As per the announcement of 24th March 2021 of the Civil Registry and Migration Department of the Cyprus Ministry of Interior, the Cyprus Permanent Residency Program has been amended as follows:
1. LEGAL FRAMEWORK
Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations (the “fast-track” procedure), third country nationals may be granted an immigration permit subject to satisfying the below quantitative and qualitative criteria:
2. 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 for at least €300,000 (plus VAT). This should not be a resale property.
(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 be resold.
(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 and operating in the Republic of Cyprus, with proven physical presence in Cyprus and employing at least five (5) people.
(D) Investment in shares of Cyprus Investment Funds (AIFs, AIFLNPs, RAIFs): Investment worth €300,000 in units of Cyprus Investment Funds.
Any disposal by the permit holder of their investment without the immediate replacement with another investment that would qualify under the aforementioned criteria and of the same or greater value will lead to the cancellation of the permit.
2.2. The applicant must, in addition to the aforementioned investment, be able to prove that he/she has at their 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 applicant and / or spouse). This income may come from salaries or wages, pensions, dividends, fixed deposits, rents, etc. coming from abroad (if qualifying under 2.1(A) above). In calculating the total income, the income of the applicant’s spouse can also be taken into consideration.
In cases where the applicant qualifies under one of the other options, his total income or part of it may also be derived from sources coming from activities within the Republic.
3. QUALITATIVE CRITERIA
3.1. The applicant and his / her spouse must submit a clean criminal record 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 must 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 program.
3.3. In cases where the applicant’s investment is not in a Cyprus company, 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 permit. They may also hold the position of Director without remuneration in such companies.
4. DEPENDENT APPLICANTS
4.1. The Immigration Permit is issued to the applicant. This includes the applicant’s dependents who are the spouse and their minor children up to the age of 18 years.
4.2. Unmarried children between the ages of 18 and 25, provided that they are proven to be students in higher education abroad as at the date of application and who are financially dependent on the applicant.
If the children are students in Higher and Higher Education Institutions of the Republic, they must apply for a temporary residence permit in the Republic as students under the relevant legislation (EU Directive). After completing their studies in Cyprus, they will be able to submit their own application for an Immigration Permit.
The Permit will continue to be valid for children even after reaching the age of 25 even if the child is still not single and / or a student and / or financially dependent on his or her parents. It is understood that the spouse and their minor children will not be able to be included as dependents in this permit.
4.3. An Immigration Permit may also be granted to the applicant’s parents and their spouse, provided that the applicant will present an additional annual income of €8,000 for each dependent parent.
5. HIGHER VALUE OF INVESTMENT IN ORDER TO INCLUDE ADULT CHILDREN
5.1. An Immigration Permit may also be granted to an adult child of the applicant who is not financially dependent if the investment amount is higher (i.e. multiplied by the number of applicants).
6. TIMING & OTHER CONSIDERATIONS
6.1. Residency Permit holders must visit Cyprus at least once every two (2) years in order to maintain their permit.
6.2. It is estimated that the examination period of the application from the date of submission of a completed application will be approximately two (2) months.
Please feel free to contact us if you have any question and to discuss how we can be of assistance to you.
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PARIS MAVRONICHIS & CO LLC accept no duty of care or liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.
The material contained herein is provided for informational purposes only and does not constitute legal advice nor is it a substitute for obtaining legal advice from an advocate. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced advocate. PARIS MAVRONICHIS & CO LLC will be glad to assist you in this respect.
