BASIC CRITERIA AND CONDITIONS FOR OBTAINING A PERMANENT RESIDENCY PERMIT IN CYPRUS
ADVANTAGES
- Quick procedures - obtain a permit for permanent stay withing two months
- All dependants under 18 and between 18-25 (for as long as they are college/university students) are eligible to obtain the permit along with parents.
- Once the permit is acquired, travel visa is no longer needed to travel to Cyprus.
BASIC CONDITIONS AND CRITERIA
- Purchase of house or apartment (or two apartments) with a minimum total value of €300,000, (plus 5% VAT).
- Must visit Cyprus at least once every two years.
- Proof of transfer of €30,000 deposit from abroad into a Cyprus bank.
- The applicant and his/her spouse must provide sufficient proof that they have an annual income of at least €30,000. The income may be a salary, pension, rents, interest from deposits or dividends from shares and must be sourced from abroad; the amount increases by €5000 per anum for every dependant included in the application for the permanent permit.
- The applicant and his/her spouse must prove that they have no criminal record in their country.
- All above mentioned amounts must be transfered from abroad and the applicant must have all official documentation as proof of tranfer.
- IF YOU CHOOSE TO PURCHASE A PROPERTY IN CYPRUS AND APPLY FOR THE PRP, WE WILL BE WITH YOU EVERY STEP OF THE WAY, TO ENSURE THE SMOOTH COMPLETION OF THE PURCHASE PROCESS UP UNTIL YOU RECIEVE YOUR PERMANENT RESIDENTS PERMIT.
OFFICIAL DETAILED LEGAL TERMS AND CONDITIONS ON OBTAINING PRP FOLLOW:
ADVANTAGES OF CYPRUS OVER OTHER EUROPEAN COUNTRIES
Vilanos Real Estate Agents Ltd (fully licensed and registered agents Reg. No. 525/40), is one of the longest standing property agents in Limassol with 45 years of invaluable experience in the sale and rental of immovable property in Limassol, and an unrivalled local knowledge, Vilanos is in an advantageous position and will deliver results every time. We will guide you through the purchase process and be next to you every step of the way.
What we offer:
• We will source your ideal property to fit to your individual requirements and budget, whether you’re looking for a lucrative investment opportunity or a dream home
• Banking advice - opening of account and acquiring of mortgage with favourable conditions
• We will put you in contact with an independent legal advisor who will guide and advise you throughout the entire process of purchasing a property in Cyprus, and anything else you may need along the way
• Our many contacts within the building industry are at your disposal, should your property require any sort of renovation work
• It will be our pleasure to take on the rental, and full management service of your buy - to - let property
• Accounting services and tax advice
Why invest in Cyprus: Apart from being a fantastic tourist destination, Cyprus has also become one of the most attractive places in the world for foreign investors to carry out their international activities, and is drawing an increasing number of local and foreign investors
This is due to:
• Very high standard of professional services - Cyprus ranks among the leading countries in the world in terms of university graduates
• Excellent medical care many private 5* polyclinics
• Strong sense of safety & security of its inhabitants
• Fascinating Historical and archeological sites
• Picturesque golf courses, state of the art health spas
• A safe environment with a very low crime rate
• Very hospitable and friendly environment
• Legal system based on the English Common Law system
• Favorable tax rates (Lowest corporate tax in EU)
• Stable currency (Euro)
• Member of EU and EMU
• Excellent tourist services
• Low inflation and relatively low cost of living
• Reasonable property prices
• Human rights are both well respected and well protected.
• High standard of living
• International banking system
• Warm Mediterranean climate, more than 300 days of sunshine each year
• State Universities, private colleges, multilingual schools
• Secure property investments (National Land Registry) with fullly regulated title deeds laws
• Ideal geographical positioning: located at the crossroads of the Middle East and Europe.
• The new Limassol Marina, currently under - Construction, when completed it will accommodate 650 large yachts, and comprise luxury villas on the sea, and state - of - the - art sea-view apartments.
