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Chara Alexandrou answers questions related to permanent residency permits and exceptional naturalisation procedures

Chara Alexandrou answers questions related to permanent residency permits and exceptional naturalisation procedures


An interview based research-article by Marios Tryfonos, regarding
Permanent residency permits and exceptional naturalisation procedures for third country nationals

In relation to the above mentioned subject, we seek the professional opinions of Mrs. Chara ALEXANDROU (lawyer at profession) in an effort to shed some additional light to this particular domain.

Mrs. Chara ALEXANDROU is an active lawyer, at Demetriou & Demetriou L.L.C Law firm located at 39 Vasileos Pavlou Street, 1st floor, in Larnaca, Cyprus.  


 

1) What is the actual procedure that one has to apply for in order to apply and obtain a residency permit in Cyprus?
There are two main procedures that need to be followed in order for a non-EU citizen to apply and obtain a residency permit in Cyprus. The first procedure is called the ‘Regulation 6(2)’ procedure and the second is called the ‘Category F’ procedure. The end result of both these procedures is the same as in both cases the applicant and his/her dependants acquire permanent residency permits. However, the basic requirements, the benefits and the time of gaining the permit differ for each different procedure.

In regards to Regulation 6(2) procedure, the basic requirements are that the applicant has to show he/she has purchased a property of €300,000.- plus VAT, that he/she has at his/her disposal an income of minimum €30,000.- per year from abroad  and has to block the amount of €30,000.- in a Cyprus banking institutions for 3 years. What the applicant gains from this procedure is that he/she acquires the permanent residency permit in only 2 months’ time and his/her children will retain their permits until the age of 25 provided they can show they are still dependent on the applicant. Furthermore, the purchase of the property can be done via a company subject to certain requirements.

In regards to the Category F procedure, the basic requirement is that the applicant has to show he/she has at his/her disposal an income of minimum €10,000.- per year from abroad and it is important for the success of the application to show a purchase of a property around €100,000.- and that the applicant has deposited an amount of around €30,000.- in a Cyprus banking institution. This procedure takes around 10 months to be processed. Importantly, children of the applicant can only retain their permit until the age of 18 regardless of whether they are dependent on the applicant or not.

2) Why should one apply for such a permit?
Firstly, we have to make clear that once someone acquires permanent residency status in Cyprus he/she can visit Cyprus as many times and for as long as they wish throughout the year without the need for issuing Visas or going through time-consuming migration procedures.

In regards to the reason why Cyprus is an attractive country to be a permanent resident of, there are a lot of reasons why someone would prefer Cyprus as a destination, including but not limited to:

(a)    The fact that Cyprus is a very attractive destination both for permanently living but also for long holidays due to its lovely weather, high standard of living and well-established legal, business and public networks.

(b)   Cyprus is also an attractive business destination for any EU and non-EU citizen as it offers a very favourable taxation regime.

(c)    Cyprus is an EU-country since 2004 and permanent residence permit holders enjoy, in a lot of cases, favourable treatment in the EU

(d)   According to the law, 7 year after permanently living in Cyprus gives a foreigner the right to apply for naturalization and obtain the Cyprus passport thus also considered as an EU citizen.

 
3) What is the distinction and differences between EU and non EU nationals wanting to move and settle in Cyprus?

EU nationals can move freely between all countries of the EU and can live and work in Cyprus without any restrictions.

Non-EU nationals need to acquire a VISA before visiting Cyprus and need to acquire permanent residency status in order to live and work in Cyprus (subject to the legal requirements in each case).


4) What rules/procedure apply in relation to family members and/or staff?

The applicant’s wife/husband obtains the permanent residency permit for life, as the applicant does and the applicant’s children obtain the permit until the age of 18 and exceptionally for Regulation 6(2), provided they can show they are still the applicant’s dependants, until the age of 25.

No staff allowed to apply and obtain the permit under Regulation 6(2) and Category F.


5) What are the legal difficulties in procedures for one to obtain such a permit?

If the legal requirements are fulfilled, there are no legal or other barriers in obtaining the permit.

 
6) Is Cyprus a bureaucratic state? Should one seek legal advice on the matter?

It is important for a person who is unfamiliar with the Cyprus system, the procedures and legal rules to seek legal advice, not just for obtaining the permanent residency permit but also for purchasing property in Cyprus and for any other transaction he/she might have, especially in light of the fact that one cannot avoid the bureaucracy in any country, not just Cyprus.

As a legal firm, we at Demetriou & Demetriou LLC always seek to secure and enable our clients to take informed decisions and ensure their transactions are always secure.


7) Are there legal firms in Cyprus that deal with this kind of matters with high standard quality services? Is there specialization on the matter and is it essential for one to obtain such legal advice?

There are numerous legal firms in Cyprus that deal with the matter of obtaining a permanent residency permit. At Demetriou & Demetriou LLC we offer specialized and high standard quality services to all our clients and this is the reason why we enjoy a wide client-base from all around the world and of course a high success rate in the area of Migration Law and especially the permanent residency procedures.


8) What are the motives provided by the Cyprus government in order for one to move to Cyprus?

The Cyprus government has been promoting for the past years exceptional procedures for non-EU nationals who wish to obtain permanent residency status but also naturalization in Cyprus.

The Regulation 6(2) procedure has been set into place since 2012 and offers non-EU nationals the chance of obtaining permanent residency in Cyprus in just 2 months’ time.

Furthermore, there is also an exceptional naturalization procedure which applies since 2013 and allows for a foreigner who makes an investment in Cyprus of €5,000,000.- and more to become a Cyprus citizen in only 3 months’ time.


9) Do you think that the way of living in Cyprus serves as a pro for a person wishing to reside permanently in the island?

Of course, not just the way but also the high standard of living in Cyprus is an attractive factor and a great incentive for foreigners to permanently reside in Cyprus with their family.


10) How difficult do you think it is for a non-Cypriot to integrate in the way of living in Cyprus?

From our experience as legal representatives of a lot of foreign clients, I would say that a non-Cypriot not only does not find it difficult to integrate into the Cyprus reality but rest assure that both the Cyprus people, the mentality and the way of living make the integration process for a foreign easy, enjoyable and fast.

By Marios Tryfonos,  Bachelor of Laws student at University of London (International Programmes)

 

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