PURCHASING REQUIREMENTS
Benefits of fast track application
The time for approval of the application is reduced to 4-6 months only compared to 16 months required for the normal procedure.
Permanent residency permit extended to applicant’s adult children if financially dependent on parent, applicant’s parents and spouse’s parents.
Increased chances of approval due to need for higher investment.
The applicant may travel to and from Cyprus without any restrictions.
Applicant as the purchaser
A new property must be purchased from a developer in Cyprus at the minimum value of €300.000 (not including VAT)
The required purchase amounting to €300.000 can be done in one of the following ways:
One house or apartment at the price of €300.000.
One new house or apartment + One new house or apartment bought from the same developer of which the total purchase price is €300.000.
One new house or apartment + One new shop of up to 100m2 bought from the same developer of which the total purchase price is €300.000.
One house or apartment + One new office of up to 250 m2 bought from the same developer of which the total purchase price is €300.000.
Company as the purchaser
The required purchase could also be completed in the name of a Company. In this case further requirements have to be met in addition to those aforementioned.
The conditions include:
The company must be registered in the Republic of Cyprus.
The applicant or his spouse or both must be the sole shareholders of the company.
His /her / their name must appear on the certificate of the shareholders of the company (trust deed will not be accepted).
If the shareholder of the company is said to be another company of which the applicant/spouse or both is/are the sole shareholders this must be clearly proven.
DOCUMENTARY REQUIREMENTS
Clean criminal record
A clean criminal record must be provided for the applicant, their spouse and any dependant(s) above 16 years of age. The record is valid for the period of three months and must meet the blow criteria:
It must come from the applicant’s country of origin.
It must be submitted with an official translation in Greek or English language and must be duly certified.
Marriage Certificate
Applicants that are married must provide a marriage certificate which must be submitted with an official translation in Greek or English language and must be duly certified.
Birth Certificate
Applicants who have minor children must provide a birth certificate which must be submitted with an official translation in Greek or English language and must be duly certified.
Legalization and translation of the documents
All submitted documents for the purpose of the permanent residency application must:
Be translated into the Greek or English language by a certified translator.
All official documents must be duly legalized by apostil.
If the country issuing the official document is not a party to the Hague Convention of the 5th of October 1961 then the documents must be legalized by the Ministry of Foreign Affairs and the Embassy of Cyprus in that country
Obligation not to engage in any professional activities in Cyprus
The holder of a permanent residency permit must not work in Cyprus. For this reason the applicant must sign an affidavit stating that they are not going to engage in any professional activities in Cyprus.
Note however that income from dividends arising from a company registered in Cyprus shall not be considered as a violation of the requirement of not engaging in professional activities in Cyprus.
Bank deposit
The applicant must open a bank account in Cyprus:
They must deposit €30.000 in that account.
This money must be clearly shown to come from abroad.
These €30.000 will be frozen for the period of at least 3 years and bare interest rate.
Proof of the above transaction must be submitted.
Provide a bank statement showing a minimum deposit of €5.000 which do not need to be frozen.
Income of the applicant
Proof of the applicant’s income must be submitted along with the application and must meet certain criteria:
The income must be from a source not in Cyprus.
The applicant must prove that his annual income is at least €30.000.
An additional €5.000 must be added to the annual income for each dependant wishing to acquire permanent residency.
An additional €8.000 must be added to the annual income for each parent of the applicant or their spouse wishing to acquire permanent residence.
The income must derive from legal sources.
An affidavit must be signed declaring sources of income.
Adult children
Dependent Single Adult Children Ages 18-25:
Must be between the ages of 18-25.
Must be dependent on their parent(s).
Must prove that they are students for at least 6 more months from the date of application.
Parent(s) must prove an additional income of at least €5.000 for each dependent child.
All aforementioned documents and requirements must also be provided.
Independent Adult Children:
Must be above the age of 18.
Must be independent from their parent(s).
Their parent(s) must have purchased a property of at least €300.000 (without VAT) for each independent adult child.
It must be proven that 66% of the total purchase price of the property was covered by their parent.
All aforementioned documents and requirements must also be provided.
