Remote Permanent Residency Process due COVID-19
In these difficult times that the world is facing, many parts of the Global Economy were affected.
Cyprus Authorities in attempts to retain competitiveness adapted the Cyprus Permanent Residency process to a remote process.
Applications for the PR under category 6.2, can be submitted, processed and approved
without any physical visit in Cyprus by investors get the opportunity to do so.
The remote process has the below steps:
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Property selection:
Purchase a property located in Cyprus of at least €300.000 plus VAT
Client could choose the property remotely from their home country via live property viewing and video conferences.
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Legal, document and criteria:
Client should appoint a legal representative in Cyprus.
Our company undertake the process if collecting and processing all the necessary documents required for the PR application an d bank due diligence process (check
Appendix 1)
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Bank account opening
Straightforward process for opening up a bank account remotely.
Our highly expert Banking Administrators could undertake the process and assist the client with all the required documents must completed.
Following the examination and approval from the Bank Institution, bank account will be activated and therefore could transfer the funds from abroad, in a 3-year fixed deposit account. The minimum deposit is €30,000.
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Payment of Purchase property
Client should proceed with paying at least €200.000 of the purchase price prior to application
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Submission of the application
Application will be submitted (pre-requirements: Sales Agreements have been signed, amount of €200.000 of the property purchase price has been paid and the minimum deposit of €30,000 in a local bank for 3 years)
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Visit Cyprus for Biometrics
Application processing may take up to 12 months to complete.
Within this time period, client could visit Cyprus to give biometrics data, finalize the property selection and pay the outstanding property purchase price, if applicable.
Appentix 1
Criteria and Conditions
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Purchase a property located in Cyprus of at least €300.000 plus VAT
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Pay at least €200.000 of the purchase price prior to application
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Deposit a minimum €30.000 in a Cyprus bank for at least 3 years
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Show a stable means of income of at least €30.000. This amount increases by €5.000 for every dependent, wife or child. The funds must originate from abroad
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Demonstrate clean criminal record issued by the country of origin
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The applicant should submit a Statement that he/she does not intent to work or be engaged in any form of business in Cyprus.