Permanent residence is normally concerned simply with house purchase and residing in Cyprus without needing a work permit or citizenship of Cyprus.
There are two ways to obtain Permanent Residence Permit:
1. Fast Track Procedure (Regulation 6(2) of the Aliens and Immigration Regulations) within 2 months
2. Category F (Regulation 5(f)of the Aliens and Immigration Regulations) within 5-12 months
In order to purchase a house in Cyprus, an applicant should submit the contract of sale of the property to the District Land Office within two months of signing the contract and apply to the Council of Ministers in order to obtain the necessary permission. This application includes the personal details of the applicant, their financial standing and all details concerning the property.
After the Council of Ministers approves the application, if applicable, another application to the Central Bank has to be made in order to confirm that the purchase was made in foreign currency. The Ministry, under the Immovable Property Acquisition (Aliens) Law Cap. 109. require the following:
Approval by the Council of Ministers
A document showing clearly that the payment of the property was made by foreign currency and finally the title deed of the property
Apply to the District Land Office for the transfer of the property to your name
Copy of the approval of the Council of Ministers
The certificate issued by the Central Bank
Receipts that all taxes of the property have been paid
Registration certificate of the property
CYPRUS PERMANENT RESIDENCE PERMIT:
(These regulations apply for people who do not wish to have the permission to work in Cyprus. For people who want to work, there is a different procedure for which we can also assist).
1. Concerns NON EU citizens
2. Is granted to the applicant and their spouse for the rest of their lives
3. Is granted to their children till the age of 18 years old. Dependent adult children (students) should make their own application and they receive permits until the age of 25 years old. Non-dependent children should make their own application and if they and their parents satisfy all criteria, they receive permits for the rest of their lives.
4. Holders of this Permit are not entitled to work in Cyprus
5. Holders of this Permit may own a Cyprus Company and receive dividends from its profit
6. Reasons for revocation of the Permanent Residence 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