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Cyprus - Permanent Residence for Expatriates & Certificate of Naturalisation

Published: Friday, May 29, 2015

Administrative  procedures

The  following  are  the  six  categories  of  permanent  residence  that  depend  on  the  type  of  business  someone  intends  to  carry  out  in  Cyprus  and  provided  such  an  employment  is  not  negatively  affecting  the  general  economic  of  the  Republic:

Category  A: FARMING  (agriculture  or  animal  husbandry):

Persons  who  intend  to  work  as  self  employed  in  agriculture,  cattle  breeding,  bird  breeding  or  fish  culture  in  the  Republic,  provided  that  they  have  in  their  possession    adequate  land  or  a  permit  to  acquire  same  and  of  a  capital  of  at  least  €430,000.

Category  B: MINING:

Persons  who  intend  to  work  as  self  employed  in  mining  enterprises  in  the  Republic,  provided  that  they  have  in  their  possession  of  a  mining  permit  and  a  capital  of  approximately  €350,000.

Category  C: TRADE  or  BUSINESS:

Persons  who  intend  to  work  as  self  employed  in  a  trade  or  profession  in  the  Republic,  provided  that  they  have  in  their  possession    a  relative  permit,  they  have  fully  and  freely  at  their  disposal  capital  of  approximately  €260,000.

Category  D: ACADEMIC  PROFESSIONS:

Applicants  under  this  category  are  required  to  possess  academic  or  professional  qualifications  for  which  there  is  a  demand  in  Cyprus.    Possession  of  adequate  funds  is  also  necessary.

Category  E: EMPLOYMENT:

For  persons  to  whom  permanent  employment  is  offered  which  is  in  the  interest  of  the  economy  of  the  island  and  does  not  create  undue  local  competition.

Category  F: INDEPENDENT  MEANS  

For  persons  having  a  secured  annual  income,  high  enough,  to  offer  them  a  decent  living  without  having  to  engage  in  any  business  or  profession  in  Cyprus.

The  documents  required  for  the  applicant:

Application  Form  M67,  fully  completed  and  signed  by  the  applicant

Copy  of  valid  passport  and  dependent  person  (wife/husband/child)

Curriculum  vitae

Bank  accounts  statements  in  Cyprus  and  abroad  (original)

Certificate  of  criminal  record,  translated  in  greek  or  english  and  legalized

Official  declaration  that  he/she  does  not  intent  to  work  or  be  engaged  in  any  form  of  business  in  Cyprus  

Affidavit  as  to  the  annual  income  of  the  applicant,  with  other  supporting  evidence

Health  Insurance  Policy  (covering  inpatient-outpatient  and  transportation  of  corpse)

Marriage  certificate  or  a  registered  living  together  relationship,  issued  by  the  relevant  authority  of  the  country  of  origin  and  birth  certificate  of  the  children,  translated  in  greek  or  english  and  legalized

3  passport  size  photos

Confirmation  letter  from  a  Cyprus  Bank  stating  that  he/she  has  deposited  a  minimum  capital  of  €30.000  in  an  account  which  will  be  pledged  at  least  for  a  three  year  period

Documentary  evidence  that  he/she  has  in  his/her  own  and  his/her  free  disposition  a  secured  annual  income  of  a  sufficient  amount  to  support  himself/herself  and  his/her  family  whilst  in  Cyprus

The  required  annual  income  for  a  person  of  “independent  means”  is  €30.000  plus  €5.000  for  each  dependent  person  and  this  income  must  be  “secured”  income  and  derive  from  abroad  i.e.  salaries  from  employment,  interest,  dividends,  pension,  rents,  fixed  deposits  etc  and  other  forms  of  income  that  are  not  based  on  the  applicant’s  earnings  from  his/her  job  or  donations  from  his/her  children,  family    or  any  other  form  of  unsteady  income.

Contract  of  sale  for  his/her  residence  in  Cyprus  of  a  minimum  market  value  of  €300.000  and  proof  of  payment  for  at  least  €200.000.    The  contract  of  sale  should  already  have  been  submitted  to  the  Department  of  Lands  and  Surveys

It  is  noted  that  the  amounts  mentioned  above  (€300.000  and  €200.000)  should  be  proven  to  have  been  transferred  to  Cyprus  from  abroad  (excluding  VAT)

It  is  noted  that  the  purchase  of  a  dwelling  may  be  accepted  even  when  made  in  the  name  of  a  Company  and  not  in  the  name  of  the  applicant,  provided  that  the  Company  is  registered  in  the  name  of  the  applicant  and/or  in  the  name  of  the  applicant  and  his  spouse  and  he/they  are  the  sole  shareholders.  In  the  event  that  the  shareholder  of  the  company  is  another  legal  entity,  it  must  be  proven  that  the  sole  shareholder  of  the  said  legal  entity  is  the  applicant  and/or  the  applicant  and  his  spouse.  

For  the  purpose  of  implementing  this  policy,  the  applicant  may  purchase  up  to  two  housing  units  (apartments  or  houses)  which  might  be  independent,  or  one  housing  unit  and  a  shop  of  a  surface  of  up  to  100  sq.m.,  or  a  housing  unit  and  an  office  of  a  surface  of  up  to  250  sq.m.,  provided  that  the  total  market  value  satisfies  the  €300.000.  In  the  case  of  a  couple,  these  restrictions  apply  for  the  couple  and  not  for  each  of  the  persons  involved.

