There is so much information out there, some of which is incorrect, we hereby try to provide comprehensive information on the subject:
- A person from a non-EU country can request (not by law) to obtain a permanent visa to stay in Cyprus if they buy a house (apartment/house) costing at least €300,000.
- Of the amount of €300,000, you must prove that you have already paid the €200,000 (upon request) and the rest with local funds (loans) or from abroad. The first €200,000 must come from abroad (as well as any repayment of the loan).
- This permanent residence visa can be withdrawn if the visa holder does not visit Cyprus for a period of 2 consecutive years (he can visit Cyprus even for 1 day). The visa will also be withdrawn if the visa applicant/holder becomes a permanent resident of another country (not their own).
- The visa holder, who has dependents (eg wife, minor children) who are covered by the visa, must also visit Cyprus once every 2 years.
- In case the visa holder sells the property, the visa will be withdrawn. Periodic checks will be carried out in this direction.
- All documents submitted to the immigration department must be original and copies must be certified. Documents can be translated into Greek or English, it must be done by the Ministry of Foreign Affairs of the country of origin or the Cypriot embassy in your country or the foreign person’s embassy in Cyprus.
- Applications may be made by the applicant himself or by his duly certified representative.
- Applications once approved have a cost of 119.17 euro cents.
- The applicant’s annual income must not be less than €30,000 plus €5,000 per year for each dependent covered by the visa. The ability to prove income must come from the tax authorities of the country of origin, banks, where the applicant has money, rental contracts, share certificates, etc.
- The purchase of a home of €300,000 does not include VAT and/or transfer costs.
- The purchase of €300,000 does not refer to a single unit but to a number of units totaling €300,000, or a house of, say, €150,000 and other real estate such as garage, shop, shop totaling €150,000 – Information from the Immigration Department – Totally wrong since 3rd nationals of the country cannot buy anything more than a single residence.
- People who have real estate and meet the above criteria can apply for the visa now, even if they bought the real estate some time ago.
- The visa applicant must deposit at least €30,000 in a local Cypriot bank over a period of at least 3 years. Any accrued interest can be collected by the depositor but in no case will its value in euros be less than €30,000 during this 3-year period.
- Dependents means wife and children under 18 years of age. Children over the age must apply separately and must meet all of the above requirements. However, applications will be considered taking into account family circumstances.
- A visa holder cannot work in Cyprus other than through a foreign status. However, you are allowed to become a shareholder in a Cypriot company operating in Cyprus, as long as you do not work (paid or unpaid).
- Visa holders cannot travel to other EU countries without a visa from the country to be visited.
These details are very important with the growing interest in the Cypriot permanent visa coming from various countries, but with particular interest from the Chinese. According to the information received, 600 Chinese have purchased property in Cyprus in the last 3 months and the number of applications is increasing. However, special care needs to be taken with the Chinese who, we understand, use “visa offices” in their own country from which they are charged ±25,000€/visa if the application is successful, plus 5,000€ of fees. legal, plus 5%-10%. sales commission etc. This is a scam to say the least, as using a local solicitor to apply will cost no more than €2,500, let alone the rest.
In addition, prospective newcomers to Cyprus are required to carry out basic due diligence regarding titles, mortgages and correct value. We understand that more or less an apartment/house, regardless of size, quality, etc., properly sells for €300,000 to Chinese, a question recently raised by the Paphos Land Office. This means that some buyers have been caught off guard because the uniformity of value is not normal.
We will provide more information once we are aware of and point out misinformation that could be provided by various services, including unfortunately the immigration department.