Permanent Residence in Cyprus for Non-European Natives
All the non-EU natives who are looking to stay permanently in the Republic of Cyprus can do so by only having an Immigration Permit. It grants them permanent residence in Cyprus with no right to work in this EU member country. This kind of permit can be secured by applicants through an investment into a property (flat or house) in Cyprus of about €300,000. It would make them eligible for fast track permanent residence in Cyprus program. With this kind of permit comes the ease of traveling throughout the Cyprus but it still requires the permit holder to obtain a travel visa to visit European countries other than this country.
Why People Should Apply for Permanent Residence in Cyprus?
Here are few advantages –
- Cyprus is a full member of the European Union which allows all citizens a high living style and quality of life
- Freehold Property ownership and no inheritance tax along with Cost of living is low
- Permanent Residence and Cypriot / EU Citizenship are easy to attain
- Getting Schengen Zone Visa would be easy for Cyprus PR holders which will give possibility to travel freely through Europe
- Cypriot PR applies to the wife and husband as well as all children under the age of 18. However if the children are over 18 they are also allowed to reside in Cyprus under the Family Reunification Act.
- Permanent Residence Permit gives a third party national, the legal right to stay in Cyprus permanently.
- A lifetime chance to settle in the Europe as Cyprus is an EU member country itself.
- Exemption from immigration and Visa issues.
- Category F Permanent residence in Cyprus does not require renewal every year because it is valid forever.
- Applicants need to visit Cyprus at least once every 2 years if they don’t stay in this country.
- Quality but low cost life along with natural surrounding, warm atmosphere, sea visits/views, Modern treatment facilities, sports, shopping, Cultural events and education in universities and private English schools.
- A property investment in one of the best Mediterranean island.
- Very low IPT (Immovable property taxes)
- Weather is sunny throughout the year
Category F Permanent Residence in Cyprus – Immigration Permit with No Right to Work in the Country
The category F residence permit can be issued easily and quickly to all those applicants who made property purchase of at least 300.000Euro the country. They should be verified to have a secured minimum amount of €30.000 as annual income at their disposal without any kind of employment or business engagement in Cyprus which is large enough to lead a decent life in this country. It often prevents them from going through the lengthened procedure of renewing a temporary visa or residence permit every year. Category F Permanent residence in Cyprus allows permanent residency status without any requirement to gain entry/re-entry visas and immigration permit renewals.
Requirements for Achieving Category F Permanent Residence Permit
- The applicant should be a third party national possessing a secured and legitimate annual income large enough to let him/her live comfortably in Cyprus without seeking an employment in Cyprus. This income should come from valid sources from abroad such as PDs (permanent deposits), pensions, rent, shares etc.
- He or she should either own or have a contract of sale of apartment, house or any other kind of building in Cyprus of a market value not less than €300,000 and a proof of paying at least at least €200,000 towards it.
- He or she should produce a letter from a Cypriot bank confirming the deposition of at least €30,000 in his or her bank account for a minimum 3 year consecutive period.
- The applicant should be issued with a Criminal Record Certificate from his own country and should not pose any threat to security and public of Cyprus.
- He or she should give a statement of not working or trading in Cyprus.
- He or she should come to visit Cyprus at least once every 2 years.
Relevant documents required after Permanent Residence application has been filed:
- Notarized Copy of Passport
- Documents that prove occupation
- Bank guarantee and Original Documents of Bank Deposits
- Original documents and Affidavit to prove income from other sources apart from employment
- Original documents to prove the purchase of property in Cyprus
- Utility Bill to prove the country of residence
- House deed and any additional property deeds.
- Reference Letter from the foreign bank.
- Health Insurance Certificate (Resident in Cyprus).
- Certificate of Clean Criminal Record.
- Marriage Certificate.
- Birth Certificates of each member in the family
- Photographs for each member in the family.
Apart from these there would be some amount of stamp duty fee, legal services fees applicable while doing the sales agreement, preparing POA (power of attorney) etc. It is expected that when applicants comply with the above given criteria, the application processing and permit grant will accelerate and accomplish within a period of one-two months.
Chris Michael Property Group has professional lawyers fully aware of all the legal formalities when applying for permanent residence in Cyprus and can provide the best advice on how to enhance the chance of getting a permit on fast track route. For hassle-free application and quick approval of permanent residence in Cyprus, Chris Michael Property Group’s efficient lawyers should be consulted on +357 25 313 135.