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Today, we shall provide some insights on how to
apply and acquire the Permanent Residence Permit
in Cyprus through the fast-track procedure after
investing in a property.
In August 2012, the Ministry of Interior of Cyprus
made a great step towards the third - country nationals
who intend to invest in Cyprus.
A new and accelerated procedure for granting Permanent Residence
Permit for this category of buyers was announced.
The PRP, short for Permanent Residence Permit
is easily obtained for people who have purchased a property.
The advantage is that, unlike temporary work permits
for third country nationals, PRPs are not renewable as
they are permanent.
Hence, the obtaining of a PRP by a third country national
could be very useful for various reasons.
Once the PRP is obtained it will apply for the applicant's
spouse and dependent children.
The most important conditions for someone to be eligible to apply
for a PRP in Cyprus are:
The applicant must submit the application form accompanied
with the Contract of Sales of a property in Cyprus of a
minimum market value of € 300,000 + VAT and proof of payment
for at least € 200,000 + VAT.
The applicant must prove that he has at his disposal
a secured minimum annual income of € 30,000
from sources other than employment in Cyprus.
This amount increases by €5,000 for each dependent.
Statements of fixed deposit account for 3 year in a Cyprus Bank
of a minimum market value of € 30,000 will need to be provided.
Official statement by the applicant that he/she
does not intent to work or be engaged in any form of business in Cyprus.
After acquiring the PRP, applicant's visit to Cyprus at least
once every two years is obligatory.
The period for the examination of the application by the Minister
of the Interior shall not exceed a period of 1-2 months
which makes the whole procedure highly stimulating.
The decision of Cyprus Government to give the property buyers
the opportunity to get the residency easier will influence
greatly the process of investing in Cyprus economy
and it is expected to give a boost to the property market.
For more information on how to acquire the PRP you can
apply to your legal advisor or directly to Imperio.