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An alternative way to Cyrus Citizenship for investors and their dependants to secure permanent residence in Cyprus is the submission of a Category F of Regulation 6(2) of the Aliens and Immigration Regulations to the Cyprus authorities provided that certain criteria are met. 

The permanent residence permit once granted covers the investor’s whole family including married spouse, children below 18 years old and financially dependent children up to 25 years old. From February 2016 the definition of defendants has been expanded to include the parents of the investor and/or of his/her spouse.  The immigration permit exempts the investors and their dependants from any immigration entry procedures such as visitors’ visas.

Criteria

1. Evidence of a steady secured annual income from abroad of at least €30,000, from sources other than employment in Cyprus as this is prohibited. Sources can include dividends, fixed deposits, pension statements, rents, salary advices. 
2. The annual minimum income is increased by €5,000 for the spouse and for each child and €8,000 for each dependent parent of the main applicant and/or the spouse of the main applicant.
3. Title deed or purchase agreement of residential property(ies), issued on the name of the applicant. Residential properties can be 2 residences, or 1 residence and 1 office or 1 residence and 1 shop. The minimum market value of the property should be €300,000 plus VAT and proof of payment for at least €200,000 excluding VAT is made at the time when the application is submitted. The Civil Registry and Migration Department will only accept applications for granting immigration permits under the fast track route provided that the above property(ies) are sold for first time. The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.
4. Confirmation letter from a Cypriot Banking Institution, showing deposits in a local account of a minimum capital of €30,000, from sources other than employment in Cyprus. The capital should be transferred from an International Bank to a local Cypriot Bank and it should be pledged for at least a period of three years. 
5. Declaration regarding the income of the applicant. 
6. Confirmation that the applicant does not intent to work or to be engaged in any form of business in Cyprus.
7. Clean Criminal record is issued from the applicant’s country of origin.

Other important information

• Applicants should visit Cyprus at least once every two years
• It takes approximately two months for the Permanent Residence Permit to be issued, from the date of submission of the required documentation

How can CosmoCo assist

Our Services

We can provide expert high level services through our experienced and dedicated team in the following areas:

• Professional advice for the procedures and the steps to be followed in line with the relevant legislation to ensure successful applications.
• Review of all necessary information and documents needed for the application for accuracy and completeness.
• Assistance with the completion and submission on behalf of the client of all relevant applications.
• Assistance with the legal overview of the agreement for the purchase of real estate properties.
• Assistance with the due diligence of the real estate property.
• Assistance with the tax implications arising from the purchase of real estate properties.
• On-going review of the status of the application after its submission to the Cyprus authorities.