The Cyprus Government in order to encourage investments in Cyprus by businessmen from China and other destinations, has approved Regulation 6(2) of the Aliens and Immigration Regulations, Cap 105, which already has been taken advantage of, by many Chinese and other businessmen.
The above regulation, introduces the Cyprus Permanent Residence Visa (A Cyprus Long Stay Visa).
The main requirements for a citizen from China or other destination, to secure a Cyprus Permanent Residence Visa are in bullet form the following:
1. The Applicant must buy a house or flat or office or shop in Cyprus to the value of at least €300.000, not including VAT! At least €200.000 must be paid in advance, and a contract must be produced. For the €100.000, a local loan can be made if required.
2. The above money must be shown to have come from abroad.
3. All businessmen from China or anywhere else must produce proof that their annual income is not less than €30.000 plus €5.000 more for each dependent child or wife.
4. Any Chinese or other applicants who obtain the Cyprus Permanent Residence Visa, (a Long Stay Visa according to Regulation F) must visit Cyprus at least once every 2 years, together with his dependants if they are also included in the Cyprus Permanent Residence Visa.
5. Any visitor from China or other country who sells the flat or house which he has bought in order to qualify for the Cyprus Permanent Residence Visa will lose his Cyprus Permanent Residence.
6. Children of the Chinese or other applicants over 18 years of age who are independent must submit a separate application for their Cyprus Permanent Residence Visa.
7. The Applicant from China or any other country who applies for a Cyprus Permanent Residence Visa, may buy two or more flats, houses, offices or shops to the total value of €300.000.
8. Cyprus banking and especially Cyprus online banking, offers a very fast Cyprus Bank Account with all the necessary professional facilities so that you may operate your Cyprus Bank Account through your i- banking from the comfort of your office P.C.
According to the above Regulation, any businessman from China or other country in order to secure the Cyprus Permanent Residence (Long Stay Cyprus Visa), must open a Cyprus Bank Account into which he must deposit €30.000, in a local Cyprus Bank, for a period of at least 3 years.
9. If a Chinese citizen visits Cyprus on the strength of his Cyprus Long Stay Visa (Permanent Residence) he must be insured for any health problems.
10.This Cyprus Long Stay Visa does not give the right to the Chinese or other citizen to work in Cyprus. That is a different procedure.
11.For any queries as to the above or as to what documents are required please do not hesitate to call or email us.
Our firm within the wide range of services it offers to its clients, can secure the Cyprus Permanent Residence, in two months if all documents are in order.
Our fees are always client friendly.