1. How many dependants are included within the IPC Investment Program cost (€5,000)?
The spouse and two dependent children are included within IPC Investment Program cost. However, an application for any additional children can by administered by IPC EU Migration Services for €1,000 per child.
2. Do my immediate family members automatically qualify for Permanent Residency as well?
Yes, the application for a Cyprus EU Permanent Residency Permit will include your spouse and dependent children who will automatically qualify for Permanent Residency once your application is received.
3. Can children who are over the age of 18 years qualify?
Unmarried dependent children aged 18-25 years, may submit their own separate application for acquisition of Immigration Permit only if they are proven students and the Father &/or Mother present additional annual income of €5,000 for each dependent child. Note that each such dependent child shall submit with the application all required documents as would normally be required in making an application. Provided that such authorisation will be valid until the age of 25 years. If the interested person wishes to obtain a new Immigration Permit, it must apply under the existing criteria as an independent person.
Immigration Permit may be issued to the applicant’s children over 18 years of age and who are not financially dependent on the applicant, provided that for each of these children, there is attributable market value of the acquired value of at least €300,000 (excluding VAT). If the applicant has financially independent child aged 30 years and above, and wishes to obtain an Immigration Permit, he should buy a house total market value €600,000. If he has two adult children who are financially independent, the applicant must buy a home value €900,000
In such cases, a Certificate of Payment of at least 66% of the market value of the home must be submitted along with the application (i.e. an amount of €400,000 for a home of a residential market value of €600,000 and each child will submit with its application all required documents (i.e. secured annual income of €30,000, deposit in a Financial Institution in Cyprus of an amount of €30,000 which will remain blocked for 3 years
The above criteria will satisfy applications made under regulation 6(2) (Fast-track process)
4. Do newborn children of parents who are holders of a Cyprus EU Permanent Residency Permit qualify for permanent residency status?
Yes, newborn children will qualify for immediate Permanent Residency status. A separate application will be administered by IPC EU Migration Services on behalf of the main applicant.
5. Will the child of an applicant who has their own child (i.e. a grandchild of the applicant) qualify for a Cyprus EU Permanent Residency Permit?
Yes, if they are financially dependent on their parents.
6. What rights does having Cypriot Permanent Residency offer?
As a permanent resident you will have equal rights to a Cypriot Citizen regarding:
- The right to reside in Cyprus
- Primary and secondary education for children
- The right to own a Cyprus limited company as a shareholder (but not as a director or secretary) which interacts with other businesses and corporations
7.What supporting documentation is required within the application for a Cyprus EU Permanent Residency Permit?
Please refer to the IPC EU PR Application Process which details all of the supporting documentation required.
8. When does a Cyprus EU Permanent Residency Permit expire?
The Cyprus EU Permanent Residency Permit is valid for a period of 5 years.
9. Can a holder of a Cyprus EU Permanent Residency Permit make an application for Naturalisation and Citizenship in Cyprus?
Yes. The holder of a Cyprus EU Permanent Residency Permit who resides in Cyprus continually for 5 full years can make an application for Citizenship in Cyprus.
10. Is the Cyprus EU Permanent Residency Permit shown in electronic format, ID Card or physical stamp?
A Cyprus EU Permanent Residency Permit is provided either as a stamp in your passport or as a paper document.
11. If an applicant applying for a Cyprus EU Permanent Residency Permit does not live in Cyprus, how often must they visit the country to ensure that they qualify?
In order to maintain your status as Permanent Resident, you are obliged to visit Cyprus once every two years.
12. Can a holder of a Cyprus EU Permanent Residency Permit travel in Europe?
You will have access to travel within any of the Schengen Europe States for up to 90 days per trip in any period of 180 days with a Visa.
13. Can an application for a Cyprus EU Permanent Residency Permit be made when purchasing an off-plan property?
14. What is the procedure for renewal of the Cyprus EU Permanent Residency Permit after the 5th Year?
- There will be an analysis of the number of visits to Cyprus of the holder of a Cyprus EU Permanent Residency Permit within the 5 year period of residency.
- A further Police Clearance Check will be required.
- A further Medical Certificate will be required.
15. How do I know if I have a chance to qualify for the IPC Investment Program?
Each applicant will have to complete a pre-qualification assessment form in order to determine their suitability in making a full application for a Cyprus EU Permanent Residency Permit.
16. Will I have to deposit any additional funds in Cyprus over and above the property purchase price, refundable disbursement fee and IPC Investment Program cost?
There is a requirement to provide proof of a fixed deposit of €30,000 for a minimum of three years held within a Cypriot bank within the Republic of Cyprus for 3 years.
17. If I submit an application and it’s refused, will I become entitled to a refund?
If your application is falsified in any way you will not receive a refund of the IPC Investment Program cost (€5,000) and the Cyprus Limited Company incorporation fee (€3,300). Any refusal other than falsification will be fully investigated by IPC EU Migration Services and the Barrister-Advocate. In all instances a Permanent Residency Pre-Qualification Form must be completed prior to any application being made.
18. What ‘Guarantee’ is made by IPC EU Migration Services for the provision of a Cyprus EU Permanent Residency Permit?
IPC EU Migration Services guarantee the delivery of a Cyprus EU Permanent Residency Permit to you (the applicant) or your investment monies (€300,000 min) under Regulation 6(2) will be returned to you in full.