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Cyprus Information > Permanent Residence Permit & Cypriot Citizenship

Permanent Residence Permit

Andreas Neocleous & Co LLC
www.neocleous.com
info@aloizou.com.cy

The Republic of Cyprus has implemented a fast tract procedure to acquire permanent residence permit, a policy introduced by the Minister of Interior since 2009 which was revised in August 2012. The policy implements a favorable treatment for Third country nationals (i.e. non EU citizens) who apply for Immigration permit, under section 5, category (f) of the Aliens Immigration Regulations of 1972, as amended.

Under this policy, the Immigration permit, which will be equal to Permanent Resident status, will be granted to third country nationals who will acquire, by virtue of sale from a developing company, a self owned property in Cyprus for self resident purposes in the Republic, for a minimum value of €300.000, excluding VAT and provided that the property is being sold for the first time. Additionally the applicant must have a fixed deposit for three years with any bank in Cyprus for the minimum amount of €30.000. Further to the above, all applicants under this category, would be required to demonstrate a secured income of sufficient amount, which must not come from activities or self employment in Cyprus, but from abroad. The minimum amount for the main applicant is currently set at €30.000 plus €5.000 for each dependant. Each case is examined of course on its own merits and the total amount needed depends on the personal circumstances of the applicant.

To obtain the Immigration Permit, a third country national must demonstrate the following attributes:

• Stable and regular resources sufficient for himself and his dependants to live in Cyprus without recourse to its social assistance system;
• Sickness insurance which covers the risks usually covered by Cypriot insurance companies;
• He is not a threat to public order or public security; and
• His residence in the territory under the Cypriot Government’s control has not been the result of deceit or misrepresentation.

The Immigration Permit is under category F which will allow the holder to reside freely in Cyprus without any restrictions, however without the right to be employed in Cyprus, hence the requirement to demonstrate that the applicant can support financially all the members of his/her family from funds coming from abroad.

The list of documents which are required for the application are the following:

1. The completed Form M67 (copy of which is hereby attached).

2. Birth certificates of the children of the applicant (please note that the birth certificates should either be originals, or certified true copies bearing certification from the relevant authorities of the country in which the certificate was issued and Apostile stamps).

3. Marriage certificate (please note that like the birth certificates, the marriage certificate should either be original, or certified true copy bearing certification from the relevant authorities of the country in which the certificate was issued and Apostile stamps).

4. A clean criminal record issued by the country of origin for the applicant and his/her spouse, (please note that as per the birth certificates, the certifications for the clean criminal record should either be original, or certified true copy bearing certification from the relevant authorities of the country in which the certificate was issued and Apostile stamps).

5. Copies of the recent and valid passports.

6. A Sale Agreement for the property acquired, which has to be stamped and deposit with the respective Land Registry (by stamped we mean the Stamp Duty payable in accordance with the value of the property acquired). The minimum purchase price should be €300.000 not including the VAT.

7. An original bank certificate of the applicant in Cyprus demonstrating that the applicant has at least €30.000 fixed three year deposit with a bank in Cyprus. The applicant must also demonstrate that these funds originated out of Cyprus, by virtue of a certificate from the Bank or by presenting copies of the swifts for the transfer of the funds to Cyprus.

8. 4 passport size photographs for each member of the family

9. Affidavit of the applicant disclosing his/her income. The annual income required should be at least EUR 30,000 for a single applicant and at least EUR 5,000 for every dependent person.

10. Together with the abovementioned affidavit the applicant must demonstrate supporting documentation for the amounts declared in the affidavit, e.g. Bank account(s) of the applicant from banks out of Cyprus, or any other document showing income of the applicant abroad, e.g. rental agreements, dividend certificates, etc, demonstrating that there are sufficient means to support himself/herself and the rest of the family members.

Please note that as per the birth certificates, all the above supporting documentation should either be original, or certified true copy bearing certification from the relevant authorities of the country in which the certificate was issued or Apostile stamp (if applicable).

11. Curriculum vitae (CV) of the applicant, including his/her academic qualifications.

12. Certificate for Medical Insurance to cover applicant and dependants in Cyprus.

13. Receipts for the payment of the purchase price demonstrating that the applicant has paid at least €200.000 (plus VAT if applicable) towards the purchase price. The applicant must also demonstrate that these funds originated out of Cyprus, by virtue of a certificate from the Bank or by presenting copies of the swifts for the transfer of the funds to Cyprus.

14. Official Statement by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus.

Please note that all the above documents should be originals or certified true copies (and apostiled) and officially translated in English in order for them to be accepted by the authorities of the Republic of Cyprus.

Please note that the Immigration Department may request further documents as each case is examined on its own merits.

The application may be deposited even before the applicant arrives to Cyprus provided all the relevant documentation is available and provided to us.

Once the applicant is successful his/her spouse will also receive the permit as well. The same applies for children under the age of 18 years old.

