Regulation 6 (2) (FAST TRACK) enables applicants (EU and non-EU) to apply for a Permanent Residency Permit. They must demonstrate that they have an adequate level of income at their disposal to reside in the Republic of Cyprus.
AXESA personally assists each client through the application preparation, submission and attends all meetings in Cyprus with the local lawyers and/or licensed service providers. We coordinate all aspects of the applicant’s itinerary and agenda ensuring a swift and efficient process.
The application process for a Regulation 6 (2)(FAST TRACK) Cyprus Permanent Residency includes the following steps:
- Acquisition of a new residential property in Cyprus of at least EUR 300,000 (exclusive of VAT which may be 5% or 19% as applicable). (NOTE: There are specific conditions governing the VAT applied but subject to meeting these, there is a reduced rate of 5% VAT on the first 200 square metres of the property’s area and 19% applied thereafter.)
- A payment of EUR 200,000 minimum is required. In order to purchase the residential property the applicant does not need to be present in Cyprus;
- A three-year fixed deposit of EUR 30,000 in a Cyprus bank account, with funds sourced from abroad;
- The submission of a Cyprus Permanent Residency Permit file to the Civil Registry and Migration Department. Powers of Attorney issued to the local lawyers will result in the applicant not needing to be present in Cyprus to submit the file;
- The Cyprus Permanent Residency Permit is issued within 2 to 4 months. This is subject to the satisfactory due diligence review by the Ministry of Interior;
- Upon receipt of the Cyprus Permanent Residency Permit, the applicant must travel to Cyprus within 12 months. They will need to submit their biometrics and receive a Permanent Residence Card.
- The Cyprus Permanent Residence Permit holder must visit Cyprus every 2 years or risk having their permit revoked. Similarly, if the applicant obtains Permanent Residence in another EU member state, the Cyprus Permanent Residency Permit may be revoked.
We are committed to delivering a high calibre of personalized service and ensure we do so with integrity. You can find out more about AXESA’s Service Standards on our website.
FEES & DISBURSEMENTS
The fees for the preparation, submission and follow up of the Cyprus Permanent Residency Permit are at a standard fee of EUR 20,000 (excluding VAT).
In addition, the applicant shall pay additional disbursements. These will be due when submitting the Cyprus Permanent Residency Permit:
- Official Declaration (affidavit) confirming the absence of intention to be engaged in employment in Cyprus directly/indirectly – EUR 4;
- The filing of the Cyprus Permanent Residency Permit – EUR 500;
- The Issuance of the Alien Registration Certification – EUR 70.
If you would like to schedule a confidential consultation please get in touch at firstname.lastname@example.org. We offer a no-obligations FREE 60 minutes assessment of your proposed European Permanent Residency application.
In collaboration with local lawyers, we provide a tailored Permanent Residency solution for High Net Worth Individuals and affluent investors. We facilitate a full spectrum of services including all the due diligence and preparation necessary for the acquisition of your target Cyprus property.