Permanent residence permit in Cyprus for the purchase of real estate
Cyprus Permanent Residence Permit – Category 6.2 (fast track)
Buying a property in Cyprus gives you an accelerated permanent residence permit. The advantages of the status are its indefinite duration, extended family composition, fast execution, no requirements for permanent residence on the island and minimal risks of rejection.
Advantages of the program
- €300,000 minimum real estate price
- Only new buldings participate in the program
- Permanent residence permit issued for life
- 2 months fast processing time
- For the whole family a spouse, children under 25
- The right to live in Cyprus without time restrictions
- No obligations to move and change tax residency
- Cyprus citizenship after 7 years of residency
The official website of the program
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About the Program
Cyprus immigration law allows wealthy foreigners who can support themselves without working to obtain a permanent residence permit of the Category F. In 2013, an accelerated and simplified procedure for issuing such permanent residence was developed. This method is known as the "golden visa" of Cyprus or "residence permit by the purchase of real estate".
Applicants who want to invest €300,000 or more in real estate, get permanent residence in just two months, while the standard procedure takes a year or more. The risk of rejection is minimal, and the list of relatives who can be included in the application is expanded.
The permanent residence received for real estate is valid for life. You only need to come to the country every two years to prolong it. The period of residence in Cyprus under this status can be counted within the required period for obtaining citizenship by naturalization (7 years). The latter circumstance, by the way, attracts those who want to get a second passport of Cyprus, but do not have €2 million to participate in the program «Citizenship by real estate purchase».
Financial Requirements
- € 300 000
Minimal realty price
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You can buy one or two of the property for this amount (two premises; housing + office up to 250 sq.m; housing + shop up to 100 sq.m).
The price is shown without VAT or other transaction costs.
Only new buildings sold by developers for the first time can participate in the program; the conditions do not apply to the secondary market.
The money must come from abroad.
The property can be registered as a legal entity, the sole shareholder of which and his/her spouse get the right to permanent residence.
- € 30 000
Minimal annual income
- The applicant and his/her spouse must prove that they have a guaranteed annual income that allows them to live in Cyprus without working – from €30,000 per family. If the application includes dependents (for example, adult children), the amount increases by €5,000 for each, if parents are included - €8,000.
- € 30 000
A deposit in a Cyprus bank
- The applicant must open a time deposit in a Cyprus bank in any currency and the amount equivalent to €30,000 (or higher) without the right to withdraw funds for three years. The money for the deposit must come from another country.
To get the right to apply for permanent residence in a fast-track manner, you must meet all three financial requirements, not just one of them. Meanwhile, Cyprus has a standard procedure for issuing the same permanent residence permits of the Category F. In this case, the conditions are milder, thre is no limit for real estate and show significantly less income.
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Requirements for Applicants
Who can participate in the program
The fast-track program is characterized by an expanded family structure. Together with the investor, the status can be obtained by:
A spouse
Two independent permanent residence can be granted to each spouse, but both are subject to payment of the fee. At the same time, the second spouse is not required to meet additional criteria for the purchase of real estate, annual income and a bank deposit.
Children under 18 years
Minor children can be included as dependents in both parent immigration permits.
Children from 18 to 25 years
Permanent residence is also granted to children under 25 who are not married, financially dependent on their parents, and have a status of full-time students.
Parents
Direct relatives in the ascending line on both sides, regardless of their age, can also get the status.
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Documents
All documents must be officially translated into Greek or English and certified.
- An application in the prescribed form
- Autobiography (family, education, type of activity, everything to get a clear idea of the candidate and the legality of their income)
- 2 photos
- Valid passports of the applicants that expire no earlier than in 24 months from the date of application
- Marriage and child birth certificates
- A certificate of no criminal record in the country of residence (only for adults)
- Health insurance
- A certificate from a Cyprus bank on the availability of funds on deposit with at least €30,000 for a period of three years (the money must come from abroad)
- Aontract of sale and/or certificate of ownership of real estate worth from €300,000
- A payment confirmation minimum of €200,000 (money must be received from abroad)
- Proofs of annual income outside of Cyprus (tax return, income from shares, bank deposits, rental of property, etc.)
- A statement that the applicant does not intend to work in Cyprus
- Proofs of assets outside of Cyprus (certificates of ownership of real estate, shares in companies, banks deposits, etc.)
Expenses
- State fees
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€500 for a state fee for issuing a permanent residence permit
- Lawyer's fee
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€5,000-10,000, depending on the rates of immigration lawyers and the composition of the applicant's family. Some real estate agencies and developers provide their clients with these services for free.
- Property expenses
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The program participant bears expenses related to the purchase of real estate: VAT for new buildings (19% – standard rate, 5% – reduced), lawyer's and realtor's fees, government fees. Read more about the procedure of buying realty in Cyprus.
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Rights and Obligations
- Cyprus is not a part of the Schengen area, which means that a local residence permit does not allow you to travel around the United Europe without a visa. However, this status allows you to apply for a visa in Cyprus, which greatly simplifies the process.
- The right to live in Cyprus without time restrictions. At the same time, the holders of this residence permit have no obligation to move to the island. To automatically renew your status, you only need to visit the country once every two years.
- Registration of residence permit does not automatically lead to a change of tax residence, but you can get this status, if you want.
- Access to the social infrastructure of Cyprus: education of children in schools and universities, medical care (insurance), obtaining a driver's license, etc.
- Holders of this residence permit do not have the right to work in Cyprus, but can be shareholders of a company registered in the country and receive income from its activities. They can also earn income from rental properties.
- A permanent residence permit in Cyprus may be lost, if its holders receive a similar status in another country.
- The right to apply for citizenship of Cyprus by naturalization after 7 years of residence in the country. Cyprus recognizes dual citizenship, i.e. you will not have to give up your first passport.
The obtaining procedure
