Citizenship, Immigration

Regulation 6(2) of the Aliens and Immigration Regulations of 1972 was introduced in February 2016 and it is what is often called the “Fast Track procedure” Immigration Permit (Permanent Residency) for citizens of countries which are not members of the European Union.

The Fast Track procedure aims to grant to permanent residency in the Republic of Cyprus within only two months following the filing of a completed application. The Fast Track Procedure can be contrasted with the older Regulation 5(f) of the Aliens and Immigration Regulation of 1972 Immigration Permit (Permanent Residency) which can take up to a year or more to be granted.

The older procedure under Regulation 5(f) despite being slower has less requirements.

1. Regulation 6(2), granting of long term immigration permit – fast track procedure, has the following main requirements:

• A minimum capital of EURO 30,000 held in Bank in the Republic of Cyprus for a period of at least three years (confirmation letter from a bank in Cyprus required)

• An annual secure income of at least EURO 30,000 per year (increased by EURO 5,000 for every dependent person and by EURO 8,000 for every dependent parent or parent-in-law)

• A purchase of real estate (first time sale) in the Republic of Cyprus of EURO 300,000 excluding VAT (the applicant needs to submit together with the application the title deeds or a sale contract of a real estate, in his/her name and/or his/her spouse, which has been officially filed at the Department of Lands and Surveys, and official payment receipts of at least €200.000 excluding V.A.T.)

• Applicant cannot work in the Republic of Cyprus but can maintain a Cyprus Company (be a shareholder)

All income/ capital must come from outside the Republic of Cyprus.

• Regulation 5(f), granting of long term immigration permit – normal procedure, has the following main requirements:

• An annual secure income of at least EURO 10,000 per year (increased by EURO 5,000 for every dependent person)

• Income must come from abroad from legally acceptable sources

• Clean criminal record

• No sanctions are in place against the applicant and the dependents

• Applicant cannot work in the Republic of Cyprus but can maintain a Cyprus Company (be a shareholder)

What to expect from receiving the Republic of Cyprus, permanent Residency

• You can travel easily throughout the EU and other European Countries
• Applies to wife/husband and children of holder of permit can also be extended to parents
• Applicant and wife/husband will be permanent residents of the Republic of Cyprus indefinitely (subject to conditions)
• A permanent residency can be a first step to acquiring a Cyprus Citizenship (subject to conditions)

What to be careful

• Be wary when purchasing real estate (always ask a reputable Cyprus lawyer to check the property to make sure it is free from liens/encumbrances),
• Always obtain legal guidance from a qualified lawyer on the applicable legislation, application procedure, the preparation, drafting, and/or reviewing application forms and the agreements especially that are connected to immovable property.

For further information please contact us via email at info@zambartaslegal.com or via telephone +357 22262108.