There is so much information flying around, some of which is incorrect, we hereby try to provide complete information on the subject:
- A person from a non-EU country can apply (not by right) to obtain a permanent visa to stay in Cyprus if they acquire a house (apartment / house) with a minimum cost of € 300,000.
- Of the amount of € 300,000, you must prove that you have already paid the € 200,000 (upon request) and the rest of local (loan) or foreign funds. The first € 200,000 must come from abroad (as well as the return of any 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- This permanent residence visa can be withdrawn if the visa holder does not visit Cyprus for a period of 2 consecutive years (he can visit Cyprus even for 1 day). Also, the visa will be withdrawn if the visa applicant / holder becomes a permanent resident of another country (other than their own).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- In case the visa holder sells the property, the visa will be withdrawn.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, they must be made by the Foreign Ministry of the country of origin or the Cypriot embassy in your country or the foreign embassy in Cyprus.
- Applications can be made by the applicant himself or his duly certified representative.
- Once approved applications carry a fee 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 € 300,000 home purchase does not include VAT and / or transfer fees.
- The € 300,000 purchase does not refer to a single unit but to a number of units for a total of € 300,000, or a house of, say, € 150,000 and other properties such as garage, shop, premises of € 150,000 in total – 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 for a period of at least 3 years. The 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 mean wife and children under 18 years of age. Older children must apply separately and meet all the above requirements. However, applications will be examined taking into account family circumstances.
- The holder of a visa cannot work in Cyprus other than through a status abroad. However, you are allowed to become a shareholder in a Cypriot company operating in Cyprus, as long as you do not work (with or without pay).
- Visa holders cannot travel to other EU countries without a visa from the country they are going to visit.
These details are very important with the growing interest in the Cypriot permanent visa from various countries, but with special interest from the Chinese. According to the information received, 600 Chinese have acquired property in Cyprus during the last 3 months and the number of applications is increasing. However, it is necessary to be careful, especially for Chinese who, as we understand, use “Visa Offices” in their own country from where they are charged ± € 25,000 / visa if the application is successful, plus € 5,000 legal fee, plus 5% -10% sales commission, etc. This is a scam to say the least, as using a local attorney to submit an application will cost no more than € 2,500, let alone the rest.
Additionally, prospective newcomers to Cyprus are required to conduct basic due diligence regarding the correct titles, mortgages, and value. We understand that more or less an apartment / house, regardless of size, quality, etc., is duly sold for € 300,000 to the Chinese, a question recently raised by the Paphos Land Office. This means that some buyers have been unaware because the uniformity of the value is not normal.
We will provide more information once we know and point out the misinformation that various services can provide, including, sadly, the immigration department.
