Simila Cyprus

Cyprus Residency in European Union with property Purchase
Cyprus has recently introduced new legislation, offering Cyprus residency permit eligibility, to non-EU nationals who purchase a property. It's a straightforward process that can commence immediately on purchasing. Residency permits are generally unlimited in duration. Applications can follow the standard Immigration permit process (criteria detailed in section A) or the recently announced 'category F' expedited process (criteria detailed in section B) which requires additional criteria to be fulfilled. Pafilia will gladly assist you with the process & can also refer you to independent lawyers.  SECTION A Acquisition of an immovable property with a value of over €300,000. The purchaser must visit the property at least once every two years. Non-European citizens should possess an annual income from a legitimate source, deriving from outside of Cyprus, which is sufficient to support their family. Minimum annual income: €30,000 per couple and €5,000 per dependent is usually acceptable. Additional funds deposited in a Cyprus bank account are considered favorably. Residency permit applications may be submitted to a Cyprus embassy, should the purchaser reside abroad. If in Cyprus, the permit application should be submitted to the Immigration office in Nicosia. All documents must be officially translated and notarised. The Cyprus Press and Information Office can arrange this service on providing the original documents. We will gladly assist you with the process and can also refer you to independent lawyers,help you with opening Cyprus Bank Account , refer you to known and trusted Accountants.   SECTION B 1. The category F application criteria are listed below: 1.1. The applicant must prove that she/he has at his/her disposal a secured minimum annual income of €30,000, from sources other than employment in Cyprus. The required income of €30,000 can derive from salaries, stocks shares, rents etc from outside of Cyprus. The necessary minimum annual income is increased by €5,000 for each dependent person. 1.2. The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300,000 and proof of payment of at least €200,000. The contract of sale should have already been submitted to the Department of Lands and Surveys. 1.3. The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30,000 in an account, which will be pledged for at least a three year period. It is noted that the amounts mentioned in paragraphs (1.2) and (1.3) should be proven to have been transferred to Cyprus from abroad. 1.4. The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus. 1.5. The applicant should submit a statement that he does not intend to work or be engaged in any form of business in Cyprus. 1.6. The applicants should visit Cyprus at least once every two years.  2. Procedure for the submission and examination of applications 2.1. The application should be submitted on Form (M.67) to the Civil Registry and Migration Department or to the District Offices personally, through post or through a representative. It is noted that the applications submitted to District Offices shall be transferred to the Civil Registry and Migration Department directly, without any processing. 2.2. Applications which are submitted in Cyprus, personally, through a representative, or by post, shall be filed in an ordinary file (the applicant should ensure that each relevant document of the application is numbered with blue ink, from the first page to the last). A checklist of all necessary documents completed by the applicant or by a representative of the applicant must be submitted with the application form. 2.3. The application will be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. Personal interviews are usually not necessary for this category permit. 2.4. The Ministry of Interior shall inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of Interior. 2.5. The Immigration Permit shall not be cancelled, provided that the applicant visits Cyprus at least once every two years.  3. Following the publication of this announcement, any third country national who has already applied for a category F Immigration Permit may submit additional documents to the Civil Registry and Migration Department in order to fulfil the above mentioned criteria and have the application examined according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations. 4. Provided that the criteria described in paragraph 1 are fulfilled and no further questions arise with respect to the Criminal Record of the applicant, or Public Order, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit shall be granted. 5. The period for the examination of the application described above shouldn’t exceed 1-2 months.  6. Temporary Cyprus Residency  Applications can be made via our consultants for Temporary Cyprus Residency permits for property purchases of under €300,000 euros. All applications are individual and based on your own personal circumstances . Please contact us for further details.  Contact ;  Simila Cyprus Ltd in the first instance for further details ; info@simila-cyprus.com  ALL CONVERSATIONS ARE PRIVATE & CONFIDENTIAL