Immigration Law
Immigration Law
Acquiring Permanent Residence Permit (PR) – Fast Track Category
ACQUIRING PERMANENT RESIDENCE PERMIT (PR) – FAST TRACK CATEGORY
Following the Decision of the Minister of Interior, dated 22nd of February 2016 and on the basis of Regulation 6.2 of the Immigration and Aliens Law, third country nationals who satisfy the requested investment criteria may apply for the granting of a Cyprus Permanent Residence Permit in a fast track process (“Cyprus PR”).
Applicants can secure permanent residency in Cyprus through investment in real estate. The programme is one of the fastest and simplest investor visa programmes in Europe. It requires investment of just €300,000 plus VAT into property to gain the Cyprus residency permit.
The residency visa is granted within two months and covers the whole family. It includes parents of the main applicant and spouse plus dependent children up to the age of 25. It is valid for life and can be passed down to dependents and spouse.
The permanent residency programme offers ease of travel throughout the European Union and requires just one visit to Cyprus by all family members once every two years.
Associated requirements
- Evidence of a steady income from abroad of at least €30,000, from sources other than employment in Cyprus i.e. certificates of dividends, certificates of fixed deposits, pension statements, rents or salary advice. The necessary minimum income is increased by €5,000 for the spouse and for each child and by €8,000 for each parent of the main applicant and/or the spouse of the main applicant.
- Confirmation letter from a Cypriot Bank, showing deposits in a local account of a minimum capital of €30,000, from sources other than employment in Cyprus. The capital should be transferred from an International Bank to a local Cypriot Bank and it should be pledged for at least a period of three years.
- Title deed or purchase agreement of a residential property, issued on the name of the applicant. The minimum market value of the property should be €300,000 plus VAT and proof of payment for at least €200,000 excluding VAT.
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