News and developments
Permanent Residency Programme - 3rd Revision - expedited Procedure
Pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior has decided to revise the current permanent residency programme (the “Programme”) to include additional investment criteria other than investment in real estate with the purpose of attracting foreign investors and their families to invest in Cyprus.
The applicant must invest at least €300,000 in one of the following investment categories:
Investment Categories
Purchase of a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).Other Real estate: Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: 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.Purchase of Units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.Annual Income
The applicant should prove that he has at his disposal a secured annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse).Quality Criteria
Clean Criminal Record from their country of residenceConfirmation that they do not intend to undertake any sort of employment in the Republic other than Directors in a company which they have chosen to invest inIn cases where the investment does not concern the company’s share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining the Immigration Permit. In such companies, they may also hold the position of an unpaid Director.Evidence regarding his accommodation in the Republic (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement) in case the investment is not in real estate.The funds that will be used for the investment must be proven to have been transferred to Cyprus from abroad.Other information
The Immigration Permit is issued to the applicant and it covers as dependent persons his spouse and children under the age of 18.Unmarried children between the ages of 18 and 25, who proved that they are students and/or financially depended on their parents may apply for a permanent residency permit provided that an additional annual income of €5,000 for each dependent child is proved.An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, on a higher value investment (€300.000 for each non-financially dependent child).An Immigration Permit may also be granted to the applicant’s parents and parents-in-law.An Immigration Permit may also be granted to the applicant’s parents and parents-in-law, with the submission of separate applications for each person and the payment of the relevant fee with the condition that the applicant will present only an additional annual income of €8,000 for each dependent parent.Examination Period
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.
