Permanent Residence in (EU) Cyprus: New and Accelerated Procedure
Non-EU citizens who purchase property in Cyprus can benefit from the new and accelerated procedure for obtaining a Permanent Residence (PR) Permit.
The applicants must:
· Acquire a house in Cyprus of minimum value of €300.000 plus VAT; with proof of payment for at least €200.000.
· Have a minimum annual income originated from abroad of €30.000 per applicant increased by €5.000 for each dependent person. Prove of clean criminal record and private health insurance.
· Submit a confirmation letter from a Cypriot Bank confirming that the applicant has deposited a minimum capital of €30,000 in an account, which will be pledged to be deposited in the account for at least three consecutive years. The amount should be sourced from overseas. The amount must be transferred to Cyprus from abroad.
· Visit Cyprus at least once every two years.
Provided that the criteria described above are fulfilled, the Permanent Residence application shall be examined by the Minister of the Interior and the permit shall be granted within 1-2 months.
Advantages of Permanent Residence (PR) in Cyprus
- As Cyprus is a full member of the European Union, the country provides all of its citizens with a high standard of living and quality of life with low cost of living.
- Cyprus is one of the easiest and fastest track countries to attain Permanent Residence and Cypriot / EU Citizenship.
- Cyprus will soon enter the Schengen Zone of Europe allowing all Cyprus PR holders to travel freely through Europe. At the moment it is very easy to receive a Schengen Visa once you have Cypriot PR, the whole process takes less than an hour and the visa is valid for up to 2 years.
- Cypriot PR holders have a right to much lower tuition costs in European countries because they are considered Permanent Residents of a European country.
- Children of Cypriot PR Holders are considered Chinese of Diaspora and are accepted into Chinese universities with lower credits.
- Cyprus has a very high standard of education. There are excellent English speaking private elementary and high schools. These schools are directly linked to the overseas educational institutions.
- 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.
- Freehold Property ownership and no inheritance tax
- One of the lowest property taxes in the world.
- Live and travel freely throughout Europe and many more countries.
- Cyprus has more than 320 sunny days a years.
- Cyprus has excellent infrastructure and telecommunications.
- Cyprus has the British Based Legal System.
- Chinese Cypriot PR holders have the right to travel to Hong Kong and Macao unlimited times and there is no restrictions imposed on them.
Applicants who reside in Cyprus for 5 years and more can apply for Cypriot Citizenship. The Cypriot Citizenship gives many more rights and privileges including traveling to more than 140 countries without visa requirement.
Relevant documents required after Permanent Residence application has been filed:
• Notarized Copy of Passport
• Curriculum Vita
• Original Documents of Bank Deposits
• Original documents and Affidavit to prove income from other sources other than employment (e.g. income from shares, companies, property, industry)
• Original documents to prove the purchase of property in Cyprus (the contract is required that also states the price of the property)
• Documents that prove occupation
• Utility Bill (for example, electricity 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
• Bank guarantee.
• Two (2) photographs for each member in the family.
All documents must be translated to English language and stamped from the Cypriot embassy in your country
It is also paramount to highlight that our legal associates have handled in excess of 500 applications for Cypriot Citizenship and Permanent Residency with HUNDREAD PERCENT (100%) SUCCESS RATE.
Below please find out of pocket expenses and estimated legal fees for permanent residence (PR) applications:
Out of pocket expenses:
1) Stamp Duty Fees
In the case of a sales agreement, you, as the buyer, are liable for the payment of a one-off Stamp Duty Tax in the rate of 0.15% on the value of your purchase that spans between €5,000 and €170,000. Thereafter, the rate becomes 0.20%. Stamp Duty is payable within 30-days of signing the sale agreement.
Example: Purchase Value of €300,000
Value of Property
Up to €5,000
From €5,000 to €170,000
From €170,000 to €300,000
TOTAL Stamp Duty payable
2. Stamps and certification for the powers of attorney: €20 for each power of attorney
3. Stamps and certification for the Authorization to represent the client at the Ministry of Interior: €20
4. Amount to be paid to the Land Registry for the deposit of the power of attorney and the contract of sale: €50 for each power of attorney (it depends on the number of the purchasers) and €50 for the contract of sale.
5. Amount to be paid to the Immigration for the submission of one application for permanent residence in Cyprus: €500
6. Amount to be paid for the alien’s book as soon as the application for PR will be approved: €70 per person
7. Amount to be paid for Health Insurance Policy: €190 per person
Our legal associate’s fees are 1% on the purchase price plus VAT.
**The legal fees include the preparation of the power of attorneys and the contract of sale, stamping the contract of sale at the Tax Authority, Depositing the Contract of sale and the power of attorneys at the land registry, make the payments to the developer on behalf of the client and receiving the receipts of payment, applying to the council of ministers for the permission to acquire immovable property in Cyprus, applying to the VAT Authority for 5% VAT instead of 19% VAT, preparing the application for permanent residence in Cyprus, applying for health insurance policies, depositing the application for permanent residence at the relevant Authorities, receiving the approval of the application.
Cyprus property prices point to an accelerating growth, according to the THIRTIETH edition of the RICS (Cyprus) Property Price Index.
Sun, 3 Sep 2017