Fast-track Permanent Residence Permit
In July 2012, the Ministry of Interior introduced a new policy which provides favorable treatment for third country – nationals who wish to obtain a permanent residence permit. Relevant is the Regulation 6 (2) of the Aliens and Immigration Regulations.
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the permanent residence permit will be granted, within two months from the submission of the respective application, provided that the following criteria are met:
- The applicant, together with spouse, should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc.
- The Applicant must visit Cyprus at least once every two years.
- A title deed or a contract of sale in the name of the applicant and/or spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date for the delivery of the dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.
- Proof of a fixed deposit of €30.000 for a minimum of three years in a Cyprus bank.
- Clean criminal record issued by the police authorities of the country of origin.
- A Statement confirming that the applicant does not intent to work or be engaged in any form of business in Cyprus.
All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed 2 months from the date of the submission of the application.
N.Mouktaroudes & Associates LLC assist international clients in obtaining residence and citizenship under the respective programs. Please contact us for more information or to arrange for an initial personal consultation.