20 Nov Investors Immigration Permit
Investors Immigration Permit
Τhe Criteria in relation to the accelerated procedure for granting an Immigration Permit to applicants who are third-country nationals and wish to invest in Cyprus are the following:
The applicant must invest at least €300,000 EUR in one of the following investment categories:
- Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least 300,000 EUR (plus VAT);
- Investment in real estate (excluding houses/apartments): Purchase of another form of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000. The properties in question may also be subject to resale;
- Investment in share capital of a Cypriot Company with activities and personnel in Cyprus: Initial investment in share capital of a new company worth €300,000 or increase of share capital worth €300,000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people;
- Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF): Investment worth €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments should be carried out in the Republic of Cyprus. Provided that, any alienation of the holder of the Immigration Permit from the investment he has made without immediately replacing it with another of the same or greater value, which should meet the conditions set in this procedure, will entail activation of the procedure cancellation of the License based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
The applicant should, in addition to the investment based above, be able to prove that he has at his disposal a personal insured annual income of at least €50,000 EUR.
The annual income is increased by:
- €15,000 for the spouse; and
- €10,000 for each minor child of the applicant and/or his/her spouse.
This income can come from wages for work, pensions, stock dividends, interest on deposits, rents, etc., which will only be proven through his tax return from the country in which he declares a tax resident, for the cases which the applicant chooses to invest as per above. In calculating the total income, the income of the applicant’s spouse may also be taken into account.
In the cases where the applicant chooses to invest in the above (b), (c) or (d), his total income or part of it may also arise from sources originating from activities within the Republic, provided that it is taxable in the Republic.
- Application form MIP1.
- Declaration of Mailing Address.
- Copy of valid passport of the applicant and his dependents.
- Recent CV.
- Original applicant’s tax return from the country in which tax resident is declared for proof of annual income (original documents and affidavit or responsible statement).
- Documents proving that the capital used for the investment has been transferred to Cyprus from abroad.
- (a) Investment in a house/apartment: title of ownership or contract of sale accompanied by the receipt of deposit from the Land Registry (original or true copy) and payment receipt of an amount €300,000.00 (excluding VAT).
(b) Investment in real estate (excluding houses/apartments): Title of ownership or contract of sale accompanied with the receipt of deposit from the Land Registry (original or true copy) and payment receipt of an amount €300,000.00 EUR (excluding VAT).
(c) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic:
- Share Purchase Agreement of a minimum of €300,000.00;
- Shareholders Certificate and Certificate of Incorporation by the Registrar of Companies and Official Receiver;
- Business profile of the company including business objectives etc.; and
- Evidence regarding the personnel employed by the company issued by the Social Insurance Services.
- Investment in units of a Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF):
- Titles or other proof of the purchased units of minimum €300,000.00;
- Confirmation by the CySEC on the setup of the Fund; and
- Memorandum of the Fund or the Investment Fund.
- Title of ownership or contract of sale and proof of payment of the property or rental agreement (original or true copy), for investments according to criteria (b), (c) and (d);
- Official Statements by the applicant and his/her spouse that they do not intend to undertake any sort of employment in Cyprus, with the exception of their employment as a Director in a Company in which they have invested according to the provisions of the criteria for granting an Immigration Permit to third country nationals who invest in Cyprus.
- Original Criminal Record Certificate for the applicant and his/her spouse, duly certified and officially translated from their country of origin and country of residence in any case they differ;
- Certificate of Medical Insurance covering inpatient and outpatient care in the Republic of Cyprus for the applicant and his/her family members.
- Marriage Certificate officially translated and duly certified;
- Childrens Birth Certificates officially translated and duly certified; and
- Authorization of Representative (signed and certified).
It is estisated that the period of examination of the application from the date of submission of the completed application will be around two (2) months.
DURATION OF PERMIT
The right of residence granted upon approval of the application to the investor and his adult dependent family members is of unlimited validity. However, the residence permit (card) has an expiry date 10 years from its issue and must be replaced upon expiry.
The residence permit issued to the minor dependent members of his family is valid until they reach the age of majority (18 years).
It is noted that each year the applicant must submit to the Civil Registry and Migration Department a confirmation that they retain the following:
-The initial investment;
-The required secured annual income;
-A clean criminal record in their country of residence and their country of origin;
-Health insurance in case the applicant and their family are not covered by the General Health System (Gesy)
For more information on how to apply and obtain an immigration permit, you may contact us at email@example.com or at +35725255059.
Note: The above article does not constitute a legal advice and may not be relied upon for such purposes. Readers are recommended to take appropriate legal advice on the above subject matter