General Information for Temporary & Permanent Residency in Cyprus for non EU Citizens TEMPORARY RESIDENCY Every non EU citizen can apply for temporary residency ( Pink Slip ), which is renewable periodically. In order to apply to the Immigration Office and obtain the Pink Slip, applicants must open a Bank account with sufficient funds proving that they can support themselves and their dependants. Temporary residence permits are typically valid for up to 1 year or more. An applicant must apply to renew the permit at least 1 month prior to its expiration at the District Immigration Office. This permit will be cancelled if the applicant leaves Cyprus for 3 consecutive months or more. After 5 years of temporary residency in the Republic of Cyprus, the temporary permit holder is allowed to apply for permanent residency. A list of the necessary documents required to support the application for temporary residency at the Immigration Office can be provided. PERMANENT RESIDENCY Submission of Applications Applications can be deposited under Regulation 5, Category F (normal procedure) or under the Regulation 6(2) (fast track procedure)as explained below in detail General Information The depositing of applications for the granting of Migration Permits is done by the submission of the Form Μ.67 to which a number of documents and certificates need to be attached as requested by the relevant Authority. The Applicant can be present at the Migration Office on depositing the application and the Governmental Officer undertakes the first examination of documents in his presence and issues a Reference Number for the Application. If the applicant wishes to move to Cyprus and deposit the application for permanent residency as above, he has to apply to the District Immigration office and obtain temporary residency ( Pink Slip ), which will allow him to reside in Cyprus until approval for permanent residency is granted. Once the application is deposited with the Authorities, the applicant if a temporary resident of Cyprus will be called for an interview by the Migration Officer in the district they have chosen to reside. However it is noted that the presence of the applicant at the relevant Authority is not essential. The applicant while abroad is able to nominate and appoint his lawyer to act and submit the application on his behalf. The M.67 application form should be accompanied by all the original requested certificates and documents. In cases where copies of documents are submitted, those copies should be certified by the relevant Authorities. In certain cases the Governmental Officers who examine an application Page 1 of 7
can certify the authenticity of a copied document provided the Applicant shows them the original document. Any documents that are translated into Greek or English should be certified at the Ministry of Foreign Affairs of the applicant s country of origin, the Cyprus Embassy in the applicant s country of origin or the Embassy of the applicant s country of origin in Cyprus. Usually, there is no limit period for the validity of the permanent residency permit. The said permit remains valid provided the applicant will not be absent from Cyprus for a period exceeding 2 consecutive years. The submission fee for the Migration Applications is 500,00 and is applicable for all applications that are submitted from 1/2/13 and afterwards. 1. Dependents Family The term dependents refers to the Applicant s spouse, his children who are under the age of 18 years as well as to the Applicant s parents if they depend financially, exclusively on the applicant. The application needs to be submitted in the name of the person who has the income and made the investment in Cyprus and his or her spouse and children under the age of 18 years will be considered as dependents. In cases where both the spouses meet the conditions they can submit separate applications. Except for the exceptions offered under the fast track procedure which are further analyzed below, in all other cases, adult children over the age of 18 years old should submit their own separate application and must meet all the conditions without any exceptions. In certain cases where the applicant/ parent has purchased property of a significantly high value then the relevant Authority could examine positively the application of the adult child as dependent, taking into consideration the property s value as well as the deposits and income of the family. In any case, it is preferable to follow a separate procedure for every adult child with the purchase of a separate house in his or her name. Children that had been included in their parents permit as dependents and who have become adults but continue to depend on their parents, should submit a new separate application, which will be examined by the Authorities taking into consideration the family circumstances and in such cases it is important to note that the family should have sufficient income. 2. Employment in Cyprus Every person who applies for permanent residency under any of the below procedures, is not entitled to work or become engaged in any form of business as employee in Cyprus. Details of this restriction will be further explained below. Category F The Cypriot Law provides the opportunity to apply and become a permanent resident of Cyprus to non- EU citizens who own immovable property in Cyprus and possess and have fully and freely at their disposal a secured annual income arising from abroad (not from Cyprus), high enough to give them a Page 2 of 7
decent living in Cyprus, without having to engage in any form of business, trade, profession or employment. Although there are no clear guidelines on the actual amounts required, from experience at the time of writing this, proofs of an annual income of 30,000 for a couple is usually acceptable, plus another 5,000 for each dependent person but the Immigration Control Board may demand additional amounts as necessary therefore any extra funds deposited in the applicants bank account(s) will of course be considered as an extra advantage. If clients meet the above provisions and plan to move to Cyprus to submit their application, we would advise them to apply and obtain temporary residency for convenience and ease of the applicant and their family, since the normal procedure for the permanent residency takes time. The applications for permanent residency are usually examined and an answer is provided by the Authorities within 8 10 months from the date of submission. The following documents are required from the Authorities to accompany applications under this Category * : 1. Relevant application form 2. 