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Cyprus Property News

Easier procedures for getting Permanente Residence Permit

Date: 11/05/09

The recent circular from the Ministry of Interior dated 07/05/2009 establishes the following policies in Cyprus.



We are delighted to inform you of the recent circular from the Ministry of Interior dated 07/05/2009 by which the following policies have been established in Cyprus:


According to the new procedure, established by the Minister of Interior, any Third Countries citizens (i.e. other than the European Union) who purchases property in Cyprus of a value exceeding €300,000- with the intention of using this property as their main residence, will qualify for ‘favorable treatment’ when applying for a Permanente Residence Permit. Provided that certain minimum requirements for the Immigration Authorities i.e. sufficient income generated from sources outside Cyprus  will be satisfied.

 
Basically, according to the Minister’s decision, our Government is simplifying the procedure as the holders of these Permanent Residence Permits are exempt from the lengthy immigration procedures which apply in the case of other categories of Third Country Nationals such as re entry visas, etc.

Source: Ministry of Interior

In a private interview to one of the local newspapers Minister of Interior Neoclis Silikiotis has commented on the coming changes in legislation.

According to the new regulations the purchase of a property valued over 300.000 euro will facilitate acquiring the Green Card (5 year Residency Permit). The minister mentioned the there has already been a step forwards regarding Russian visitors, as the Embassy of Cyprus was instructed to issue 3 year multi-visas which allow to visit Cyprus unlimited amount of times.

The Minister has pointed out that every owner of property in Cyprus has a legal right to apply for a Pink Slip, which is renewed annually. It is intended to issue Russian citizens with a prolonged Residency Permit as long as the purchased property is used as permanent residence.
 
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