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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.

The Tax Department issued an announcement following the issuance of the Decree on 12 March 2021 in relation to the extension of the deadlines for the submission of the 2019 corporate income tax return and the 2019 income tax return filed by individuals preparing audited FS. The above deadlines are extended to 30 September 2021.

We would like to bring to your attention that according to the Cyprus Company Law, Cap. 113 all Cyprus Companies are subject to an annual government levy of € 350.00 payable by 30.06.2021.

Non-payment of the annual government levy, will result in penalties and the de-registration (strike off) of the company from the registry of Cyprus companies.

The reinstatement of a Cyprus company to the registry can be affected only through Court Order.

If you would like to engage us to arrange the annual government levy payment, our handling fees are the following:

  • For the year 2021:  € 350.00 + € 50.00 + VAT per legal entity, totalling to € 409.50.

Shortly you will receive an invoice for 2021 levy due funds, including handling fees and levy tax amount.

For companies that didn’t pay annual government levy for previous years, due amounts are as follow:

  • For years prior to 2021: € 490.00 + € 50.00 + VAT per legal entity, totalling to € 549.50/per year.

The details of our client’s account:

BENEFICIARY NAME:    ARETI CHARIDEMOU & ASSOCIATES L.L.C
BENEFICIARY A/C:         240-01-482002-03 (EUR)
IBAN:                                CY69 0050 0240 0002 4001 4820 0203
SWIFT:                              HEBACY2N
BENEFIACIRY BANK:      HELLENIC BANK PUBLIC CO LTD
                                           ARCH. MAKARIOU & IOANNI POLEMI 131
                                           3508 – LIMASSOL

When you initiate the payment, kindly refer the name of the Company as well as the year for which you are sending the funds e.g. LEVY 2021, ABC LIMITED.

We would highly appreciate it if you would proceed with the transfer of funds the earliest possible but not later than the 15th of May 2021.

Kindly note that our Firm will not be liable for any consequences of non-compliance in case you do not take any actions within the designated deadline.

For more information or clarifications, you may contact our Operations Compliance Officer Mrs. Vicky Koula at +357 25 50 80 80 as well as at vicky.koula@aretilaw.com.

Thank you.

This has been a year unlike any other. Despite the turbulent times we are going through, from the beginning of this pandemic, it has been of vital importance to us to continue providing our services the best possible way but also keeping our people safe and highly engaged.

We are not alone in being grateful for the collaboration of our employees during the Covid-19 period and all the preventive measures we are applying. Our efforts are recognised as we are selected as one of the HR Awards 2020 winners under the Covid-19 action plan category.

During this period, we are applying a series of measures and practises to protect our team as much as possible from the economic and other effects of this crisis. Everything from adjusting to new working models, frequency of cleaning and disinfection to providing motivation monetary and non- monetary to boost our employees’ satisfaction is included in our business continuity plan.

Until this moment we are still exploring to identify ways to adjust, improve our action plan and play our best role not only for our employees and clients but also for our community through our corporate social responsibility services.

Until things get back to normal please stay safe and positive!

The Gortyn Law Code, in Crete, is the earliest surviving legal inscription from anywhere in Europe

End of each month (Jan- Dec)

Payment of PAYE relating to employees’ salaries for the previous month Payment of Special Defence Contribution and General Healthcare Contributions withheld on dividends or interest or rent paid of Cyprus tax residents in the previous month

The deadline for the settlement of the second instalment of the 2020 temporary tax is the 31st of December 2020.

The deadline refers to the second and final instalment of the temporary tax for the current year, which all Cyprus tax resident companies and individuals having income subject to income tax other than salary income are required to pay based on expected profits.

It is noted that the respective temporary tax can be settled by 31 January 2021 only through JCC Electronic Portal without any interest and penalties.

The 2019 temporary tax assessment may be revised by a taxpayer at any time before the deadline of 31 December 2020.

If the estimated taxable income is revised upwards, 2% interest is payable on the difference between the revised amount payable and the amount initially declared from the due date of payment of the first instalment.

If the estimated tax paid for 2019, through temporary tax return, is below 75% of the actual tax liability calculated on the basis of the audited financial statements for the year, then there will be a surcharge (penalty) of 10% on the underestimated tax payable.