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Getting a Residence Permit and Cyprus Passport
There is some confusion about the new measures that the Government has decided for foreign people (non-EU members) to get a residence permit and even Cypriot (EU) nationality through the use of real estate. Residents of third countries (ie countries that are not EU members, such as Russians, Ukrainians, Iranians, etc.) who have shown an interest in acquiring property in Cyprus now have an additional bonus. A similar article was published a few months ago, but after discussing this with the Ministry of the Interior, we believe we now have the corrected information.
- Immigration Permits – What is equivalent to a permanent residence permit can be sought by those people from third countries who buy a residence in Cyprus with a value of not less than €300,000. Such persons are exempt from the time-consuming procedure that applies to nationals of third countries and who now require a consular visa, renewal of residence permit, permit for re-entry and applicants are favorably regarded if they buy a house, etc. It is done. clear, however, 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 appropriate amount (around €20,000/couple/pa) and which is generated from abroad and not from 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 residence through an application. A permanent residence permit will be granted to eligible people who can prove that they want to emigrate in Cyprus. Therefore although the application can be submitted after the purchase of the property, the authorities will need to be “convinced” that the applicant/or his family has been living in Cyprus for at least 6 months (say 185 days/year), but this may not be strictly applied (so we understand, further investigation/clarification needed). The candidate may travel abroad etc for his business, but it is a fact. He may not, for example, buy a house and then live abroad, more than 185 days in total per year. If the applicant brings his family and minor (less than 21 years old) children to Cyprus who live here permanently, this is good proof (children going to local-foreign schools, etc.).
Other parameters include:
- People with the intention of investing in agricultural, fishing, animal farming, as long as they have acquired the analogous land and they have a capital of approximately €430,000.
- Mining business provided he has available capital of €350,000 – provided a mining permit is secured.
- Any other business that intends to invest in Cyprus for €260,000, provided that he can secure such a business license from the authorities.
- Business or profession provided that the applicant has sufficient own funds and provided that there is such a need in Cyprus.
- Employees of any business as long as they can prove that their employment will not be antagonistic circumstances in the sphere of the work they perform.
- This 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, interests, deposits, etc.
- Any other candidate that the Minister of the Interior decides and he does not belong to the above categories and provided that the granting of permission will not harm Cypriot residents e.g. parents of foreign residents who may not have enough annual income.
For those who are approved and live abroad, they must come to Cyprus within one year of the issuance of the permit. If an applicant receives a permit, but lives abroad for 2 continuous years, he may lose his permanent residence status.
All dependents of an applicant (spouse, minor children – ie under 21 years old) can also obtain a residence permit.
A permanent resident can apply after 7 years for a Cypriot passport/nationality. In this case he will be treated as a local without restrictions.
- Obtaining a Cypriot Passport/Nationality – This proposal is now approved as follows according to an exceptional procedure (naturalization) according to economic criteria, but the general proposal suggests the following:
- (i) The applicant must have a direct investment in Cyprus for at least €25 thousand. (e.g. real estate, factories, land, business, etc OR
- (ii) The applicant must establish a local Co/Cos with an annual turnover of at least €85 thousand. for the year before his application. OR
- (iii) The applicant introduces new innovative technology projects for Cyprus including research centers. He must prove that the applicant has introduced such activities on a large scale and in those fields which are essential for the Cypriot economy, or he has set up a research center on a large scale for local research. OR
- (iv) He has personal deposits with Cypriot banks (or the cash deposits of Co, which he controls) for an amount of €17 thousand. at least. OR
- (v) A combination of direct investment and business operation and Bank deposits. In such a case the applicant must prove a value of €26 thousand. altogether.
- (you) Other conditions include that the applicant must be over 30 years of age. No criminal record.
- (vii) A permanent resident or a person who has lived legally in Cyprus for 7 years can apply (ie by naturalization).
- (viii) A person married to a Cypriot after 3 years of residence (according to Registration).
These financial measures have the purpose of attracting wealthy individuals and businesses and it is a measure to help the Cypriot economy during this difficult period of recession. As such it is not necessarily adopted that they will last forever. Such measures (passports for cash) have been adopted by many countries, the best known being that of Canada, which provided Canadian passports for 500,000 USD deposit/business arrangements of applicants.
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