30 Mar NEW CRITERIA AND PROCEDURE FOR GRANTING AN IMMIGRATION PERMIT IN THE REPUBLIC OF CYPRUS
On March 24, 2021 the government of Cyprus has issued new Criteria related to the fast track process of issuing an Immigration Permit to applicants who are third country nationals and invest in the Republic of Cyprus .
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Ministry of Interior decided to issue Immigration Permit to applicants, who are third country nationals, (non- EU) and wish to reside in Cyprus without working for an unlimited period.
The Immigration Permit is issued provided that an applicant fulfills the following criteria:
- LEGAL FRAMEWORK
1.1. The applicant must meet ONE of the investment criteria in Section 2.1, as well as to fulfill the conditions in Section 3 below. It is understood that the funds that will be used for the investment must be proven to come to Cyprus from abroad.
- INVESTMENT CRITERIA
2.1 The applicant must make an investment of at least €300,000 in one of the following investment categories:
(A) Investment in a house / apartment: Purchase of a house or apartment from a land development company, which should involve a first sale of at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses / apartments): Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000. These properties can also qualify as re-sale.
(C) Investment in the share capital of a Cyprus Company with activities and personnel in Cyprus: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
(D) Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): Investment worth €300,000 in shares of Cyprus Investment Organization Collective Investments.
It is understood that any alienation of the holder of the Immigration Permit from the investment he has made without its immediate replacement with another of the same or greater value, which must meet the conditions set out in the present procedure, will activate the procedure for the cancellation of the immigration permit.
2.2 The applicant must, in addition to the investment under Section 2.1 above, be able to prove that he has at his disposal an insured annual income of at least € 30,000. The annual income increases by €5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse). This income may come from his salaries, pensions, dividends on shares, permanent deposits, rents, etc. and must be proved that are coming from abroad for the cases that the applicant chooses to invest as in Section 2.1. (A). In calculating the total income, the income of the applicant’s spouse can also be taken into account.
In cases where the applicant chooses to invest under Sections 2.1. (B), 2.1. (C) or 2.1. (D), his total income or part of it may also come from sources from activities within the Republic of Cyprus.
Any applicant and his spouse must fulfill the following conditions:
3.1 The applicant and his / her spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus and generally do not pose in any way a threat to public order or public security.
3.2 The applicant and his / her spouse will certify that they do not intend to work in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy.
3.3 In cases where the investment does not concern the Company’s share capital, the applicant and / or his spouse may be shareholders in Companies registered in Cyprus and the dividend income in such companies may not be considered as an obstacle for the purposes of obtaining the Immigration License. They may also hold the position of Director unpaid in such companies.
3.4 In cases where the applicant chooses to invest as Sections 2.1. (B), 2.1. (C) or 2.1. (D), he / she must present information about his / her place of residence in the Republic (eg title deed). real estate, purchase document, rental document).
4.1 It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.
5 .OTHER INFORMATION
5.1 Persons who are granted an Immigration Permit must obtain permanent residence in the Republic within one (1) year from the date of approval of the submitted application, while they must, like their family members, not remain outside the Republic for a period of two (2) years. Otherwise the Immigration Permit ceases to be valid under Regulation 6 (3) and / or may be revoked under Regulation 6 (4).
- Copy of passport(s)
- Clean Criminal Record (CCR) + Translation
- Proof of income of sources from abroad
- Swift confirmation for the investment
- Sale Agreement or Title deed * (depends on the investment)
- Declaration that the applicant will not be engaged in any work in the Republic of Cyprus
- Marriage certificate + translation
- Birth certificate of children +Translation
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.