In pursuance of the provisions of regulation 6 (2) of the Aliens and the Immigration regulations, Cyprus grants non-EU nationals the right to permanently reside in Cyprus with no renewal requirements. The process the based on a set eligibility criteria ensuring that the Permanent Residency status is only granted to reputable individuals.
Eligible dependence includes the spouse, parents of main applicant and spouses parents, as well as children upto the age of 24years. The main applicant and dependence must declare the intention of not being employed in Cyprus
“FIT AND PROPER TEST”
In complying with due diligence standards, applicants must demonstrate a clean criminal record issued by their country of origin.
Applicants are required to purchase a residential property/ies of a combined value of 3lacs Euros (exclusive VAT if applicable). The purchases must be first time sales meaning that they are to be bought for the first time from a property development company.
“QUALIFYING FINANCIAL CRITERIA”
To qualify for the Cyprus Permanent Residency by investment Programme, the main applicant is required to maintain a 3 year Fixed Deposit with a Cyprus Bank of at least 30,000 Euros, and such funds must emanate from outside Cyprus.In addition, Applicant must provide evidence of secured annual income of at least 30,000 Euros. The funds must originate from abroad, and are to be increased by 5000 Euros for each dependent, and 8000 Euros for each parent included in application.
“1 WEEK “
PREPARATION & SUBMISSION
- Prepare supporting documents and application file
- Submission of application to the Civil Registry and Migration dept.
- Purchase of 300k property
- Declaration of 30k secured income
- Evidence of 3year FD of 30k
PROCESSING TIMEEvaluation of application by the Cyprus Civil Registry, the migration dept. under the ministry of Interior
- Complying with the set criteria
- Residency Application
- of Cyprus Application Policy
- Permanent Residency by Investment
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