Under the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, a third country national can apply for an Investor's Immigration Permit, also known as a 'fast-track' Permanent Residency Permit, provided that certain investment criteria are met.
On 24 March 2021, the Ministry of Interior announced new revisions of the investment criteria taking effect from the same date. This marked the 3rd revision of the investment criteria since inception of this permit.
Under the revised criteria, there are now four different qualifying investment categories. This represents a notable change from the previous sole category of first-sale residential units. Now, the applicant may complete an investment of at least €300.000 in any one of the following investment categories:
- Investment in a residential house or an apartment, from a land developing company for the minimum amount of ?300.000 plus VAT. The sale must be a first-time sale, i.e. a new property and not a re-sale.
- Investment in property (excluding residential houses/apartments) such as shops, offices, hotels or similar developments, or a combination of these, of a total amount of at least €300.000. These property assets may be first-time sales or re-sales.
- Investment in the share capital of a Cypriot registered company with activities and staff located in Cyprus. The investment in the company's share capital must be at least €300.000 and the company must have a minimum of five employees with a physical presence in Cyprus.
- Investment in shares of a Cyprus Collective Investment Organization (AIF, AIFLNP, RAIF) of at least €300.000.
Each of the above investments must be evidenced through particular supporting documentation as specified in the Regulations.
Further to the investment criteria, the applicant must also be able to demonstrate a secured annual income of at least ?30.000. This income may derive out of income, shares, pensions, rents etc. and in the case of investment under category A, must strictly originate from abroad. In the case of investment under categories B, C and D, the income or part of it may derive from related activities in Cyprus. The amount of annual income is increased according to the number and type of dependents (such as spouse, children or parents) that a main applicant may wish to include in their application.
Finally, the Investment Immigration Permit application needs to be accompanied by certain personal documentation concerning the applicant and his family. This includes, inter alia, the provision of a clean criminal record from their country of residence.
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.