The Immigration Permit will be issued to one main applicant and could extend to spouse, underage children and family benefiting from the investment of the main applicant, but separate applications must be submitted.
Who can apply with the main applicant:
- Adult, unmarried children, between the ages of 18 – 25 years old, who are students of tertiary education, abroad and financially dependent on the main applicant, at the time of submission of the application
- Parents of the main applicant and their spouse
In order to apply for the permanent residency certain investment and financial criteria need to be met Let's review the investment criteria:
- The applicant is required to invest at least €300.000, in
one of the following categories:
- Residential Real estate investment (excluding re-sale): At least €300,000 + VAT must be invested and must be deriving from abroad in up to two housing units. Proof of the payment of at least €200,000 (excluding VAT) will be submitted with the application.
- Commercial Real estate investment (including re-sale of properties), excluding residential properties: At least €300,000 + VAT, if applicable must be invested in the purchase of commercial properties such as shops and/or offices and/or hotels and/or developments of similar nature or any combination of the above.
- Business investment in shares of capital of a company registered in Cyprus, with activities and personnel located in Cyprus: At least €300,000 should be invested in the share capital of a company that is registered in the Republic of Cyprus, based and operating in the Republic. The forementioned company must have a proven physical presence in Cyprus and should be employing at least five (5) individuals.
- Business investment in shares of a Cyprus Collective Investment Organisation (forms of AIF, AIFLNP, RAIF): At least €300,000 must be invested in shares in a Cypriot Collective Investment Organisation, in the form of AIF, AIFLNP and/or RAIF.
- Proof of secured annual income will be required and of at least €30,000 possibly deriving from employment income, dividend distribution, pensions, rents etc and the amount shall increase according to the number of additional applicants as per below:
- Spouse or underage children – €5,000 per applicant
- Parents of the main applicant or their spouse – €8,000 per individual
- Adult children (between the ages of 18 and 25) of the main applicant – €5,000 per individual
What else do you need to know?
The following documents must be accompanying the application:
- Clean criminal record of all candidates applying for permanent residence
- Written declaration confirming that the candidates do not intend to work in Cyprus or will receive any employment-related income from Cyprus; and
- Proof of accommodation in Cyprus (applicable only where the investment has been made under criterion B or C or D).
- The application estimated time for examination is approximately 60 days.
- Upon approval of the application each candidate will receive the permanent residency withing one year from the date of the approval. To keep the residency permit the applicants are not allowed to be absent from Cyprus for over two consecutive years.
- In case of investing via criterion C, the main applicant and their spouse are only allowed to be appointed as Directors ONLY in the company in which they have chosen to invest. They must warrant that they do not intend to work in any other company in Cyprus.
- In any case, the main applicant (and/or their spouse) may be the shareholders in any Company/ies registered in Cyprus and are allowed to receive dividend income by such Company/ies. In such case the applicant might hold the position of a Director in a Company, however without receiving any wages.
Why choose Cyprus?
There are many key benefits to persuade foreign investors and their dependent family members to choose the Cypriot Residency. Especially those who are looking for a jurisdiction with excellent quality standards of living and high professional services. Moreover some additional factors to consider are:
- The Strategic location of the island between four continents; Europe, Middle East, Asia & Africa
- Favourable tax regime and home to several international companies
- High quality and standards of life, safe and secure living environment, excellent private schools (English & French) and high quality health care services
- Perfect climate – sunny all year round, business environment and culture
- Great telecommunication infrastructures and IT services
- Popular tourist destination, famous for its hospitality and a large expatriate community
Why apply via Chambersfield Economides Kranos?
Our professional team has dealt with hundreds of applications and can advise you on the most suitable solutions tailored to your specific business and/or personal needs.
Furthermore we have a 100% success record and discretion is our cornerstone.
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.