The  said  purchase  must  be  in  relation  to  a  dwelling  (and  the  combinations  described  above)  sold  for  the  first  time  by  a  development  company.  In  the  case  of  acquiring  two  dwellings,  both  must  be  sold  by  the  same  company.  As  from  7/05/2013,  for  the  purpose  of  this  policy,  applications  in  relation  to  the  re-sale  of  dwellings  will  not  be  accepted.  It  should  be  stressed  that  contracts  of  sale  in  relation  to  a  re-sale  of  dwellings  that  have  been  officially  deposited  with  the  Lands  and  Surveys  Department  prior  to  07/05/2013  (the  date  of  depositing  the  contracts  of  sale  is  to  be  confirmed  by  the  Department  of  Lands  and  Surveys),  shall  be  accepted  for  the  purpose  of  implementing  this  policy.

The  Immigration  Permit  issued  to  an  applicant  cover  his  spouse  and  children  under  the  age  of  18.    Unmarried  children  aged  between  18  and  25,  who  may  prove  that  they  are  students  or  undergraduates  and  are  financially  dependent  on  the  applicant,  may  submit  a  separate  application  to  obtain  an  Immigration  Permit.    In  such  a  case,  the  father  or  mother  and/or  both  parents  together  must  present  an  additional  annual  income  of  €5.000  for  every  such  dependent  child.  It  is  noted  that  every  such  dependent  child,  shall  submit  with  his  application,  all  the  appropriate  documentation.  

An  immigration  permit  may  also  be  granted  to  children  of  the  applicant  over  the  age  of  18,  who  are  not  financially  dependent  on  the  applicant,  provided  that  the  market  value  of  the  acquired  property  attributed  to  each  such  child  is  at  least  €300.000    (excluding  V.A.T.),  as  described  in  para.  2.3  hereinabove,  (e.g.  in  the  event  the  applicant  has  a  child  that  is  30  years  old  and  wishes  to  obtain  an  immigration  permit,  the  applicant  must  purchase  a  dwelling  valued  at  €600.000,  if  the  applicant  has  2  adult  children,  financially  independent,  he  must  purchase  a  dwelling  valued  at  €900.000  etc).  In  such  an  event  a  confirmation  of  payment  for  the  66%  of  the  market  value  of  the  dwelling  must  be  submitted  with  the  application  (e.g.  €400.000  for  a  dwelling  of  a  market  value  of  €600.000).  

Provided  that  in  such  an  event  each  child  shall  submit  the  necessary  documentation  with  his  application  (e.g.  secured  annual  income  of  €30.000,  a  deposit  in  a  financial  institution  in  Cyprus  amounting  to  €30.000,  which  is  bound  for  3  years).

The  Immigration  Control  Board  may  demand  additional  amounts  as  necessary.    Most  applicants  come  under  this  category,  the  majority  of  them  being  pensioners  or  retired  persons.

If  the  application  is  approved,  the  applicant  must  not  fail  to  acquire  residence  in  Cyprus  within  one  year  otherwise,  the  permit  granted  is  automatically  cancelled  and  the  authorities  will  need  satisfactory  explanation  to  re-issue  the  permit.    The  permit  will  also  be  cancelled  if  the  applicant  acquires  permanent  residence  abroad  or  is  absent  from  Cyprus  for  a  period  of  two  years.

Pension  income  from  services  rendered  abroad

The  pension  income  of  any  individual  resident  in  the  Republic,  which  arises  from  services  rendered  abroad,  is  taxed  at  a  rate  of  5%  for  amounts  exceeding  €3.420  per  annum.

The  taxpayer  has  the  right  to  choose  to  be  taxed  either  under  the  special  mode  of  taxation  as  stated  above  or  at  normal  rates.    If  the  latter  is  chosen  the  pension  is  added  to  the  individual’s  other  income.

CERTIFICATE  OF  NATURALIZATION

There  are  three  basic  conditions  that  applicants  must  satisfy:

(1)Applicants  have  resided  in  Cyprus  or  have  been  in  the  public  service  of  the  Republic  for  a  period  totaling  in  aggregate  to  seven  years  out  of  which  during  the  last  twelve  months,  not  to  be  continuous  absent  from  Cyprus  for  a  period  of  11  months.

(2)Applicants  intend  to  reside  permanently  in  Cyprus  and

(3)Applicants  are  of  good  character

If  an  applicant  is  married  to  a  Cypriot  citizen  then  the  requirement  at  (1)  above  does  not  apply  but  the  applicant  must  show  that  has  been  married  and  living  with  his/her  Cypriot  spouse  for  at  least  five  years.

Naturalized  citizens  have  the  same  rights  and  commitments  as  any  other  citizens  including  voting  rights,  payment  of  taxes  etc.  

The  above  is  brief  and  general  in  nature.    Kindly  contact  our  professionals  for  an  in depth  analysis  and  advice.  


Andry Tryfonos
Suxess Management ltd
Country:
Cyprus
Practice Area:
Fiduciary
Phone Number:
+357 25730061
Fax:
+357 25730060

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