Q&A Permanent Residence

1. Do the kids keep the permanent residency after they reach 25 years of age in both tracks?

The PR is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents.

It is noted that their future spouses or underage children cannot be included as dependent persons on this permit.

If children wish to study in an institution of tertiary education in the Republic, they have to submit through the institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, as it is described above, with the condition that their parents present only an additional annual income of €5.000 for every such child.

An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, provided that the market value of the acquired real estate attributed to each such child is at least €300.000 (excluding V.A.T.), as described in para. 2.3 hereinabove, (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an Immigration Permit, the applicant must purchase real estate valued at €600.000, if the applicant has two (2) adult children, financially independent, he/she must purchase real estate valued at €900.000 etc).

In such an event a payment confirmation for the 66% of the market value of the real estate must be submitted with the application (e.g. €400.000 for real estate of a market value of €600.000). It is noted that the purchase of the real estate must be made solely in the name of one or/and both parents, or solely on the child or on both parents and the child.

Provided that in such an event each child shall submit the necessary documentation with his/her application (e.g. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which is bound for 3 years).

2. Are you able to sell the residence after you obtain the permanent residency or is it directly connected to the permanent residency?

The residence is directly connected to the permanent residency.

The alienation of the purchased property without an immediate replacement with another property, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result to the cancellation of the Immigration Permit.

Therefore, the applicant must state that his/her permanent residence is in Cyprus.

Otherwise, the permit is revoked when the holder is granted a permanent residence permit in another country (other than the country of his nationality).

3. Are you able to purchase residences that are not new and that are not from a certified developer?

The applicant is required to have purchased a new (not resale) property residence for himself and his family in Cyprus of no less than €300,000 (before VAT) and the vendor must be the Developer who built this property.

It is possible to buy two properties, as long as they are both new and from the same Developer, such as:

– House (or apartment) + house (or apartment)

– House (or apartment) + shop up to 100 m2

– House (or apartment) + office up to 250m2

The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company.

4. Can you please list the current countries that the holder of the permanent residency can enter without the need for a Visa?

Although Cyprus is legally bound to join the Schengen area, it has delayed implementation.

For now, third national Permanent Residency holders still require a travelling visa to other European destinations.

5. Is the applicant of a PR required to be present in Cyprus prior to the filing of a PR application?

No, The PR application can be processes in the applicant’s absence and filed on his/her behalf by virtue of a power of attorney issued by the applicant in the name of a local lawyer for this purpose.

In the event that the client has provided an agent qith a Power of Attorney (including the right to sub-delegate his powers under such document), then AA Cyprus may receive a Power of Attorney from such Attorney.

6. Once issued, is the PR renewable?

No, the PR is granted for lifetime of the applicant, provided the conditions for its issue are satisfied.

7. How can a PR be revoked? Are there any conditions for maintaining a PR?

The PR may be revoked if any of the following conditions is not met:

The PR holder and/or his depdndents and/or his parents fail to visit Cyprus once every two years;

The PR holder and/or his dependents and/or his parents acquire permanent residency in another country;

The residential property purchased for the purposes of the PR application is sold and not replaced with another “first time” sale residential property with a minimum acquisition cost of 300,000 EURO

8. What type of immovable property qualifies for the purposes of a PR application?

The properties eligible for a PR application are required to have a purchase value of at least 300,000 EURO (non-inclusive of VAT) and be a “first time” sale. The applicant may purchase the property through a company of which he and/or his spouse are the ultimate beneficial owners. Any one of the following property combinations is eligible:

One apartment or house

Two apartments or two houses or combination of each

One apartment/house and one commercial shop/warehouse of up to 100 square meters;

One apartment/house and one office of up to 250 square meters.

Where the PR applicant purchases two properties, for the purposes of the PR application the said properties must be purchased from the same developer. For the purposes of filing the PR application, the PR applicant is required to evidence purchase of the immovable property(ies) (irrespective of the date of delivery), and payment of at least 200,000 EURO at the time the application is filled with the remaining 100,000 EURO to be paid afterwards. Payment of the full amount is required to be transmitted to a bank account held in Cyprus at a financial institution of the seller.

Property may have been purchased through the CT/EU based company of the investor. In the event that the property has been purchased previously by an offshore company of the investor then this may be accepted, if all other criteria have been complied with.

9. Can the Ministry of the Interior discover whether the immovable property(ies) purchased under the PR application have been sold?

Yes, the Department of Migration conducts periodic checks through the local Land Registries to establish whether the PR holders continue to own the relevant properties or whether the properties have been sold.

10. Can a PR holder travel freely within the EU without any additional visas from the country to be visited?

No, a visa from the EU country to be visited will still be required for Cyprus PR holders. The PR however does allow the holders to avoid Visitor Visa requirements within the EU. EU member states apply their own regulations for allowing the entry of PR holders. However, by virtue of acquis communautaire, EU and EEA states are legally bound to respect the PR issued by an EU member state and to enable the holder to enter the visiting EU or EEA country, legally.

11. Who collects the interest earned on the 3-year fixed deposit of minimum 30,000 EURO, which is pledged for the purpose of acquiring a PR?

Any interest earned is income of the deposit holder i.e. the PR holder.

