THE PERMIT

• Concerns NON-EU citizens

• It is granted to the applicant and his spouse for the rest of their lives

• No right to work in the Republic

HOW TO OBTAIN IT

• Fast Track Procedure (Regulation 6(2)): within 2 months

• Category F: within 12 months

A. FAST-TRACK PROCEDURE - REGULATION 6(2)

•This Permit is also granted to the spouse minor and financially dependent adult children

REQUIREMENTS:

A1. PROPERTY

1.   Must be purchased in Cyprus

2.   Purchasers could be:

the applicant or

• the applicant’s spouse or

• the applicant and his spouse or

• a Cyprus Company, provided that the applicant or his spouse (or both) are direct and the only shareholders of the Company.

3.   Vendor must be a Real Estate Developer.

4.   Must be new (not qualified for resale).

5.   The Purchase Price must be at least 300,000 Euro (not including VAT), receipts to be presented.

6.   At least 200,000 Euro (not including VAT) should be paid to the Vendor before application.

7.   Proofs of transfer of 200,000 Euro (not including VAT) from abroad must be provided.

8.   Contract of Sale must be deposited at the Lands Registry.

A2.  BANK DEPOSITS

A bank deposit of 30,000 Euro must be blocked for at least 3 years

in a Cyprus Bank. It must be proven that 30,000 Euro were transferred to Cyprus from abroad.

A3.  INCOME OF THE APPLICANT AND HIS SPOUSE

1.   Income must be created abroad, not in Cyprus.

2.   The applicant should prove at least 30,000 Euro of income for himself plus 5,000 Euro for each dependent family member.

3.   Income should derive from legal sources as salary, rent, pension, interests, dividends, etc.

A4. OBLIGATION OF NOT ENGAGING IN ANY PROFESSIONAL ACTIVITIES IN CYPRUS

Income from dividends in a Cyprus Company of the applicants shall not be considered as a violation of the requirement of not engaging in any professional activity in Cyprus.

A5.  LEGALIZATION AND TRANSLATION OF THE DOCUMENTS

• All documents must be translated into English or Greek language by certified translator.

• All official documents must be duly legalized by apostil.

If the Country, which issued the official document is not a party on The Hague Convention of 5 October 1961, abolishing the requirement of legalization for foreign public documents, then the document must be legalized by the Ministry of Foreigner Affairs and the in the Cyprus Embassy of that Country.

SUCCESS OF THE APPLICATION

Provided that:

1. All requirements are satisfied.

2.There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order.

B. CATEGORY F

• This permit is also granted to the spouse and minor children.

REQUIREMENTS:

The applicant is a NON-EU national.

2. The applicant possess and has fully and freely at his disposal a secured annual income, high enough to give him a decent living in Cyprus without having to engage in any business, trade or profession, and cover all the expenses of all the members of his family.

3. The income shall come from legal sources from abroad (pensions, permanent deposits, rents, business, activities etc.).

4. The minimum annual income required is 30.000 Euro for a single applicant but the Civil Registry and Migration Department demand additional amounts of its discretion.

5. This income is secured, reliable and consistent on a long run and this income will be maintained in time.

6. Bank statements showing incomings from abroad - adequate amount

7. Personal documents (Birth Certificate, Marriage Certificate, CV etc.)

REASONS FOR REVOCATION OF THE PERMIT

• When the holder of this Permit was granted permanent Residence Permit in another Country

(other than the country of his nationality).

• When he did not visit Cyprus for a period longer than 2 years continuously.

Areti Charidemou & Associates LLC Law Firm