Permanent Residence

CRITERIA

Investment / Financial Criteria

1. The applicant must make an investment of at least €300,000 in one of the following categories of investments from funds that emanate from abroad:

• Investment in a house/apartment: Purchase of a house or apartment by a land development company, which should relate to a first sale of at least €300,000 (plus VAT).
• 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 thereof with a total value of €300,000. Resales are acceptable.
• Investment in the share capital of a Cyprus Company with activities and staff in Cyprus:
  An investment worth €300,000 in the share capital of a new company or a share capital increase of €300,000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.
• Investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF): Investment of €300,000 in units of a Cyprus Investment Fund for Collective Investments whose investments should be carried out in the Republic of Cyprus. It is understood that any alienation of the holder of the Immigration Permit from the investment he/she has made without its immediate replacement with another of the same or greater value, which should meet the conditions set out in this procedure, will entail the activation of the procedure for cancelling the Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

For the purposes of applying under Criterion A in relation to the purchase of a house/ apartment (dwelling), it is specified that:

• The Applicant may purchase up to two (2) units of residential property, (apartments or houses), provided that the total market value meets the minimum requirement of €300,000 plus VAT.
• This purchase must relate to dwellings sold by a land development company for the first time, (not resales), unless the purchase of the dwellings took place before 07/05/2013.

Contract of Sales contracts relating to resale of dwellings which were deposited in the Land Registry before 07/05/2013 will be accepted for the purposes of implementing this policy.

It is emphasized that the properties do not have to be purchased by the same Land Development company.

It is noted that the properties do not have to be purchased from the same land development company

2. The applicant must be in a position to demonstrate that he/she has at his/her disposal a secured annual income of at least €50.000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the main applicant and/or his/her spouse.

In the event that the Applicant makes an investment under criterion A above, to purchase a house or apartment, this income should derive from abroad and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents, etc. For the calculation of the total amount of the annual income, the spouse’s income may also be taken into consideration. This annual income must be proved only through the main applicant’s tax return from the country in which declares to be a tax resident.

However, when it comes to investing in criteria B, C, or D above, the Applicant’s source of income may be derived from sources from activities within the Republic, provided that it is taxable in the Republic of Cyprus.

3. The applicant should submit, together with the application, title deeds or a sale contract in his/her name and/or his/her spouse, which has been officially filed with the Department of Lands and Surveys, of a real estate, of the total market value of at least €300.000 (plus VAT) and official payment receipts of the payment of the amount of €300.000 (excluding VAT), irrespective of the delivery date of the real estate. It should be stressed that the full payment of the real estate value shall be settled in an account in a financial institution in Cyprus. The abovementioned amounts must be proven to have been transferred to Cyprus from abroad and are not a product of internal borrowing in Cyprus (remittances, payment receipts with a foreign card, bank certificate) which should be linked to the corresponding investments.

It is noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it and that this legal person is legally established in the Republic or other member state of the European Union or European Economic Area

It is noted that the alienation of the purchased property without an immediate replacement with another property, as it is described in par. 3, of the same or/and higher value and in accordance with the conditions of this procedure, (i.e. sold for the first time by a development company), will result in the cancellation of the Immigration Permit according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations.

In the case of a couple, these restrictions apply to the couple and not to each of the persons involved. The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same development company.

As of 07/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted. It should be pointed out that sale contracts in relation to a re-sale of dwellings that have been officially filed at the Lands and Surveys Department before 07/05/2013 (the date of filing the sale contracts is to be confirmed by the Department of Lands and Surveys), shall be accepted to implement this policy.

4. The Immigration Permit issued to an applicant covers his/her spouse and children under the age of 18. Two separate Immigration Permits may be granted to each spouse if desired, provided that a separate application is submitted and the relevant fee is paid, without being required for the other spouse to satisfy the criterion of the purchase of a property, the secure annual income and the deposit in a financial institution in Cyprus.

Children under the age of 18 may be included as dependent persons in both Immigration Permits with the payment of the relevant fee. In the event of the death of an Immigration Permit holder, the spouse is granted an Immigration Permit according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations with the submission of an application and the payment of the relevant fee, without being required for the other spouse to satisfy the above criteria.

Unmarried children aged between 18 and 25, who prove that they are students in an institution of tertiary education abroad and that they are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit with the payment of the relevant fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €10.000 for every such dependent child.

It is noted that every such dependent child, shall submit with his/her application, all the documentation defined in the relevant list. The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or underage children cannot be included as dependent persons on this permit.

It is also noted that in the event that the Immigration Permit granted to the investor/parent is cancelled for any reason, it will entail activation of the Permit cancellation process for that child, based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

If children wish to study in an institution of tertiary education in the Republic, they have to submit through the institution an application for the acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, as it is described above, with the condition that their parents present only an additional annual income of €10.000 for every such child.

Applicants who were granted an Immigration Permit without satisfying themselves the conditions of the acquisition of real estate in the Republic, the secured annual income and the deposit in a financial institution, are not allowed to include in their permit their spouses and children.

The following information is needed for each shareholder:

5. 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, provided that the market value of the acquired real estate attributed to each such child is at least €300.000 (excluding VAT), as described in para. 3 hereinabove, (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an Immigration Permit, the applicant must purchase real estate valued at €600.000, if the applicant has two (2) adult children, financially independent, he/she must purchase real estate valued at €900.000 etc).

In such an event a payment confirmation for 66% of the market value of the real estate must be submitted with the application (e.g. €400.000 for real estate of a market value of €600.000).

Provided that, in such a case, each adult child will be able to prove that he/she has at his disposal an insured annual income of at least €50,000, which will be increased by €15,000 and €10,000 respectively for each dependent person. In addition, it is noted that the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.

It is pointed out that, in cases where the number of bedrooms of the investment property cannot satisfy the needs of the dependent members of the investor’s family, he should indicate another property or properties which will constitute the residence of these persons (e.g. .property title deed, purchase and sale document, rental document).

Qualitative Criteria

1. The main applicant and/or his/her spouse must submit a certificate of a clean criminal record from the country of origin as well as from the country of residence in case it differs, and in general they must not in any way pose a threat to public order or public security.
2. The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus.
   It is noted that the applicant and/or his/her spouse may be a director(s), provided that they do not receive a salary, or shareholder(s) in a company registered in Cyprus, and the income from dividends in such company in Cyprus shall not be considered as an impediment to acquiring the immigration permit.
3. Where the Applicant chooses to invest under criteria B, C, or D above, the Applicant should present information in relation to his place of residence in the Republic which can be a title deed, sales agreement or rental agreement.
4. The main applicant and their dependent family members must provide a Health Insurance Certificate for medical treatment covering inpatient and outpatient care.