Recently Cyprus has passed a bill giving the right to obtain a residence permit in Cyprus when buying property for citizens of non – member countries of the EU. This simple process can be started immediately after the acquisition of real estate. As a rule, a residence permit is not limited in duration. Applications for residence permits may be submitted as well as to receive a standard Immigration permission (all requirements detailed in section (A) or in accordance with the simplified procedure recently introduced "category F" (all requirements detailed in section (B) for which it is necessary to perform some additional conditions.
✔ The acquisition of immovable property worth more than €300.000.
✔ Buyer must come to your property at least once every two years.
✔ Buyers who are not EU citizens must have supporting documentation that the annual income earned outside Cyprus, sufficient to live on the island of applicants and their families.
✔ Minimum annual income of €30.000 for a couple and €5.000 for each dependent family member. Any additional funds deposited in the account of any Cypriot Bank will be considered an advantage.
✔ The application for obtaining the residence permit can be submitted at the Embassy of the Republic of Cyprus, if the applicant lives abroad.
✔ If the applicant resides in Cyprus, the application for obtaining of the residence permit must be submitted to the immigration Department in Nicosia.
✔ All documents must be translated and the translation must be notarized. Agency for press and information of Cyprus can have this service provided by the applicant of the original documents.
1. The law accelerated procedure for obtaining permanent residence for nationals of third countries:
✔ The applicant must prove that he/she 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 can be from wages, savings, income from shares, rents and other sources of income earned outside Cyprus. The required annual income is increased by €5.000 for each dependent family member.
✔ The applicant must submit an application form accompanied by a certificate of ownership of real property or the contract of sale and purchase on property in Cyprus - a house, apartment or other real estate, the minimum market value of €300.000 and proof of payment for the property of at least €200.000. The contract of sale should already be registered with the Land Department of Resources and Research.
✔ The applicant must provide a confirmation letter from a Cypriot Bank that he/she has made a minimum Deposit of €30.000 and this amount will be placed on a Deposit account of at least 3 years. It should be noted that the necessary documentary evidence that the amounts mentioned in points (1,2) and (1,3) have been transferred to Cyprus from abroad.
✔ The applicant must provide a certificate of no criminal conviction (if the applicant resides abroad), which must be issued by the authorities of his/her the country of origin and he/she don't carry with them any threat to public order or security in Cyprus.
✔ The applicant must submit a statement that he/she does not intend to work or engage in any form of business in Cyprus.
✔ The applicant must visit Cyprus at least once every two years.
2. The procedure for submission and consideration of applications
✔ Application Form must be submitted on form (M. 67) to the Department of Civil Registration and Immigration or at the district office in person, by mail or through a representative. (Note, all statements submitted in the district office will be transferred directly to the Department of Civil Registration and Immigration, without any pre-processing).
✔ Applications submitted for review in Cyprus, personally, through a representative, or by mail, must be filed in an ordinary file (the applicant must ensure that each relevant document in the application was numbered in blue ink, from the first to the last page). The list of all documents filed by the applicant or the applicant's representative, must be pilagan to the documents.
✔ Applications will be reviewed by the Department of Civil Registration and Immigration and submitted to the Ministry of Internal Affairs, through the Permanent Secretary of the Ministry for decision. Personal interview, as a rule, is not required for this category of permits.
✔ The Ministry of internal Affairs shall notify the applicant, or the applicant's representative and the Department of Civil Registration and Immigration on the decision of the Minister of Internal Affairs.
✔ An immigration permit may not be cancelled, provided that the applicant is coming to Cyprus at least once every two years.
3. After the publication of this announcement nationals of any third country national who has applied for an immigration permit category F, may submit additional documentation to the Department of Civil Registration and Immigration in order to meet the new requirements and criteria, in accordance with the terms of Regulation 6 (2) of the Regulations on Immigration and Foreigners.
4. Provided that the criteria and requirements described in paragraph 1 is made, and there are no additional questions regarding the certificate of no criminal conviction of the applicant, or violations of public order, the Application shall be considered by the Minister of Internal Affairs is positive, and the immigration permit will be granted.
5. The processing time should not exceed 1-2 months.