Obtaining a Cyprus residence permit and passport

There is some confusion about the new measures that the Government has decided for foreigners (non-EU members) to obtain a residence permit and even a Cypriot (EU) nationality through the use of real estate. Residents of third countries (ie non-EU countries such as Russians, Ukrainians, Iranians, etc.) who have shown an interest in acquiring property in Cyprus now have an additional advantage. A similar article was published a couple of months ago, but having discussed this with the Home Office, we believe we now have the corrected information.

  1. immigration permits – Which is equivalent to a permanent residence permit, can be requested by those people from third countries who buy a residence in Cyprus for a value of not less than €300,000. These people are exempt from a time-consuming procedure that applies to third-country nationals and now require consular visas, renewal of permit to stay, re-entry permit, and applicants are viewed favorably if they buy a house, etc. However, it is clarified that such permits will be granted by the Minister of the Interior, provided that the applicant does not have a criminal record and has an insured annual income of an adequate amount (around €20,000/couple/year) and that it is generated in the foreign. and not for employment or self-employment in Cyprus. This category of applicants does not have the right to apply for a Cypriot passport directly, but can apply for a Cypriot passport/nationality after 7 years of stay through an application. A permanent residence permit will be granted to eligible persons who can prove that they wish to immigrate to Cyprus. For this reason, although the application can be made after the property has been purchased, the authorities will need to be “convinced” that the applicant or their family lives in Cyprus for at least 6 months (say 185 days a year), but this can not strictly enforced (as we understand it, more research/clarification needed). The applicant can travel abroad, etc. for your business, but it is a matter of fact. He cannot, for example, buy a house and then live abroad for more than 185 total days per year. If the applicant brings her family and minor children (under 21) in Cyprus living here permanently, this is a good test (children attending local, foreign schools, etc.).

Other parameters include:

  1. People with the intention of investing in agricultural, fishing, and livestock activities, provided they have acquired similar land and have a capital of approximately €430,000.
  2. Mining business as long as it has available capital of €350,000, provided a mining permit is obtained.
  3. Any other business intending to invest in Cyprus for €260,000 provided you can obtain such business permission from the authorities.
  4. Business or profession provided the applicant has sufficient own funds and provided there is such a need in Cyprus.
  5. Employees of any company provided that they prove that their employment will not be in antagonistic circumstances in the field of work they perform.
  6. It refers to foreign people who do not work in Cyprus, but stay here as tourists and have an annual income of €10,000 per person. This income can come from pensions, interest, deposits, etc.
  7. Any other applicant decided by the Home Secretary who does not fall into the above categories and as long as the granting of a permit does not disadvantage Cypriot residents, for example the parents of foreign residents, who may not have sufficient annual income.

For those who are approved and living abroad, they must come to Cyprus within one year from the issuance of the permit. If an applicant obtains a permit, but lives abroad for 2 continuous years, she may lose her permanent resident status.

All dependents of an applicant (spouse, minor children, i.e. under 21 years of age) can also obtain a residence permit.

A permanent resident can apply after 7 years for a Cypriot passport/nationality. In this case it will be treated as local without restrictions.

  • Get a Cypriot passport/nationality – This proposal is now approved as follows under an exceptional procedure (naturalization) under economic criteria, but the general proposal suggests the following:
    • (Yo) The applicant must have a direct investment in Cyprus of at least 25 million euros. (for example, real estate, factories, land, businesses, etc.) GOLD
    • (ii) The applicant must set up a local Co/Cos with an annual turnover of at least 85 million euros. for the year prior to your application. GOLD
    • (iii) The applicant is introducing new innovative technological projects for Cyprus, including research centers. It must prove that the applicant has introduced such activities on a large scale and in those fields that are vital to the economy of Cyprus or has established a large-scale research center for local research. GOLD
    • (iv) He has personal deposits in Cypriot banks (or Co cash deposits he controls) in the amount of €17 million. at least. GOLD
    • (v) A combination of direct investment and commercial operation and bank deposits. In this case, the applicant must prove a value of €26 million. total.
    • (v) Other conditions include that the applicant must be over 30 years of age. No criminal record.
    • (vii) A permanent resident or a person living legally in Cyprus for 7 years (ie by naturalization) can apply.
    • (viii) A person married to a Cypriot after 3 years of stay (by Registry).

These financial measures are aimed at attracting wealthy individuals and companies and is a measure to help the Cyprus economy during this difficult period of recession. As such, it is not necessarily assumed that they will last forever. These types of measures (cash passports) have been adopted by numerous countries, the best known being Canada, which provided Canadian passports for $500,000 deposit/business establishment by applicants.

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