CYPRUS PERMANENT RESIDENCY
Benefits of normal procedure application
- Lower threshold of annual income required.
- Ability to rent a house prior to outright purchase.
- Granted to the applicant and their spouse indefinitely.
- Granted to the applicant’s minor children until they reach the age of 18.
- The applicant may travel to and from Cyprus without any restrictions.
- There is no minimum amount with regard to the investment.
- The property may be a resale.
- Outright purchase of property is not a requirement as the applicant may rent however, a purchase allows the application to be viewed favourably.
- The purchase may not, however, be completed by a company.
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.
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.
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.
The applicant must open a bank account in Cyprus:
- A bank statement must be provided showcasing a minimum deposit of €5.000 which will not be frozen.
- This money must be clearly shown to come from abroad.
- The larger the deposit the more favourably the application will be viewed.
Income of the applicant
- The applicant needs to showcase that they have freely at their disposal a secured annual income high enough to give them a decent living in Cyprus.
- The minimum annual income required is €10.000 for a single applicant.
- An additional €5.000 has to be added for every dependent.
- It must be proven that the income comes from abroad and not from within Cyprus.
- This threshold should be met without engaging in any business, trade or profession in Cyprus.
- The income must come from legal sources.
- An affidavit must be signed declaring sources of income.
- A bank account statement from outside Cyprus will have to be provided.
- Adult children (over the age of 18 years old) must submit their own individual application independent from that of their parents.