The fast track procedure to obtain a permanent residence permit has been published in the Official Gazette on the 22nd of February 2016 and has brought with it various positive amendments in particular since previously the permanent residence could not be extended beyond the age of 25 years old for dependent children. Now children of the applicant over 25, who were originally dependent, retain the PR, irrespective of whether they marry, become financially independent or stop studying at a higher education institution. Furthermore dependent parents of both the applicant and spouse (for example the grandparents) are now also eligible for Permanent Residency and in cases where the spouses have already obtained Permanent Residence, then their parents can also obtain the Permanent Residence Permit.
The revisions to the Permanent Residence program are in line with the Cyprus government's objective to stimulate and increase foreign investment, as the Ministry of Interior has simplified the procedure for issuing Permanent Residency Permits to Non EU nationals who wish to invest in Cyprus.
In order for the Applicant to obtain the Permanent Residence Permit via fast track procedure it will need to:
(i)Submit a title of ownership or contract of purchase for a property the value of which is at least €300.000 (net of VAT). The property shall be new and purchased from a developer. The simplified procedure for obtaining permanent residence permit is not applicable to cases of resale property acquisition;
(ii)Payment of at least €200.000 (net of VAT) to be made;
(iii)Provide evidence that the purchase is being made from funds received from sources outside of Cyprus;
(iv)Provide evidence that the applicant's annual income amounts to at least €30.000 with income sources located outside of Cyprus. Those can be salary, dividends, rental revenue, interest from bank deposits, pension and etc. Applicant must also demonstrate an additional minimum income of €5.000 a year for any dependent family member (spouse and children). The additional minimum income of €8.000 a year should be shown for any applicant and applicant's spouse parents;
(v) Deposit at least €30.000 into a Cypriot bank for a 3-year period and
(vi)Submit a certificate of having no criminal record and of being under no investigation for criminal offences attested by relevant authorities of his/her country.
For further information on this topic please contact Ms. Nada Starovlah (email@example.com) at SOTERIS PITTAS & CO LLC, by telephone (+357 25 028460) or by fax (+357 25 028461)