European Permanent Residence
Fast Track EU Permanent Residence ProgrammeThe Cyprus Fast track EU Permanent Residence programme is brought to you by Strategies Migration Services South Africa jointly with KPMG (Cyprus) and Korantina homes.
As an alternative way to secure permanent residence in Cyprus for investors and their dependants, an immigration permit application under the provisions of Regulation 6(2) of the Aliens and Immigration Regulations may be submitted, with the investment amount being substantially lower than the Cyprus Citizenship, provided that they fulfill certain criteria.
Financial Criteria
- The applicant must prove that s/he has at his/her disposal a secured minimum annual income amounting to €30.000 (note that employment in Cyprus is strictly prohibited). The minimum annual income is increased by €5.000 for each dependent person and by €8.000 for each dependent parent. The annual income must be derived from sources abroad and can include overseas employment income, pensions, dividends etc.
- The application form must be accompanied by a title deed or a contract of sale that has already been submitted to the Department of Lands and Surveys, for the acquisition of a house, apartment or any other building situated in Cyprus, of a minimum market value of €300.000 (excluding VAT). Further, the applicant must submit proof of payment for at least €200.000 (excluding VAT) in respect of the above-mentioned property. It should be noted that the Civil Registry and Migration Department will only accept applications for granting immigration permits under the fast track route provided that the above mentioned property is being sold for the first time.
- The applicant must submit a confirmation letter from a Cyprus Banking Institution that s/he has deposited a minimum amount of €30.000 which will be pledged for a minimum period of three years. The amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus legally from abroad.
Other conditions:
- Clean criminal record;
- Statement confirming that s/he has no intention to work or be engaged in any form of active business in Cyprus;
- The applicant is required to visit Cyprus at least once every two years.
Useful Notes:
- Provided that the financial criteria and conditions described above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit should be granted within a two month period.
- An immigration permit can be granted to the dependents of the applicant, i.e. his/her spouse, children under the age of 18, unmarried financially dependent children aged 18 to 25, as well as his/her parents and parents-in-law.
Our Partner Services
Assistance for Obtaining the Cyprus Citizenship
- Provide our clients with the relevant analysis of the investment criteria from which the foreign investor may elect, depending on his/her personal circumstances;
- Advise on the application process and all required documents that must accompany each investment option;
- Examine the chosen investment option and advise accordingly in order for the individual to meet the terms and conditions, as well as the financial criteria, in the most effective and efficient way;
- In the instance where the client decides to invest in Cyprus government retail bonds we can assist with the process of acquiring the bonds from start to finish;
- Carefully review the application package for accuracy and completeness in order to avoid undue and unnecessary delays upon the stage of examination by the relevant Authorities;
- Proceed with the submission of the application form on behalf of the client, together with the supportive documentation and the payment of the relevant submission fee;
- Following the submission of the application our immigration team continuously monitors the status of the application in order to ensure that it is properly progressing and provide additional documentation/ clarifications as required by the relevant Authorities
Assistance for Obtaining a Permanent Residence Permit
- Provide specialised advice on the relevant legislation and procedures;
- Assist with the completion of the application form;
- Review documents, provide guidance and collect all relevant information so that the application is complete.
- Act as a representative of the individual and submit the form to the Cyprus Authorities;
- Post submission of the application our immigration team continuously monitors the status.
Other Immigration Services
Our Partners may also assist companies with their registration at the Civil Registry and Migration Department, offer assistance in obtaining the relevant work and temporary residence permits for third country nationals and their dependents, as well as assist EU citizens with their registration at the relevant Authorities.