Please bear in mind that if the Visa holder does not visit Cyprus for a period exceeding 2 years, then the Visa will be automatically revoked.

Permanent Residence Permit

Cypriot Citizenship

Under the Population Registry Law, 141(I) of 2002, as amended, there are three ways to acquire the Cypriot citizenship, i.e. a) by birth or descent, b) by registration and c) by naturalisation. Presuming that this is not applicable for you, the only available option for you to acquire the Cypriot citizenship, is by naturalisation.

According to section 111 of Law 141(I) of 2002, the Minister of the Interior may grant a certificate of naturalisation to any foreigner of full age and capacity who applies in the prescribed manner and satisfies him/her that he/she qualifies for naturalisation under the provisions of the Third Schedule to the Law. On making the affirmation of loyalty to Cyprus in the form set out in the Second Schedule to the Law, the person to whom the certificate is granted will be a Cypriot citizen by naturalisation from the date on which the certificate is granted.

The Third Schedule contains the conditions which foreigners must satisfy before obtaining the Cypriot citizenship by naturalisation. The conditions are that:

1. They have either resided in Cyprus or been in the Cyprus public service, or a mixture of the two, throughout an uninterrupted period of 12 months immediately before the date of application;

2. During the seven years immediately before the period of 12 months mentioned above they have either resided in Cyprus or been in the Cyprus public service, or a mixture of the two, for periods amounting in total to not less than four years;

3. They are of good character; and

4. If a certificate is granted, they intend either to reside in Cyprus or to enter into or continue in the service of an international organisation of which Cyprus is a member or the service of a society, company or body of persons established in Cyprus.


Fast track Economic Citizenship program

The Council of Ministers during its meeting of 19/3/14 decided to revise the policy of Economic Citizenship by which they have decided that they will grant fast track citizenship to non Cypriots who will satisfy one of the following criteria.

A non Cypriot citizen who satisfies one of the Financial Criteria (A), either personally, through a company(ies) in which he is a shareholder (proportionally based on his percentage), either as high level Management member of a company(ies) which satisfies one of the Financial Criteria (A), may apply to acquire the Cypriot citizenship though Naturalisation by exemption.

In the case of a high level Management member of companies, the applicant is eligible provided that has such remuneration from the relevant companies which creates a minimum taxable income of €100,000 for the last three year period and provided such tax has already been paid or pre-paid.

The applicant must proceed with the relevant investments during the last three years prior to the application and must retain the said investment for a period not less than three years from the dated of Naturalisation.

Additionally the applicant must satisfy all the Terms and Conditions which are outlined in Part B.

In the event that following periodical checks it is evidenced that any one of the Criteria or Tern or condition is infringed, then the citizenship may be revoked.

Part A - Financial Criteria

A.1 Investment in government bonds

The applicant must have purchased bonds of the Republic of Cyprus for an amount not less than 5 million Euros.

Or

A.2 Purchase of financial assets of Cypriot companies or Cypriot organisations

The applicant must have purchased financial assets of Cypriot businesses or Cypriot organisations (e.g. bonds / securities /securities issued and registered in the Republic) amounting 5 million Euros and above.

It is further stipulated that the financial assets may be purchased either during the first issue or at a later stage.

Or

A.3 Investments in immovable property, developments and infrastructure projects

The applicant must invest an amount not less than 5 million Euros for the purchase or development of immovable properties or the development of further projects-developments (housing or commercial projects-developments, touristic projects-developments or other infrastructure projects)

Or

A.4 Purchase or establishment or participation in Cypriot businesses and companies

The applicant must purchase or establish or participate in a business or company(ies) which are established and have business activities in the Republic of Cyprus for the minimum amount of 5 million Euros. Additionally, it must be demonstrated that the said businesses or companies have physical presence in Cyprus and employ at least 5 Cypriot citizens.

It goes without saying that the abovementioned criterion includes the compulsory conversion of deposits into shares.

Or

A.5 Bank deposits

The applicant must have deposits in Cyprus banks amounting to 5 million Euros, for a period of 3 years. The deposits can be personal or corporate or of a trust whereby the applicant is the beneficiary.

Or

A.6 Combination of the abovementioned criteria, A.1 Investment in government bonds, A.2 Purchase of financial assets of Cypriot companies or Cypriot organisations, A.3 Investments in immovable property, developments and infrastructure projects, A.4 Purchase or establishment or participation in Cypriot businesses and companies and A.5 Bank deposits

The applicant must have a combination of the above amounting to 5 million Euros.

Or


A.7 Persons whose deposits in Laiki Bank have been impaired due to measures implemented in both Banks after March 15, 2013:

The applicant must have suffered impairment on his deposit amounting to a total of at least 3 million Euros.

In the scenario where the applicant has suffered an impairment less than 3 million Euros he can still file an application if he invests further through criteria A1, A2, A3 or A4 for the amount that remains in order to sum up to 3 million Euros.

