The Minister of Interior, by its decision taken on March 2021, revised the existing framework relating to the (fast track) Investors Immigration Permit (Permanent Residence) in the Republic of Cyprus (the "Revised PR Policy").
In the Revised PR Policy, the INVESTMENT CRITERIA have been changed; in particular, retrieving from the provisions of the Revised PR Policy, the investment amount must be at least €300.000,00 (Euro Three Hundred Thousand) while must be investment in any of the following:
- Investment in a house/apartment by purchasing a NEW (first installation) house or apartment from a land development company of at least €300.000 (plus VAT); the funds to be used must be derived from sources outside the Republic of Cyprus.
- Investment in real estate (excluding houses/apartments) by purchasing of other kind of immovable properties (new or second-hand) such as offices, shops, hotels or similar developments (or a combination) with a total value of at least €300.000,00; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
- Investment of at least €300.000,00 in the share capital of a company incorporated under the laws of the Republic of Cyprus, which (company) had its headquarters and operated in the Republic of Cyprus, has (proven) physical presence in Cyprus and employs at least five (5) employees; all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
- Investment of at least €300.000,00 in securities of Cyprus Collective Investment Funds (eg AIF, AIFLNP, RAIF); all or part of the funds to be used must be derived from sources inside or outside the Republic of Cyprus.
!!IMPORTANT NOTE: In case of alienation and/or disposal of the whole or part of the investment, if not immediately replaced by an equal or higher qualified investment (which investment must meet the conditions set out in the present procedure), the mechanism for the cancellation of the Permanent Residence Permit shall be triggered (pursuant to the provisions of Regulation 6 of the Aliens and Immigration Regulations).
The applicant must, in addition to the investment (explained above), be able to prove that he/she has at his disposal an secured annual income of at least €30.000,00 (Euro Thirty Thousand) and not to deposit and pledge this amount at the Bank – we have confirmed with the Migration Office that it is not a pre-requisite that the applicant maintains a bank account in the Republic of Cyprus (however, in case he/she maintains a bank account, it would be good to present a statement of the said bank account). The required amount of the annual income increases by €5.000,00 (Euro Five Thousand) for each dependent family member and by €8.000,00 (Euro Eight Thousand) for each dependent parent (of the applicant and/or his/her spouse). As a side note, please note that such annual income may come from salaries, pensions, dividends on shares, permanent deposits, rents, etc. coming from abroad for the cases that the applicant chooses to invest as in Category (A). In calculating the total income, the income of the applicant's spouse can also be taken into account.
For the purposes of obtaining a permanent residence permit, the following standard / basic documents must be filed in support to the Application of the main applicant - investor:
- Copy of valid passport of the Applicant and his/her dependants. Brief Curriculum Vitae - CV (including copies of academic qualifications and or relevant professional experience of at least one year).
- Original Certificate of Criminal Record from the country of origin (if the applicant resides in a country other than the country of origin, the certificate should be issued from the country of residence) accompanied by official translation thereof in the Greek / English language.
- Statement(s) for non Employment in the Republic (only for investment types A, B and D)
- Marriage certificate (if applicable) accompanied by official translation thereof in the Greek / English language.
- Children's Birth certificates (if applicable) accompanied by official translation thereof in the Greek / English language.
- Supporting documents evidencing the secured annual income (original documents and affidavit / declaration).
- Supporting documents evidencing the source of the investment funds.
- Further documents depending on the type of investment (see below).
In light of the above, it is worth noting that the additional documentation to be requested to be filed in support to each application shall be determined in accordance to the investment type as well as the particulars of each applicant and his family members.
Furthermore, the Permanent Residence Permit will be issued in the name of the main applicant and will includes the applicant's dependents (namely his/her spouse and their minor children up to the age of 18 years). In this regard, it is noted that unmarried children between the ages of 18 and 25 can only apply for a separate Permanent Residence Permit in case they can prove that they are studying at a higher education institute abroad and that they are financially dependent on the applicant (different rules apply for adult children of the applicant studying in Cyprus). In such a case the applicant and/or his/her spouce must present an additional secured annual income of €5.000,00 (Euro Five Thousand) for each such dependent adult child.
A Permanent Residence Permit may also be granted to an adult child of the applicant who is not financially dependent on a higher value investment; in such a case, the market value of the investment, namely €300.000,00 (Euro Three Hundred Thousand), should be multiplied by the number of adult children, who will invoke the same investment for the purpose of obtaining a Permanent Residence Permit. It is understood that, in such a case, each adult child shall be obliged to prove that he/she has at his/her disposal a secured annual income of at least €30.000,00 (Euro Thirty Thousand).
Lastly, as regards the time frame for the examination of an application under the Revised PR Policy may take approximately two (2) months from the date of submission. In this regards, it is of utmost importance to note that once the application is approved, the applicant and his/her family must acquire permanent residency in the Republic of Cyprus within one (1) year; it is made clear that in case any of the applicant and/or his/her family members remain out of the Republic of Cyprus for more than two (2) years, the mechanism for the cancellation of the Permanent Residence Permit shall be triggered (pursuant to the provisions of Regulation 6 of the Aliens and Immigration Regulations).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.