2 passport sized photos 3. Passport valid for at least 2 years 4. Temporary Residence Permit (if applicable) 5. Bank certificates showing deposits & movements of funds (bank accounts especially from the country of residence & Cyprus) 6. Tax Declarations for Income from the Tax Authority of your country (if available) 7. It is important to provide proofs of all sufficient, secured income from legitimate sources outside of Cyprus to be used in the strictest confidence (i.e. salary proofs, any investments, royalties, shares, dividends, bonds etc) to be officially verified at the Ministry of Foreign Affairs & the Cyprus Embassy in of your country or APPOSTILLE as per the new regulation dated 2/2/14. ** 8. Details of ownership of properties outside Cyprus 9. Affidavit completed and signed at the Court (if applicable) 10. Sale Agreement and/or title deed for the property in Cyprus 11. Receipt(s) showing settlement of the purchase price of the property 12. Medical Insurance 13. Police Clearance Certificate from the Authorities of the applicants country of origin, with the APOSTILLE seal ** 14. Marriage Certificate** 15. Birth Certificate for child(ren)** 16. School Certificate for the child(ren) attending school in Cyprus (if applicable) 17. Detailed biography (to include marital & family status, education, occupation/business activities, hobbies, reason for residency, business activities, explanation of annual income equivalent n Euro including sufficient details for the examining committee to have a clear background of the applicant.) FAST TRACK PROCEDURE 6(2) * NOTE: All the above documents must be officially translated & notarised unless otherwise specified above. Documents can be translated through our office by PIO (Press and Information Office) in Cyprus by providing the originals. **Countries that are not part of the Hague Agreement and cannot Apostille documents must have documents stamped by the Ministry of Foreign Affairs and the Cyprus Embassy in their country. Page 3 of 7
In accordance to Regulation 6(2) a new fast track procedure came into operation in August 2012 which was revised in May 2013, giving the opportunity to obtain Permanent Residency within two months from the submission of the application, under the requirements mentioned below. 1. Purchase of Property For the submission of an application under the Fast Track procedure, the applicant needs to have purchased property in Cyprus and provide the Authorities with the relevant proofs of the purchase as described below. The term property includes structures such as houses, offices, shops and stores. The purchase price of the property should be 300.000 or more, not including VAT. This price can be the total amount of the purchase prices of more than one properties, namely the total price of two residential units (apartments or houses) or one residential unit and one shop of up to 100sq.meter area or one residential unit and one office of up to 250sq.meter area. It is noted that it is not necessary for the houses/apartments to be adjoined but they must be sold by the same Developing Company. This policy applies to purchases of residential units that are sold by a Developing Company for the first time. As from 07/05/2013 the Authorities will not accept applications based on the purchase of residential units through resale procedures. The Applicant should submit receipts of payment for at least 200.000 not including VAT irrespective of the date of delivery of the property. All the funds paid for the purchase of property must have been transferred to Cyprus from abroad. Therefore, it is necessary to submit an import exchange certificate from the receiving Bank in Cyprus, or any other document or proof which sufficiently proves beyond reasonable doubt that the total amount for the purchase of the property has been transferred from abroad. People that purchased property in Cyprus in the past might be able to submit an application under the fast track procedure provided that they can prove that the total amount for the purchase of the property had been transferred from abroad. If this is not possible then an application can be submitted under the normal procedure. The sole shareholder of a Company or the shareholder and his/her spouse if they are the only shareholders of the Company, can apply for Permanent Residency in Cyprus even if the property has been purchased by the Company. In cases where another company is the shareholder of the Purchaser Company and the only shareholders of that Company are the Applicant and his/her spouse, the latter are still eligible to apply for Permanent Residency provided they submit all relevant proofs of their ownership of the shares. In cases where the purchase of property is made by a number of investors through a Cypriot or Overseas company, it is not possible for those investors to submit an application under the fast track procedure. However, such an application can be submitted under the normal procedure and the Authorities will examine it on a priority basis in a shorter period of time. In some cases it is possible for two families to purchase one property; however in such cases even if the property s purchase price is over 600.000, only one of the two families is entitled to apply under the fast track. The application of the other family can only be submitted and examined under the normal procedure. Page 4 of 7
2. Annual Income Each Applicant is required to include a declaration confirming a minimum secured annual income of 30.000 arising from abroad plus another 5,000 for each dependent (see para 1, p.2 which defines who qualifies as a dependent). Under the recent amendments of the relevant regulations in order to fulfil this requirement it is possible to combine the income of a couple if it sums up to 35.000 for both of them. The declaration of income should be supported by the relevant proofs according to each individual case and the origins of the declared income, such as the certificate of annual income from the Inland Revenue Department of the country of origin, certificates from foreign Banks in relation to the interest received from deposits, rental agreements for rents from immovable property, the certificate of annual salary from the relevant Employer, certificates for the receipt of dividends from investments, etc. As per the new regulation dated 2/2/14, the Income Certificate must be officially verified at the Ministry of Foreign Affairs & the Cyprus Embassy in of your country or to be Apostilled. 