Nicosia, June 2012
The Council of Ministers of Cyprus, has in 2009, approved a scheme whereby a third country national who applies for a work permit under Category F (i.e. persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession). The annual income required should be at least €9568,17 (CY£5,600) for a single applicant and moreover at least €4613,22 (CY£2,700) for every dependent person, but the Immigration Control Board may demand additional amounts as necessary. Most applicants come under this Category, the majority of them being pensioners or retired persons.), and may be issued with an ‘immigration permit’ which essentially amounts to a permanent residency permit if they purchase a private home for their own use of value no less than €300.000.
The Council of Ministers, at the meeting held on the 18.02.2009 (the circular issued by the Department of Interior as a result of this meeting can be found here) was informed of the plan which the Minister of the Interior intends to adopt with regard to the favourable treatment of immigration permit applications to citizens of third countries who acquire a private home for their own residence in Cyprus.
This measure is part of the effort which the Government is applying for the confrontation of the international economic crisis and especially for the strengthening of the purchase of immovable property in Cyprus, by means of the increase of incentives for the purchase of a home by citizens of third countries.
The Minister of the Interior specifically decided on the favourable treatment of immigration permit applications, category F (please see our more analytical article here) as defined in the Alien Immigration Regulations of 1972 until 2004, for the citizens of third countries who have acquired by means of purchase a private home for their own use in Cyprus, value not lower than €300,000.
It is mentioned that an immigration permit is equivalent to a permanent residence permit in Cyprus and the holders are exempt from the time consuming immigration procedures which exist for the other categories of third countries citizens who enter Cyprus (e.g. consular visa, renewals of residence permit, re-entry permit, etc.).
Category F according to Regulations 5 (F) of the Aliens and Immigration Regulations of 1972 until 2004, refers to persons who are citizens of a third country and rightfully hold and have at their disposal a guaranteed annual income of an appropriate sum, which is not derived from employment or self-employment in Cyprus but comes from overseas.
For a third country national who wishes to move to Cyprus and invest in a property, and circumvent the cumbersome residence permit application this is an excellent scheme.
Who can apply?
Any person from any country outside the EU, who has an annual income of €9568,17 and who can purchase property for his own use of value €300.000 and above.
What type of Property?
The property to be purchased must be a private property (i.e. a home) of value €300.000 and above.
What you get
The successful applicant gets issued with an ‘immigration permit’ which essentially amounts to a permanent residency permit and the full ownership of a private property in Cyprus.
Initially, Focus Business Services (Cyprus) can provide legal assistance with the preparation of the applications and supporting documents, as well as provide professional advice throughout the application process as well as during the operation of the company.
We can also recommend estate agents and lawyers who can assist with finding the property you require and also with the purchase of the property.