The Republic of Cyprus has introduced a fast track procedure
allowing high net worth individuals to acquire a permanent
residence permit on an accelerated basis.
Third country nationals who purchase immovable property in
Cyprus for €300,000 or more as their own residence and who
can demonstrate an adequate secure income from abroad will be
eligible to apply for a permanent residence card. Each case is
examined on its own merits depending on the personal circumstances
of the applicant.
To be eligible for permanent residence third country nationals
must demonstrate:
That they have stable and regular income sufficient to maintain
the applicant and any dependants in Cyprus without recourse to its
social assistance system;
That they have medical insurance which covers the risks
generally covered by insurance companies in Cyprus;
That they do not pose a threat to public order or public
security; and
That if they have been living in Cyprus they have been doing so
legally, and not by deceit or misrepresentation.
The application on the prescribed form M67 may be lodged in
advance of the applicant's arrival in Cyprus provided all the
relevant supporting documentation is submitted with the form. If
the application is successful the applicant's spouse and
children under the age of 18 years will also be granted the right
of permanent residence.
The right of permanent residence is automatically lost if the
holder is absent from Cyprus for a continuous period exceeding two
years.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
Specific Questions relating to this article should be addressed directly to the author.
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