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Bestowal of drain permission to third countries colonial who buy house in Cyprus to live.

 

We will like to inform you about the following:

 

1)      On 18/02/2009 the cabinet council was keep up with the plan which the ministry of the interior want to adopt about the favour of applications for bestowal of drain permission to third countries colonial who get house in Cyprus to live.

2)      This measure is in the line of efforts for the global economic crisis and especially for the real estate market uplift in Cyprus, via the increase of spur for the purchase of house from third countries colonial.

3)      In especial, the ministry of interior, decided favour for drain permission, category ΣΤ, according the foreigners drain rules of 1972 to 2004, for third countries colonial, who bought house to live in Cyprus, worth no less than € 300,000.

4)      The drain permission is equal to permanent residence permit in Cyprus, and the holders of it get exemption from time-consuming emigrational formalities that other categories of third countries colonial who come in Cyprus go through (e.x. renewal of residence permit, re-entry permit, e.t.c.).

5)      Category ΣΤ, according to rule 5 (ΣΤ) for the foreigners drain rules of 1972 to 2004, has to do with persons who are third countries colonial and have insured annual income, appropriate amount, which comes from abroad employment or self-employment, not from Cyprus.

6)      With the spur of favour for drain permission category ΣΤ, the demand of buying house from third countries colonial, is expected to increase.

 
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