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Permanent Residency Permit into Europe
If you are looking to invest your wealth in a safe and tax-friendly economy backed up by the European Union and Eurozone membership, Cyprus provides all this. As a full European Memeber State, Cyprus has now enacted a new law (in early part of 2009) allowing full residency permit to those who will qualify via investments. The Visa type is Category F and is explained in detail below. The key points to note for a permanent residency into Cyprus (Euro Zone) are as follows:
• Granting of immigration permit to third countries citizens who obtain privately-owned residence in Cyprus for self-occupancy is now a fact.
• More specifically, this applies to third countries citizens who have obtained by purchase privately-owned residence for self-occupancy in Cyprus, with value amounting to not less than €300.000.
• It should be noted that the immigration permit equals to a permit for permanent residence in Cyprus and its holders are exempted from the time-consuming immigration formalities that other categories of third-countries citizens who enter Cyprus territory go through (e.g. consulate attestations, residence permit renewals, re-entry permits, etc.).
• This concerns persons who are citizens of a third country and have ipso facto to their full and free disposal a secured annual income of a proper amount that does not accrue from employment or self-employment within Cyprus territory but rather from abroad.
• The holder of category F permanent resident permit is also allowed to apply for a Cyprus Citizenship (and Passort) in the 6th year of residency and may thereby also enjoy all the full rights and benefits of any European Citizen in Cyprus
Category F:
Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give
them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least €9,560 for a single applicant and moreover at least €4,613 for every dependent person, but 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.
For the granting of an Immigration Permit application is submitted on form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants. Applicants who are abroad may submit an application directly to Cyprus, as stated above or through the local Consular Authorities of the Republic of Cyprus. The
applications are examined by the Immigration Control Board which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.
Granting of immigration permit to third countries citizens who obtain privately-owned residence in Cyprus for self-occupancy
The Ministerial Council during its meeting dated 18.02.2009 was informed about the plan that the Minister of Interior intends to adopt related to the favorable treatment of the applications for the granting of immigration permit to third countries citizens who obtain privately-owned residence in Cyprus for self-occupancy.
This measure falls within the framework of the attempt made by the Government to deal with the global financial crisis and, more specifically, to stimulate the real estate market in Cyprus through the increase of the incentives for the purchase of residence by third countries citizens.
More specifically, the Ministry of Interior decided that favorable treatment of Type F immigration permit, as such is stipulated in the Regulations on Aliens Immigration of 1972 to 2004, for third countries citizens who have obtained by purchase privately-owned residence for self-occupancy in Cyprus, with value amounting to not less
than €300.000.
Informatively, it should be noted that the immigration permit equals to a permit for permanent residence in Cyprus and its holders are exempted from the time-consuming immigration formalities that other categories of third-countries citizens who enter Cyprus territory go through (e.g. consulate attestations, residence permit renewals, re-entry permits, etc.).
Pursuant to the Regulation 5(f ) on Aliens Immigration of 1972 to 2004, Type F (immigration permit) concerns persons who are citizens of a third country and have ipso facto to their full and free disposal a secured annual income of a proper amount that does not accrue from employment or self-employment within Cyprus territory but rather from abroad.
With this incentive of the favorable treatment of the application for Type F immigration permit it is expected that
the demand for privately-owned residence purchases by third-countries citizens shall be increased, a fact that will have a positive impact on the Cypriot finance.
The Schengen Visa
If you are not already aware Cyprus is going to be joining the Schengen Zone / Agreement in 2010. By becoming a permanent resident of Cyprus, you automaticaly qualify with a Schengen Visa meaning you can travel to any of the Schengen Counties without the need for a Visa. However to qualify for this you would have to become a permanent resident in cyprus before Cyprus officially becomes a member of the Schengen Agreement. If you are a non-eu citizen and want to qualify for a permanent Schengen Visa please ensure you qualify for a Category F Visa.
What to do Next:
Our team of expert immigration solicitors can examine your case to help you acquire a permenant residency in Cyprus so you can also qualify for a Schengen Visa
For further information please contact us or call us on +357 238 14477.
Sources of Informations:
Cyprus will join in 2010
Cyprus in the next enlargement.
Cyprus requested a year delay
With a Schengen visa, you may enter one country and travel freely throughout the Schengen zone; internal border controls have disappeared.
The new EU countries Bulgaria, Cyprus and Romania are – as all new EU member states - bounded to be part of the Schengen Agreement.
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