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.
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