3. Fixed Deposit For the submission of applications under the fast track procedure, it is necessary to have a fixed deposit account in a Cypriot Bank for the amount of at least 30.000 for a period of at least 3 years. The depositing of the amount of 30.000 could be made in any currency provided that the foreign exchange and interest rate risk is taken into account in order to be guaranteed that the equivalent will remain consistently at least 30.000. During the three-year period the applicant cannot transfer the fixed deposit to an account of any other Bank. After the expiration of the three years it is not obligatory to keep the 30.000 fixed deposit, which can be released without having to inform the Ministry of Interior. However the holder of a Migration Permit should keep a bank account in Cyprus in order to prove that he is capable of living in the Republic without having to work in Cyprus. 5. Employment In relation to the restrictions on employment mentioned above, any person who applies under the fast track procedure as well as his dependents should provide a written statement that they do not intend to work in any direct or indirect way in Cyprus. However, despite this restriction, the Applicant and his/her spouse can be shareholders in a company registered in Cyprus and any income they receive from dividends in such company does not constitute an obstacle in obtaining Permanent Residency in Cyprus. 6. Affidavit/ Declaration Every application should include an Affidavit/ Declaration of the applicant and his/her spouse in relation to their annual income. In cases where the applicant is in Cyprus the Affidavit should be made in the District Court, while in cases where the Applicant is abroad a declaration will suffice. Page 5 of 7
The applications under the fast track procedure, further to the above mentioned list of documents required for Category F, need to include the following: 1. Proof of a fixed deposit of 30,000= euro for a minimum of three years in a Cyprus bank. 2. Declaration of a secured annual income of a capital of at least 30.000 from sources other than employment in Cyprus (original documents and affidavit). The necessary annual income is increased by 5.000 for each dependent person 3. Property in Cyprus of a minimum market value of 300.000 with proof of payment for at least 200,000. 4. Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus 7. Children over 18 years old Non-married children of the Applicant aged 18 to 25 years old, can submit their separate application for Permanent Residency (see attached list of documents required) without purchasing an additional property only in cases where it can be proved that they are students or undergraduates and are financially dependent on the Applicant. In such cases the father/mother or both parents need to present additional required annual income of 5.000 for each such dependent child (as explained under para 2, p.5 above). As per the recent announcement of the Ministry of Interior on 14/1/14, when such permit is granted, it will not expire when the child turns 25 years old. It is possible for children over 18 years old, who are not financially dependant on the Applicant to obtain Permanent Residency provided that the market value of the acquired property attributable to each child is at least 300.000 not including VAT (in addition to the 300.000 attributable to the main applicant and his/her spouse) In all such cases the application must be accompanied by a receipt of payment for at least 66% of the purchase price of the unit acquired. For example, an Applicant who has a child aged 30 years old, can purchase a unit with a purchase price of 600.000 and pay at least 396.000. It is clear that in these cases the child must submit along with his/her application all the other supporting documents required as per the relevant list (such as the secured annual income of at least 30.000. three years fixed deposit account for 30.000) Annulment The Migration Permit is considered to be a permanent residency permit. The permit will be under the special term that the applicant is obliged to move to Cyprus within 1 year from the date of the permit for residency. However, annulment of the permit will occur if the holder of such a permit stays outside of the Republic of Cyprus for more than two years as well as in cases where the holder obtains a permanent residency permit in another country. Therefore, the holder of a Migration permit should It is understood that each such child will submit along with his/her application all relevant documents provided in the relevant list Page 6 of 7
visit Cyprus at least once every 2 years. The same applies to the dependent members of his family who should also visit Cyprus at least once every 2 years. Absence of the permit holder from the Republic of Cyprus for a period of more than 2 consecutive years leads to annulment of his permit which also affects his dependents irrespective of whether they visit Cyprus more frequently. In such a case it is necessary for the initial applicant to submit a new application. In cases where any of the dependents do not visit Cyprus for more than 2 years, his/her permit is annulled but it can be renewed by resealing his/her passport and payment of a specific fee ( 50,00). The two-year period begins from the date of stamping the Applicant s and dependents passports. Additionally, the Migration Permit could be annulled if the holder of the permit sells the property, based on which the permit was issued. Therefore, the Migration Office will conduct inspections through the Land Registry and Survey Department in order to examine whether the permit holder has sold the property based on the purchase of which he was granted the Migration Permit. In case where a permit holder gets engaged in any form of business or employment which constitutes breach of the aforementioned restrictions of the law on the issue, then automatically his/her permit is annulled. Travelling to an EU Member State In cases where the holder of a Migration Permit wishes to travel to an EU Member State it is necessary to refer to the Embassy of that Member State to be informed as to whether a holder of a Migration Permit issued by the Republic of Cyprus is allowed to travel to that EU Member State without having to obtain a visa. However, once the permanent residence permit is obtained, it is easier to obtain a visa to travel to other EU countries. Last updated 13/2/14 Contact Details: Email: yiannis@papazacharialaw.com Website: www.papazacharialaw.com Tel: +357 26 811363/4 Fax: +357 26 952 052 P.O. Box 60279, 8101 Paphos, Cyprus 1 Pallados Street, 8046 Paphos, Cyprus Z:\CHINESE FOLDER\PERMANENT RESIDENCY\PR 1_General InfoTemporary & PR Feb 2014.doc Page 7 of 7