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PERMANENT RESIDENCY IN CYPRUS, AN EU MEMBER STATE

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31-08-2012

PERMANENT RESIDENCY IN CYPRUS, AN EU MEMBER STATE

Obtaining permanent residency status in popular overseas destinations is very appealing to many Chinese. However, in the majority of these destinations the application process and legal requirements are both lengthy and daunting. Cyprus, an EU member state, offers an opportunity to obtain this residency status both simply and efficiently. In August 2012, the Cyprus Government introduced new legislation under the provisions of Aliens and Immigration Law cap 105, regulation 6(2), enabling non-EU nationals to obtain a Cyprus residency permit, with unlimited duration, within a period of just two months! The permit is valid for the entire family including dependent children over 18 years of age, subject to certain conditions being fulfilled. Furthermore, the process is extremely straightforward and can even be arranged through your lawyer, without requiring a visit to the island. Pafilia gladly assists its clients with the process and can also recommend numerous independent lawyers. Please contact us for further details.

Legal requirements to obtain the 6(2) category immigration permit (Fast Track):

1. Property purchase
The key criterion is the purchase of an immovable property with a value greater than €300,000 (excluding vat). The applicant must submit the application form accompanied with a contract of sale and proof of payment of at least €200,000 (excluding vat). Additionally, the contract of sale must have been submitted to the Cyprus Department of Land and Surveys.

2. Annual Income & Deposits
The applicant must provide a declaration with supporting documentation of a secured annual income from a legitimate source, deriving from outside Cyprus. The minimum annual income per applicant is €30,000 and an additional €5,000 per dependent. Additionally, a statement of deposit must be provided showing a €30,000 minimum deposit in a Cypriot bank account, which will be locked for a period of 3 years.

3. Statement of intent
The applicant must provide an official statement, confirming that he/she does not intend to work or be engaged in any form of business in Cyprus.

4. Required documentation
The applicant must submit a criminal record certificate (issued from the country of origin), health insurance policy, marriage certificate and children’s birth certificates. A Curriculum Vitae (CV) and copy of a passport (valid for at least 2 years) are also required.

The process

1. The application should be submitted on form M.67 to the Civil Registry and Migration Department or to the District offices personally, through post or through a representative. The presence of the applicants isn’t necessary, as the paperwork can be undertaken by a lawyer.

2. The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are not usually necessary for this category of permit.

3. The Ministry of Interior shall inform the applicant/representative through the Civil Registry and Migration Department of their decision.

4. The examination period of these applications is two months!

5. Once the approval has been granted, the applicant must visit Cyprus within one year to obtain the actual permit and passport stamps. For convenience, passports can be forwarded to your legal representative in Cyprus to be stamped.

6. The Immigration Permit shall not be cancelled, provided that the applicant and dependents visit Cyprus at least once every two years.

Cyprus is the only European Union country in which non-EU Nationals are able to obtain permanent residency within such a short period and with such simple criteria. It has been proven that should the above criteria be fulfilled, residency is practically guaranteed!

 

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