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More good news for overseas real estate holders in Cyprus.

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In view of additional changes in Cyprus Immigration Law, overseas owners of immovable property estimates more than Euro 300,000.00 will be the first and foremost in respect of applicants for Permanent Resident Permit.

Immigration category “F” normally issued to a foreign citizen – immovable property owner is still the only one in the Cyprus Immigration Law which allows obtaining a Permanent Resident Permit for the owner’s entire family.

To be classified under the abovementioned category it is obligatory for a foreigner to confirm guaranteed overseas annual income sufficient to cover family members living costs in Cyprus. In accordance with the legislation the minimum overseas annual income for the principal applicant should be not less than Euro 6,500.00 and not less than Euro 3,075.00 for every family member.

A special stamp confirming a Permanent Resident Permit is made in the applicant’s passport. This stamp has no expiration date and resumed automatically when a person obtains a new overseas passport.

One more advantage of a Permanent Resident Permit should be noted. There is no demand for obligatory residing in Cyprus, it is quite enough to visit the country once in two years.

The holder of such permit has also the right to move to another EU country and apply for an EU Green Card.

Thereby, those who see to their houses or apartments in Cyprus could obtain not only a Permanent Resident Permit in this country but a way to a free movement in the borders of the European Union and an opportunity to choose a country of preferable residence.

The abovementioned immigration privileges are not the only advantage for overseas capital attraction to Cyprus and due to this so called “Cyprus crisis” is still a long way from international economical collapses.

Feod Group will assist you in all services related to property acquisition and obtaining permanent residency.

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