Natural gas exploratory drilling has begun off the coast of Cyprus, it is foreseen that the potential resources are huge and could be enough to supply the rest of Europe for the next 100 years. It has been suggested that in the next 4-5 years The Republic of Cyprus will be able to export natural gas to the whole of Europe... With offices based in Limassol and many partners throughout the island - Vilanos Real Estate Agents will exceed the expectations and requirements of the most demanding and discerning customer. Our experienced associates are at your service and look forward to assisting you with your investment.
WHY CHOOSE VILANOS WHEN PURCHASING PROPERTY IN CYPRUS TO OBTAIN A PERMANENT RESIDENCY PERMIT - QUICK PROCEDURES AND SECURITY
Our company has been active in the field of Real Estate for the last 45 years. We have been offering our professional services to buyers and sellers of immovable property since 1969, both in the local market, as well international for buyers from overseas. Our skilled, highly trained sales executives will source the best real estate on the market for you advising you on the very best deals in terms of the price, quality and location. We are partnered with experienced legal advisors and consultants who specialize in the purchase of real estate by overseas buyers. The philosophy of our company is to be by the side of the client every step of the way - before, during and after the entire purchase process, whether based in Cyprus or abroad, for whatever assistance they may need, which is why our company has gained the trust and loyalty of the market. We have the experience to assist and advise with consistency, efficiency and professionalism.
Apart from attracting international investment due to its strategic location, Cyprus’ high standard of living, favorable taxation, and sophisticated and efficient legal framework also attracts and enables non residents to acquire real estate in a European country with very favorable terms under; a major advantage of acquiring real estate in Cyprus is the simultaneous acquisition of a permanent residence permit in a European country under certain conditions.
The desire to obtain permanent residency in Cyprus - a European Union country by so many buyers, mainly from Asian and Arab countries as well as former Soviet Union residents is not at all surprising, as our island is also ideal for family life, due to various factors including its constant development and evolving, low crime rate, easy going, hospitable Mediterranean culture and of course the perfect climate. Furthermore Cyprus is also progressing rapidly along with Europe, creating a privileged lifestyle for its residents as well as visitors to our island (over two million tourists a year). The continuous progress and development is evident in all areas and main towns.
In the coastal town of Limassol in particular, where our company is based, ongoing major construction projects and rapid growth and prosperity is ever present. The most recent major construction project is that of the luxury and first of its kind Limassol Marina which was designed by world renowned architects, and will be completed by December. This is considered the waterfront jewel of Cyprus combining luxury, elegance and highest quality lifestyle. The town of Limassol is also home to many other projects with enviable contemporary and environmentally friendly buildings, parks and green areas that offer residents a great quality of life, modern infrastructure, public and private universities, cultural and archeological sites and golf courses – Limassol also has a huge range of entertainment and recreation attractions, and will soon also have its own luxury Casino resort, offering something for everyone.
At Vilanos we pride ourselves on our huge database of property of the best investment opportunities, prime locations and quality properties and we strive to satisfy the specific needs of each and every individual customer. Visit our website at www.vilanosproperties.com and venture into the wonderful world of real estate with us. Our experienced sales associates are at your service and look forward to assisting you with your investment. More information on obtaining a permanent residence permit in Cyprus can be found on our website.
Sincerely,
Vilanos Real Estate Agents Ltd
CURRENT LAW FOR ACQUIRING PERMANENT RESIDENCY PERMIT IN CYPRUS
Revision of the criteria for granting an Immigration Permit within the scope of the new, expedited procedure to applicants who are third country nationals and invest in Cyprus
1. Legal Framework
1.1. In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministeres, has decided to isssue an Immigration Permit to applicants from third countries, in cases the following conditions are satisfied:
2. Investment/Financial Criteria
2.1 The applicant should submit a confirmation letter from a financial insitution in Cyprus that he has deposited a minimum capital of €30,000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred int Cyprus from abroad.
2.2 The applicant, together with his spouse, should prove that they have at their disposal a decure annual income of at least €30,000. This annual income should increase by €5,000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o.
