Steps to take for lodging application for a permanent residency permit as a visitor (Category F)
Any Non EU national has the right to apply for a residency permit in Cyprus when they invest more than €300,000 in buying property in Cyprus. Moreover, according to the Interior Ministry announcement in 2012, they can buy two residential units such as a villa and apartment, for example.
The lodging of the application for the Permanent Residency can only be lodged when the applicant can prove that he has already paid a minimum of €200,000 towards the costs of the property or properties and that the investment funds in those properties have been received from abroad.
Furthermore, the applicant has to demonstrate that he has an income of at least €30,000 per annum plus an additional amount of €5.000 allocation for each of his dependants, plus has to deposit in a local Cyprus bank a minimum of €30,000 for a minimum of 3 years.
When applying for a Permanent Residency Permit in Cyprus the following list of documents have to be submitted to the Immigration Department, Cyprus:
- Valid passports and 2 passport pictures of each applicant.
- Prove of financial assets anywhere in the world through bank statements, bonds, sources of monthly income etc.
- Documentation on any immovable property anywhere in the world through property title deeds etc. in order to prove a sufficient financial standing of the applicants
- Bank reference of any bank you are customers
- Once you have settled in Cyprus you will also have to arrange a medical insurance to support your application for permanent residency.
Regarding the registration of a company in Cyprus which is operating in the field of real estate
The registration of such company -procedure:
Legal fees and costs are as follows:
Legal fees and real costs for the approval of the company name
and all registration procedures Euros 1.100,00 plus 17% VAT
Registration of the established company at the
Inland Revenue Department and VAT Authority Euros 100,00 incl. 17% VAT
Please note: that if you wish to operate as a Real Estate Agent in Cyprus you will have to provide the official certificate obtained in Russia or any other country for this profession and your legal representative in Cyprus will submit an application to the Cyprus Board of Real Estate Agents in order to get the permit to execute this profession here in Cyprus.
Any questions please contact us