The procedure for submitting a residence permit in Cyprus

One of the main ways to obtain a residence permit in this country is to invest in real estate. This is due to the tourist attractiveness of Cyprus, and the opportunity in the shortest possible time to go into profit by renting property.

Today you can go through this procedure:

• In an expedited manner.
• In the usual manner.

The procedure for obtaining a residence permit in an expedited manner

To undergo an expedited procedure, a foreign investor must perform the following steps:

• Make a payment in the amount of at least 200,000 euros (this amount does not include value added tax) of the total value of real estate.
• Show evidence that the property was purchased for money that came from a foreign source (ie, from foreign bank accounts).
• Show evidence that investor incomes received within 1 year exceed 30,000 euros. If a foreign citizen also wants to obtain a residence permit for his wife or other family members, it is necessary to add another 5,000 euros to this amount for each individual family member. For parents of the investor – 8000 euros per person.
• It is necessary to provide a certificate issued by a Cyprus bank, which confirms that the applicant has an account with 30,000 euros.
• The applicant must prove that he has no criminal record (as well as that of all adult members of his family).
• The applicant, all adult members of his family are obliged to sign a document stating that none of them will carry out labor activities in Cyprus.

If the applicant wants to obtain a residence permit for an adult child and his family, then he is obliged to purchase real estate for at least 600,000 euros. If you need to get a residence permit for two children, then this amount is 900,000 euros.

The procedure for obtaining a residence permit in the usual manner

• It is necessary to purchase a property whose value does not exceed 300,000 euros.
• You must purchase a resale property.

Further the standard scheme is used. The applicant presents the documents confirming the right of ownership, a certificate of the sources of income, located abroad of Cyprus and the presence of an account in a Cyprus bank. The applicant must have an annual income of at least 10,000 euros (+5,000 euros for each individual member of his family).

For more advice, contact us at the contacts listed on the site.