Or

A.8 Collective Investments

The Council of Ministers has the right in special circumstances, to reduce the amounts mentioned in criteria A1-A4 above as follows:

i. To 2,5 million Euros for investors who are participating in a collective investment plan, provided the investment is at least 12,5 million Euros.

ii. To 2 million Euros for investors who are participating in a collective investment plan, provided the investment is over and above 12,5 million Euros. It is hereby clarified that the present provision (ii) will be valid until 1.6.2014.

Additionally, it is hereby clarified that for cases i. and ii. Above, the investment falling under the criteria A1-A4 may be effected through different vendor/supplier (natural person or legal entity)

PART B - Terms and Conditions

1. Criminal Record: The applicant must have a clean criminal record. Also, his name should not be included in the list of persons who have a freezing order on their property within the boundaries of the European Union.

2. Accommodation in Cyprus: In all cases listed in Part A, the applicant must be holder ownership of property in Cyprus, market value at least 500.000 Euros plus VAT.

It is further clarified that members of the same family, which submit separate applications as individual investors, may purchase collectively one residence, provided that the total value of which will cover the amount of 500.000 euros per applicant.




PART C - Submission of Documents

For the examination of the application forms (M127) the applicant is required to submit the following documents:

1. Non Criminal Record Certificate

Non criminal record certificate from the country of origin and from the country of permanent residence (if different)

2. Accommodation in Cyprus

a) Sale Agreement
b) Title deed or Receipt for the deposit of the Sale Agreement with the Department of Lands and Survey
c) Receipts for payment of the agreed amount of purchase
d) Inward transfer receipt from a Cypriot Bank in the name of the vendor or the company

In relation to the financial criteria the following documents are required (where applicable)

a) Certificate of Incorporation of the company(ies) issued by the Registrar of Companies
b) Shareholder Certificate of the company(ies) issued by the Registrar of Companies, or certificates to demonstrate that the investor is the ultimate beneficial owner of the company
c) Audited accounts of the company(ies) for the last three years preceding the year of submission of the application
d) In the event that the applicant is a high level Management member of the company it is additionally required to submit the employment contract and a Collections Certificate issued by the Inland Revenue

Any other document which may be required either by the Ministry of Interior or by the Ministry of Finance

Additionally the following documents are required depending in the case:

1. Investment in Government Bonds

Receipts issued by the Treasury of the Republic of Cyprus or the purchase of the government bonds

2. Purchase of financial assets of Cypriot companies or Cypriot organisations

a) Title/Titles and other relevant documents of the financial assets
b) Inward transfer receipt from a Cypriot Bank in the name of the vendor or the company

3. Investment in immovable property, developments and infrastructure projects

a) Sale Agreement
b) Title deed or Receipt for the deposit of the Sale Agreement with the Department of Lands and Survey
c) Receipts for payment of the agreed amount of purchase
d) Inward transfer receipt from a Cypriot Bank in the name of the vendor or the company

4. Purchase or establishment or participation in Cypriot businesses and companies

e) Sale Agreement
f) Receipts for payment of the agreed amount of purchase
g) Certificate of shareholders from the Registrar of Companies
h) Inward transfer receipt from a Cypriot Bank in the name of the vendor or the company
i) Certificate from the Department of Social Insurance to certify the insured wages of the employees of the company
j) Certificate from the Inland Revenue to certify the taxable income of Cypriot employees of the companies or businesses in which the applicant has invested in

5. Bank Deposits

a) Confirmation from Cypriot banks with regards to the deposits of the applicant or of the companies where he is the beneficiary owner or of the trusts whereby he is the owner of the five year fixed deposit
b) Inward transfer receipt for the amount of the deposit in a Cypriot bank

6. Impairments of the deposits in Laiki Bank

a) Confirmation providing for the amount impaired and the timing of it.
b) In the scenario of company deposits whereby the owner is the beneficiary the certificate of the registration of the company from the Cyprus registrar of companies must be presented and any other evidence considered important, together with a declaration from the administrator of such funds as to the ultimate beneficial owner.
None of the above shall affect the discretion of the decision of the Council of Ministers.

Apart from the above financial supporting documents, the applicant must submit the following personal documents which will have to be officially translated and Apostilled in accordance with the Hague Convention.

1. A copy of the applicants’ passport (all pages)
2. Birth certificate of the applicant,
3. Marriage certificate (if applicable),
4. Divorce certificate (if applicable),
5. A certificate for a clean criminal record from the place of permanent residence of the applicant,
6. Four recent passport size photos, and
7. Brief CV of the applicant

Further to the above we would like to clarify that both the investments and the personal residence may be held by corporate structures, provided that it can be demonstrated and proven that the applicant is the 100% beneficial owner of both the investment(s) and the private residence.
 

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