12. Can a PR holder work in Cyprus?

No, The PR holder’s annual income, which must be at least 30,000 EURO plus an additional 5,000 EURO for each dependent and 8,000 EURO for each parent, must emanate from sources outside of Cyprus. At the application stage, the PR application signs a statement confirming his intention to not be employed in Cyprus. The PR holder’s annual income may comprise of dividends of a foreign and/or Cyprus company or salaries from employment outside of Cyprus, or pensions, or rents from abroad or interest on fixed deposits, whether they are situated.

13. What are the certification requirements for documents filed in support of a PR application?

All documents (including birth certificates, marriage certificates etc.) are required to be filed in original or as true translations of the original, dule translated into Greek or English. Documents filed as true translation translations of the original are required to be legalized in one of the following ways:

With the Apostille stamp under the Hague Convention;

At the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country or the diplomatic mission of the issuing country in the Republic of Cyprus.

14. What are the supporting documents required to be submitted as proof of the PR applicant’s source of annual income?

The PR applicant is required to provide any of the following documents/information as proof of their annual income (indicative list):

• Confirmation of the applicant’s annual income by the Inland Revenue Department of the applicant’s country of origin;
• Accountant’s report;
• Copies of rental agreements, in support of PRP applicant’s rental income;
• Salary statements from the PR applicant’s employer;
• Devidend vouchers in support of PR applicant’s dividend income;
• Any other appropriate supporting documentation;
• Statements from foreign banks confirming receipt of interest income on deposits held in PR applicant’s name;
• Confirmation from the bank on interest received from funds deposited on the bank account.

As a general rule bank statements showing the source of any income are mandatory.

15. How long must the amount of 30,000 EURO deposited in a Cyprus Bank be in place? Can it be deposited in any other currency?

The Regulations provide that the amount of 30,000 EURO is fixed for 3 years. It is also possible for the amount to be in currency other than Euro; provided the total value of the deposit is the equivalent of the 30,000 Euro at all times during the 3 year lock-in period. The interest rate applied to the fixed deposit depends on the terms of offer of each eligible bank. The beneficiary of the interest accrued is the depositor/applicant.

16. Can the PR holder release the pledge on the 30,000 EURO deposit, at the expiration of the three-year lock in period?

Yes, at the expiration of the three-year lock-in period, the PR holder can freely transfer the 30,000 EURO. The PR holder is required to maintain a bank account in Cyprus for the duration of the PR, as proof of his ability to financially support himself and his dependents without being employed in Cyprus.

17. What is the age limit for adult children of a PR applicant to join in a PR application as adult dependents?

The PR issued covers the holder’s spouse and children up to 18 years old, as well as the main applicant’s parents. Unmarried adult children of the PR applicant between 18 and 24 years old can join a PR application provided they are students or undergraduates. (Adult children between 18 and 24 years old who are not students or undergraduates cannot join their parents PR application).

The said permit is still valid even if the holders have exceeded the age of 24 and even if they do not remain unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or underage children cannot be included as dependent persons on this permit.

Adult children of the PR applicant who are not financially dependent on their PR applicant parents can also join in a PR application, provided the value of the residential property invested in is increased by 300,000 EURO for each adult child added to the application.

For example, for an adult child of 30 years old who is financially independent to be added in a PR application, the PR applicant is required to purchase a residential property of 600,000 EURO… in such an event a confirmation of payment for the 66% of the acquisition cost of the residential property must be submitted with the application (e.g. 400,000 Euro for a property with an acquisition cost if 600,000 Euro). Additionally, the adult child, financially independent of the PR applicant is required to demonstrate a secured income of at least 30,000 Euro derived from sources outside of Cyprus and to maintain a three-year fixed deposit of 30,000 Euro.

18. How soon can a PR be issued from the day an application is submitted?

A PR is issued within 2-3 months from the date the application is submitted.

19. How can the PR holder receive the permit once it is granted?

The PR holder should visit Cyprus at any stage within one year form the date of issuance of the PR to receive such a permit, (in order for the authorities to obtain his biometrics) and subsequently every two years thereafter.

20. Can dependent adults between ages of 18 – 24, who have finalized their studies or are not studying, join their parents’ application?

No. The law strictly refers to students or undergraduates. An adult who is not a student cannot join his parents application, irrespective of whether he is or isn’t dependent on them.

21. How does a dependent (already) studying in Cyprus (or planning to study in Cyprus) join the PR of his parents?

In the event that the child is a student in a higher education institution of the Republic, he must submit an application for obtaining a temporary residence permit in the Republic as students under the relevant legislation (EU directive)

After completing his studies in Cyprus he will be able to submit his application for obtaining a PR, regardless of his age at that moment, with the sole requirement being that the parents present an additional annual income of 5,000 Euro.

In the event that the child plans to attend a higher education institution of the republic, after having obtained a PR on his parent’s application, said PR shall be revoked and a temporary residence permit in the Republic shall be granted.

After completing his studies in Cyprus the PR shall be re-issued to him, regardless of his age at that moment and with no further requirements to be fulfilled.

22. What opinions does the applicant have in the event it is difficult/not possible to obtain a “recent” original birth and marriage certificate in his jurisdiction, or if only 1 original of these documents has been issued?

In this event the applicant can have a copy of the original document translated and duly legalized. This copy along with the original document shall be presented to the authorities who shall make a note that the original was presented to them. The original shall be returned to the client instantly.