long-lasting Residency and Home Buying in Cyprus

There is so much information flying around, some of which is incorrect, we hereby attempt to provide a comprehensive information on the subject:

  • A person from a non E.U. country can ask (not as of right) to acquire a long-lasting visa to stay in Cyprus if he acquires a house (apartment/house) of a cost of at the minimum €300.000.
  • Out of the amount of €300.000 he must prove that he has already paid the €200.000 (on application) and the rest from local (loan) funds or from oversea. The first €200.000 must come from oversea(in addition as any loan repayment).
  • This long-lasting residency visa may be withdrawn if the visa holder does not visit Cyprus for a period of 2 consequential years (he may visit Cyprus already for 1 day). Also the visa will be withdrawn if the applicant/visa holder becomes a long-lasting resident of another country (not his own).
  • The visa holder, who has dependents (e.g. wife, under age children) who are covered by the visa, they must also visit Cyprus once every 2 years.
  • In the event of the visa holder selling the character, the visa will be withdrawn. regular checks will be undertaken towards this direction.
  • All documents submitted to the immigration department must be original and any copies must be so certified. The documents can be translated in Greek or English, must be done by the Ministry of Exterior of the country of origin or the Cypriot embassy in his country or the embassy of the foreign person in Cyprus.
  • Applications may be undertaken by the applicant himself or his representative duly certified.
  • Applications once approved bear a fee of €119.17 cents.
  • The applicant’s annual income must be not less than €30.000 plus €5.000 p.a. for each dependent who is covered by the visa. The ability to prove the income must come either from the income tax authorities of the country of origin, edges, where the applicant has money, contracts of rentals, proportion certificates etc.
  • The €300.000 residence buying does not include VAT and/or move fees.
  • The buy 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, store, shop of total €150.000 – Information from the Immigration Department – Totally wrong since 3rd country nationals may not buy anything else other than a single residence.
  • People who have real estate and meet the above criteria can apply now for the visa already if they bought the real estate some time ago.
  • The visa applicant must place at the minimum €30.000 in a local Cypriot bank for a period of at the minimum 3 years. Any interest earned can be collected by the depositor but in no case its euro value will be less than €30.000 during this 3 year period.
  • Dependents average wife and children under 18 years old. Children with a higher age must apply separately and must comply with all the said requirements. The applications will be examined within the family circumstances in mind however.
  • A visa holder cannot work in Cyprus other than by an offshore position. He is allowed however to become a shareholder of a Cypriot Co which operates in Cyprus, provided he does not work (with or without pay).
  • Visa holders may not as of right travel to other E.U. countries without a visa from the country to be visited.

These details are very important with the increasing interest for the Cypriot long-lasting visa coming from various countries, but with particular interest from Chinese. According to information received, 600 Chinese have acquired character in Cyprus over the last 3 months and the application number is increasing. Care is needed however especially for 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 legal fee, plus 5%-10% sales commission etc. This is a con job to say the least, since the use of a local lawyer to submit an application will not cost more than €2.500, let alone the rest

In addition, prospective new comers to Cyprus should carry out some basic due diligence with respect to titles, mortgages and the correct value. We understand that more or less an apartment/house independently of size, quality etc is duly sold at €300.000 to Chinese – a question raised by the Pafos Lands Office recently. This method that some unaware buyers have been had because the uniformity of value is not normal.

We will provide more information once we come to know and point out the misinformation which might be given by various sets including, regrettably, the immigration department.

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