The residency permit applies to the investor, their spouse, minor children, unmarried dependent adult children up to age 25 that are studying outside of Cyprus, adult children that are over 25 but have studied in Cyprus and the parents of the applicant and spouse. The Cyprus program is unique in that once the permits are obtained they are valid forever, even after the children are no longer dependent. Obtaining permanent residency and eventually EU citizenship offers a legacy to your and later your children’s families.
To obtain permanent residency a real estate investment of €300,000 (net of vat) is required. It’s a secure investment in a desirable asset class that can even provide an income should you choose to rent out your property, which we can undertake on your behalf. You can purchase a single property or two properties, so long as the total value exceeds €300,000.
Legal Requirements To Obtain The 6(2) Category Residency Permit (Fast Track):
- Property purchase
The key criterion is the purchase of a new immovable property/ies* with a value greater than €300,000 (excluding vat). The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least €200,000 (excluding vat). The property can also be put on a company name provided that the company is registered in the name of the applicant and/or the applicant and spouse, and that he/they are the sole shareholders. Additionally, the contract of sale must have been submitted to the Cyprus Department of Land and Surveys.*The applicant may purchase up to 2 residential proper- ties (apartments/houses), or one residential unit and one shop (with a maximum area of 100sqm), or one housing unit and one office (with a maximum area of 250sqm), provided that the combined value exceeds €300,000. This allowance is per married couple. From 7th May 2013, the Government has stipulated that only new properties purchased directly from a developer qualify for this scheme. Additionally, the units should be purchased from one developer.
- Annual Income
The applicant must provide a declaration with supporting documentation of a secured annual income from a legitimate source, deriving from outside Cyprus. The minimum annual income per applicant is €30,000 and an additional €5,000 per dependent, and €8,000 per dependent parent/parent in-law. The annual income of the spouse can be estimated for the purposes of this criterion.
- Fixed Deposit
A statement of deposit must be provided showing a €30,000 minimum deposit in a Cypriot bank account of the applicant, which will be locked for a period of 3 years. After the expiration of this period the money will be released without restriction.
- Statement of intent
The applicant must provide an official statement, confirming that he/she does not intend to work in Cyprus. However, the applicant and/or his wife are entitled to be a shareholder and receive income from the dividends of a company registered in Cyprus without affecting their application or permit. (see pg.3 business & taxation)
- a. Dependents (children) over 18 years old
Permits may be granted to unmarried dependents aged 18-25, provided that it is proved that they are in full-time education outside of Cyprus with a remaining studying period of 6 months from the submission of the application and are financially dependent on the applicant/s. If the adult children are in higher education in Cyprus they will be eligible to be included in the applicant’s permit once they’ve completed their studies, irrespective of their age. In such cases the requirement of secure annual income is increased by €5,000 per dependent child. A positive amendment to the original 6(2) legislation was made on 14.01.14, which now means that permits granted to all dependents are valid forever. To obtain the permit a separate application should be made which includes all of the above mentioned documents in addition to a declaration from the parents stating that they are willing to support the dependent and a registration certificate from an educational institution to prove that the applicant is in full time education. An additional fixed deposit is not required.
b Non-dependents (children) over 18 years old
Permits can also be obtained for non-dependent children over 18 years old provided that each child has an attributable market value of the acquired property of €300,000 excluding vat ( in addition to the €300,000 attributable to the main applicant and his /her spouse). For such cases the application must be accompanied by a receipt of payment for at least 66% of the purchase price of the acquired property. For example, an applicant who has a child aged 30 years old, should purchase a property/ies with a purchase price of €600,000 or above, and provide a payment receipt for at least €396,000. The non-dependent child must submit together with his/her application all other supporting documents required by the Regulation 6(2) stated above, such as the secured annual income of at least €30,000, and 3 years fixed deposit account.
- Required documentation
The applicant must submit a criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years) are also required.