted. The required documentation for such application is the following:

Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building. The contract of sale should already have been submitted to the Department of Lands and Surveys;
Proof of payment of at least €200.000;
Confirmation letter from a Cyprus Bank stating that the applicant has deposited a minimum capital of €30.000 in an account, which will be blocked for at least three years;
A document proving the income of the applicant including pension, retirement income, salaries or dividends;
Criminal Record Certificate which must be issued by the Authorities in the applicant's country of origin;
Statement from the applicant stating that he/she does not intent to work or be engaged in any form of business in Cyprus;
Certificate of health insurance in Cyprus;
Marriage certificate (if spouse is included in the application);
In the event permanent residence is applied for children, birth certificates are required;
Copy of valid passport (certified from country of origin);
Letter of guarantee obtained from a bank in Cyprus (€850);
CV of the applicant;
Application Procedure

The application should be submitted to the Civil Registry and Migration Department personally or through a representative.

The application is examined by the Civil Registry and Migration Department and is submitted to the Minister of the Interior, for a decision. For the purposes of the specific type of immigration permit, no personal interviews are necessary.

Then the Ministry of the Interior will inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of the Interior.

The normal time for a Permanent Permit of this kind requires 1-2 months, however the applicants are granted temporary residence permits from the outset of the procedure.

Posted by Michael Ioannides

http://blog.llpolawfirm.com/2012/12/the-new-regime-for-cyprus-permanent.html