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Cyprus permanent residence permit (PR) without the right to work

 

Cyprus Permanent Residence Permit

 

ABOUT THIS PERMIT CATEGORY

 

§  It concerns NON EU citizens

§  It is granted to an applicant and his spouse indefinitely

§  It is granted to their minor children until the age of 18 years (in some exceptions until the age of 25 years)

§  Holders of this Permit are not entitled to work in Cyprus

§  Holders of this Permit may own Cyprus Company and receive dividends from its profit

 

 

What would INVALIDATE the Permanent Residence Permit?

 

§  When the holder of this Permit is granted permanent Residence Permit in another Country (other than the country of his nationality)

§  When the holder has not visited Cyprus for a period longer than 2 years continuously

 

 

WAYS TO OBTAIN IT:

 

There are TWO ways to obtain this type of Permanent Residence Permit:

 

A. Category F - (Regulation 5 (f)): within 5- 12 months

B. Fast Track Procedure - (Regulation 6(2)): within 2 months

 

 

 

A. PERMANENT RESIDENCE PERMIT CATEGORY F 

REGULATION 5(F) OF THE ALIENS AND IMMIGRATION REGULATIONS

 

The Minister of Interior of the Republic of Cyprus decided, dated on 7/05/2009, that when a non EU Member buys a PROPERTY - RESIDENCE for him/her self and his/her family of €300.000 and more, the application for Permanent Residence, Category F will be examined positively. 

 

This type of permit is granted to those NON EU nationals, who possess and have fully and freely at their disposal a SECURED ANNUAL INCOME, high enough to give them a decent living in Cyprus, WITHOUT HAVING TO ENGAGE IN ANY BUSINESS, and TRADE OR PROFESSION.

 

This income must come from legal sources from abroad. For example, it might come from pensions, permanent deposits, business activities, ownership of companies, shares etc.

 

According the provisions of the Law the MINIMUM annual income required is €30,000 for a single applicant and €5,000 for every dependent person, but the Civil Registry and Migration Department may demand ADDITIONAL AMOUNTS if they feel necessary.

 

These additional amounts might come from annual maintenance expenses of the property, educational, medical and other needs of the family in each particular case. It is always necessary to take in consideration ALL NEEDS OF THE FAMILY of the applicant and to offer solid evidence that the applicant is able to cover all those needs in the long run.

 

It must be proven that the money the applicant is getting from abroad will be enough to cover ALL EXPENSES of the family.

 

As the Category F is the permit, granted once but for the permanent stay in Cyprus, the Immigration Authorities will examine the STABILITY and RELIABILITY of annual income during a long period of time.

 

The possession of a solid amount of money, deposited in one of the banks of Cyprus might facilitate the application.

 

Fundamentally, the most important requirements are:

 

1. The applicant has enough money to cover all expenses of all members of his family

2. This money MUST come from abroad

3. This money MUST come from legal sources

4. The income MUST be secured, reliable and consistent for a LONG TERM BASIS and this income will MUST be maintained for the whole time.If there is a reasonable doubt that the applicant or any of his dependents might become an UNREASONABLE BURDEN ON THE SOCIAL ASSISTANCE of the Republic of Cyprus his application will be rejected.

 

 

B. FAST-TRACK PROCEDURE FOR GRANTING RERMANENT RESIDENCE PERMIT

(REGULATION 6(2) OF THE ALIENS AND IMMIGRATION REGULATIONS)

 

REQUIREMENTS:

 

1. THE PROPERTY:

 

§  Must be purchased in Cyprus

§  The purchaser could be just one applicant or just his/her spouse or the applicant and his spouse or a Cyprus Company as below described

§  The vendor must be the Developer, who built this property

§  The property must be new (not resale)

§  The Purchase Price must be at least 300,000 Euro (not including VAT)

§  At least 200,000 Euro (not including VAT) should be paid to the Vendor in advance

§  Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided

§  Contract of Sale must be deposited at the Land Registry

 

IT IS POSSIBLE TO BUY TWO PROPERTIES:

 

Options:

 

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:

 

§  The total purchase price is more than 300,000 euro (without VAT)

§  Both of properties must be new, resale is not accepted for the fast track permit

§  If two properties are separate they must be purchased from the same developer, under one company.

 

Note:

All conditions are valid per couple. It will not be accepted to purchase more than two properties by each couple (including a purchase by the Company)

 

 

WHEN THE PURCHASER IS A COMPANY:

 

The property can be purchased in the name of the Company.

 

Conditions:

 

§  The Company must be registered in Cyprus

§  The 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. A trust deed will not be accepted.

§  They must be only shareholders of this Company

 

Note:

 

If the shareholder of the Company is another Company, it must be proved that the only shareholder of that Company is only the applicant (his spouse or both).

 

 

2. BANK DEPOSIT

 

A bank deposit of 30,000 Euros MUST BE DEPOSITED into 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

 

§  The income must be generated abroad, not in Cyprus

§  The applicant MUST prove at least 30,000 Euros of income for himself and plus 5,000 Euros for each family member (spouse and each child under the age of 18)

§  The income should derive from legal sources such 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 of 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.

 

Please note, for Russian citizen’s Apostille is not required.

 

 

 

NOTES:

 

 

PERIOD OF EXAMINATION OF THE APPLICATION

 

It should be approved within 2 months and PR should be granted provided that:

 

§  All requirements are satisfied

§  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:

 

The application of the 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:

 

§  Age 18-25

§  To be dependent on the parents

§  To provide proof of their studies

§  Parents must prove additional 5,000 euros of income for each dependent adult child

§  Adult child provides all documents required in his case

For example, unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit.  In such a cases, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child.

 

 

 

Independent Adult Children:

 

§  Age 18 and more

§  To be independent from their parents

§  Total purchase price of the property of their parents must be 300,000 Euro (without VAT) plus 300,000 Euro (without VAT) for each independent adult child

§  It must be proved that 66% of the total purchase price of the property is from their parents

§  All other requirements (bank deposit, etc) must be completed

 

For example, in the event the applicant has a child that is 28 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc). In such an event a confirmation of payment for the 66% of the market value of the dwelling must be submitted with the application (e.g. €400.000 for a dwelling of a market value of €600.000). 

 

 

NOTE:

 

Those applicants, who do not comply with strict requirement of Regulation 6(2), may apply for PR Permit under Category F.

 

 

For further information about Cyprus PR please contact:

 

E-mail: residency@larnacapropertydeals.com

Tel: 00357 96463331

 

 

 

All information within this document is intended for informational purposes only and should not be used to replace any official government documents. The Information may not in all cases be current and it is subject to continuous change.