Residence Permits

 

For those foreigners who are not E.U. citizen, but have purchased property in Cyprus and are retiring in Cyprus, they must apply for a residents permit. This permit is based on the level of foreign income available to support this person and can include pensions and income from investments. For two retired persons, proof of an annual income of approximately €25.000 is considered satisfactory. Foreigners can apply for a Cypriot Passport after living for 7 years in Cyprus, (this is an E.U. directive for foreign personnel). In addition, following five years of permanent stay and or work in Cyprus, the E.U. Directive states that a foreigner cannot be expelled from the country. At the end of the 7th year this person can apply for Cyprus nationality. This immigration policy also states that a person who buys a house in Cyprus for €300.000 or more can immediately apply for a permanent residence permit.

 

Residence Permits for Foreign Real Estate Buyers

 

•  Purchasing real estate property does not guarantee the owner a residence permit, but it does help considerably.

•  Most countries, including Cyprus, welcome immigrants upon condition that they:

 

• a. Have sufficient income and/or financial means to live with their family without becoming a burden on the domestic Social Insurance or Welfare Services. For example an income for 2 people of €25.000 per year.

• b. Are in good health, not listed for contagious diseases and have no criminal record.

• c. Have medical insurance.

• d. Do not create undue competition on the local labour market.

• Third country nationals who buy or who have bought a property and want to live permanently in Cyprus;

•  Salaries: Executive director (min. Euro 41,006.43 per year)

•  Executive staff (min. Euro 20.844,93 per year)

•  For supporting staff (all others), Labour Office approval is required.

•  Third country nationals who are buying / bought a property and wish to reside in Cyprus.

 

 

Host

Family

Entry Visa

Tourist visa *

Temporary Residence & Employment Permit

Family Reunification Permit

Immigration Permit E

 

Long Term Residence Permit (“Green Card” – after 5 years)

 

 

  • * Only for the family of executive director(s) or executive staff employed by International Companies, others will have a 2 year waiting period.

•  Third country nationals who buy or have bought a property and want to live in Cyprus.

Without employment:


For those persons without employment, Immigration Permit F is issued once proof of a secured annual income, sufficient to guarantee a decent living in Cyprus for them and their families (without having to engage in any trade/business/profession) is shown.

 

•  Third country nationals who buy/bought a property and want to live in Cyprus

Naturalization by exemption:

- For Direct investments in Cyprus (such as property) over 25.63M Euro
- Companies in Cyprus with an annual revenues in excess of 84.43M Euro
- The Introduction of fresh and innovative technologies such as for research centres
- Bank deposits in Cyprus banks in excess of 17.09M Euro with at least a 5Y maturity.
- Any combination of the above in excess of 25.63M Euro.

•  Third country nationals who acquire a property and do not want to live in Cyprus


Tourist visa:


- Pro Visa by e-mail application (validity is 6 months with a single entrance, and a maximum 90 days stay)
- Multiple entrance Visa via Cyprus consulates (validity is 1 to 2 years, with a maximum 90 days stay per successive 6 months).

 

Conclusion

The ownership of property is not guarantee that you will obtain a residence permit, but it is very helpful.
With any resident permit application or renewal the applicant has to prove that he/she has a place to live and having a title deed is better than a rental agreement. Applications are looked upon more favourably if the applicant is an owner of property: proof of stability and long term intentions in Cyrpus with a strong financial status help. Tourist Visas will also be issued without complications as a consulate cannot refuse an owner to visit their personal property.

CIBA has prepared a full guide which can be read at www.ciba-cy.org

For more information also see Andreas Neocleous & Co LLC www.neocleous.com