Permanent residency on a fast-track basis

Dr. Jean-Philippe Chetcuti | Published on 25 Feb 2016 | Updated on 19 Dec 2018

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By investing in residential real estate in Cyprus, non-EU citizens have the option to attain EU residency within two months through the Cyprus Permanent residency on a fast-track basis application, known as a Regulation 6 (2). EU residency through programmes such as the Cypriot Permanent Residency on a fast-track basis application are becoming an attractive option for non-EU citizens who want a permanent link with the EU.

Buying a Home in Cyprus - the Key to EU Residency via permanent residency on a fast-track basis.

In a bid to attract international investments, the Cypriot Ministry of Interior has recently simplified the procedure for issuing permanent residence permits to non-EU citizens who wish to invest in Cyprus.

In order to be eligible for permanent residency on a fast-track basis by investing in Cyprus, the applicant will need to:

  • Acquire new residential real estate in Cyprus valued at a minimum value €300,000 (excluding VAT );
  • Open and maintain a fixed deposit in a Cyprus bank of a minimum of €30,000 for three consecutive years.

They will also need to adhere to the following obligations:

  • Maintain secured annual income originating from abroad of at least €30,000. In order to add a dependent to the application for permanent residency (such as wife and children), the minimum amount of the secured annual income is increased by €5,000. The income may be from overseas employment, pensions, interest on fixed deposits or rents from abroad. Exceptionally (for the permanent residency on a fast-track basis applications), it is also possible for the income to be derived from dividends of a Cyprus company. However, this permit application would not grant non-EU citizens the right to work in Cyprus.
  • An initial payment of at least €200,000 (excluding VAT) for the residential property to be purchased, is required to have been paid by the date of filing of the application; 
  • A confirmation letter from a Cyprus bank where the fixed deposit of €30,000 is maintained, indicating that the amount is pledged with the bank for a minimum of 3 years. Proof is also required that funds were legally transferred to Cyprus from abroad;
  • A clean criminal record certificate issued by the applicant’s country of origin;
  • A statement/affidavit confirming that the applicant has no intention to work or be engaged in any form of business in Cyprus;
  • The applicant must visit Cyprus at least once every two years;
  • No sanction order to have been issued against him/her or any dependent;

Once the completed application has been submitted to the authorities, a decision is reached within 2 months.

It is important to keep in mind that holders of a permanent residency permit are not permitted to work in Cyprus. Therefore, the resident’s income cannot emanate from employment, business or trading in Cyprus, but may emanate from dividends received from a Cyprus company, from entities abroad, salaries from employment outside Cyprus, pensions, or rents transferred from abroad.

Thus, if the applicant is seeking employment in a Cypriot company, he or she should proceed with a temporary residence permit instead of a permit for permanent residency on a fast-track basis.

 


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Dr Jean-Philippe Chetcuti

Senior Partner, Global Residency & Citizenship

+356 22056411

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