2.3 The applicant should submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300,000 (V.A.T. is not included threin) and official receipts for the payment of at least €200,000 (excluding V.A.T.), irrespective of the date for the delivery of the dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.
The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.
It is noted that the purchase of a dwelling may be accepted even when made in the name of a Company and not in the name of the applicant, providing that the Company is registered in the name of the applicant and/or his spouse and they are the sole shareholders. In the event that the shareholder of the company is another legal entity, it must be proven that the sole shareholder of the said legal entity is the applicant and/or the applicant and his spouse.
2.4 For the purposse of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restricitons apply for the couple and not for each of the persons involved.
The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same company. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted. It should be stressed that contracts of sale in relation to a re-sale of dwellings that have been officially deposited with the Lands and Surveys Department prior to 07/05/2013 (the date of the depositing the contracts of sale is to be confirmed by the Department of Lands and Surveys), shall be accepted for the purpose of implementing this policy.
2.5 The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. 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 botain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5,000 for every such dependent child. It is noted that every such dependent child, shall submit with his application, all the documentation defined in para. 7.
Such an immigration permit shall be valid until the age of 25 of the dependent child. In the event that such a person wishes to obtain a new immigration permit, this person must apply on the basis of the applicable criteria as an independent person.
2.6 An immigration permit may also be granted to children of the applicant over the age of 18, who are not finacially dependent on the applicant, providing that the market value of the acquired property attributed to each such child is at least €300,000 (excluding V.A.T.), as described in para. 2.3 hereinabove, (e.g. in the event the applicant has a child that is 30 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).
Provided that in such an event each child shall submit the necessary documentation with his or her application (e.g. secured annual income of €30,000, a deposit in a financial institution in Cyprus amounting to €30,000, which is bound for 3 years).
3. Qualitive Criteria:
3.1. The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally they should not be considered as a threat in any way to the public order or public security of Cyprus.
3.2 The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner. It is to be noted that the applicant and his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
3.3 The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every two years.
3.4. All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.
4. PROCEDURE FOR THE SUBMISSION AND EXAMINATION OF AN APPLICATION
4.1 Applications must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through an agent. A fee of €500 is payable with the submission of the application.
4.2 Applications that are submitted in Cyprus, either personally or through an agent, shall be submitted in a standard envelope (every document of the application shall be punctured and inserted in the envelope and numbered in blue ink from the first page of the application to the last page, at the responisbility of the person submitting the application). The envelope shall also include a list of the documents submitted with the application, including any other supplementary documents, to be completed by or on behalf of the applicant.
4.3 The application shall be processed by the CRMD and be submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior (MOI). An interview with the applicant shall take place only when it is deemed necessary by the Permanent Secretary of the MOI.
4.4 The Ministry of Interior shall notify the applicant or his agent and the CRMD as to the decision of the Minister of Interior.
5. Transitional Provisions
Upon publication of the present policy, any third country national who has submitted an application for a category F Immigration Permit may, if he so wishes, submit to the CRMD supplementary details proving that the criteria in paragraphs 1 to 4 in the present policy are satisfied in a new application, so that the application will be processed in accordance with the provisions of Regulation 6(2) of the Aliens and Immigration Regulations and on the basis of the above criteria and the relevant procedure.
6. Time schedule for issuing an Immigration Permit
It should be stressed that, provided the criteria of this policy are satisfied there are no reasons with regard to either the criminal record of the applicant or to the public order and pubic security issues, the application shall be examined by the Minister of Interior in a positive manner and an immigration permit shall be issued.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed 2 months from the date of the submission of the application.
7. Application Forms
The following forms are available electronically:
• Application form (M.67)
• Checklist of the documents submitted with the application (in Greek and English)
• Checklist of the documents submitted with the application (in Greek and English) for adult children in accordance with para. 2.5
• Affidavit as to the annual income of the applicant, with other supporting evidence (in Greek and English)
• Official declaration as to the confirmation of non-employment of the applicant in Cyprus (in Greek and English)
