Permanent Residence Permit of Cyprus

AMENDED REGULATION 6.2 (FAST -TRACK)

Valid from the 24/03/2021

All the third-country applicants must fulfil one of the four (4) financial criteria and all the quality criteria, as mentioned hereinbelow.

INVESTMENT / FINANCIAL CRITERIA

1. The applicant shall proceed with an investment in any of the following categories of at least €300.000:

(A) Investment in a house/apartment:

1. Purchase of a new house or apartment directly from a real estate development company.
2. The applicant has the option to invest in two (2) units totalling in the amount of €300,000 and could be purchased from different real estate development companies.
3. Proof of payment of at least €200.000 plus applicable VAT shall be present, irrespective of the date of delivery of the property/ies.
4. The total amount of the purchase price shall derive from external sources and shall be paid in the Developer’s bank account held in any banking institution in Cyprus. 
5. The property/ies may be purchased through a Company of which the applicant and/or the spouse are the beneficial owners. 

(B) Investment in real estate (excluding residential properties):

1. Purchase of any other type of real estate, such as offices, shops, hotels or any other similar developments or a combination of the aforesaid, with a total value of at least €300,000; either new or resale.
2. Proof of payment of at least €200.000 plus applicable VAT shall be present, irrespective of the date of delivery of the property/ies.
3. The total amount of the purchase price shall derive from external sources and shall be paid in the Developer’s bank account held in any banking institution in Cyprus. 
4. The property/ies may be purchased through a Company of which the applicant and/or the spouse are the beneficial owners. 

(C) Investment in the shared capital of a Cyprus company with business activities and personnel in Cyprus:

1. Investment in the share capital of the company registered in the Republic of Cyprus, which is based and active in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) employees.
2. Submission of investment plan will be required, as well. 

(D) Investment in units of Cyprus Investment Funds of Collective Investments (type: AIF, AIFLNP, RAIF):

1. Investment worth of at least €300,000 in units of a Cyprus Investment Fund.
2. Submission of the prospectus or investment plan will be required, as well.

• The Applicant must have secured annual income of himself/herself or together with his/her spouse, deriving from legal sources such as salary, pension, dividends, rents etc., of at least €30.000 + €5.000 for each dependent family member + €8.000 for each parent / parent-in-law.  

• In the event of investment under the above-mentioned Financial Criterion 1(A) the secured annual income shall exclusively derive from abroad. 

• In the event of investment under any of the above-mentioned Financial Criteria 1(B)-1(D), the total annual income may, also, derive from income gained from business activities in the Republic of Cyprus. 

 QUALITY CRITERIA

1. The applicant and spouse must submit a Clean Criminal Record Certificate from their country of residence or from the Republic, in case they reside in Cyprus.

• The applicant and spouse shall confirm that they do not intend to be employed in the Republic, except of employment as directors by a company in which they have invested under this procedure.

• In cases where the investment does not involve investment in shared capital of a company, the applicant and/or the spouse may be shareholders in companies registered in Cyprus and the relevant income from the dividends will not be considered as an impediment for the purposes of acquiring the Immigration Permit. They may, also, be non-salaried directors in such companies.

• In the event of investment under any of the above-mentioned Financial Criteria 1(B)-1(D), the applicant shall provide evidence on the place of his/her residence in the Republic (i.e., Title Deed, Sale Agreement, Rental Agreement).

DEPENDANT FAMILY MEMBERS OF THE APPLICANT

The Applicant may include in the application the following family members:

1. Spouse; and
2. Minor Children up to the age of 18; and
3. Unmarried Adult Children between the age of 18 and 25, provided that they are financially dependent students in an institution of tertiary education abroad.  In the event that the children study in an institution of tertiary education in the Republic, they have to submit through the institution an application for 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, regardless of their age, they 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 €5.000 for every such child; and
4. Parents; and
5. Parents of the spouse. 

POSSIBILITY TO INCREASE INVESTEMENT TO APPLY FOR ADULT NON-DEPENDANT CHILDREN

1. An immigration permit may also be granted to adult children of an applicant, who are not financially dependent on the applicant, provided that the total worth of the investment to be made is increased as per the below: 

1. The value of the investment of €300,000 should be multiplied by the number of adult children, who will rely on the same investment of the main applicant for the purpose of obtaining an immigration permit.
2. The investment may be either under the applicant’s name or jointly by the applicant and the adult child.
3. Each adult child shall prove the existence of secured annual income of at least €30.000 + €5.000 for each dependent person.

EXAMINATION PERIOD

• The estimated period of examination of the application from the date of submission until the final decision of the application, will be approximately two (2) months.

OTHER REQUIREMENTS:

The Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case the applicant is residing outside Cyprus. It will, also, be cancelled if the applicant is absent from Cyprus for a period of 2 (two) years.