Cyprus Residence Permit by Investment

Criteria for awarding an Immigration Permit within the scope of the expedited procedure to applicants who are third-country nationals and invest in Cyprus.

1.1  In accordance with the specifications detailed in Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, upon notifying the Council of Ministers, has decided to grant Immigration Permits to third-country applicants whenever their investments correspond with the prerequisites specified in this policy.

1.2  To qualify, applicants must meet one of the investment requirements and fulfill the quality standards outlined below.

It is crucial to confirm that the funds allocated for the investment have been clearly transferred to Cyprus from abroad, coming either from the applicant’s or their spouse’s bank account, especially when the spouse is included as a dependent in the application. The investment total must be sent from the applicant’s bank account to the seller’s account maintained at a Cyprus financial institution.

2 Investment Criteria

2.1  The applicant is obligated to invest a minimum of €300,000 in one of the following investment categories:

2.2 Property Investment:

The purchase of a house or apartment from a development firm, with a required minimum value of €300,000 (plus VAT), and it must constitute the initial sale.

2.3 Real Estate Investment (Excluding Residential Property):

The acquisition of different forms of real estate such as office areas, commercial units, hotels, or related property developments, either individually or in combination, with a total value of €300,000. These purchases may include resale properties.

2.4 Investment in Cyprus Company Share Capital, Undertaking Business Activities in Cyprus:

An initial capital outlay of €300,000 in the share capital of a newly registered company in the Republic of Cyprus or an increase of the share capital by €300,000 for an existing company registered in the Republic of Cyprus. These entities should be headquartered and operating within the Republic, with an established physical presence and a minimum of five (5) employees.

2.5 Investment in Units of Cyprus Investment Organization for Collective Investments (AIF, AIFLNP, RAIF Forms):

A financial investment totalling €300,000 in units provided by the Cyprus Investment Organization for Collective Investments, with the stipulation that these investments be maintained within the territory of the Republic of Cyprus.

It is vital to highlight that any disposal or withdrawal of the investment made by the Immigration Permit holder, without its prompt replacement by another investment of equal or greater worth that aligns with the terms described in this policy, shall result in the cancellation of the Immigration Permit pursuant to Regulation 6 of the Aliens and Immigration Regulations.

Above, must be capable of proving a consistent annual personal income of no less than €50,000. This yearly amount grows by €15,000 for the spouse and by €10,000 for each dependent minor child belonging to either the applicant or the applicant’s spouse. Such income should stem from abroad and can include salaries, pensions, share dividends, bank interest, and rental earnings, among others. Confirmation of this income can only be established via a tax return declaration from the applicant’s declared country of tax residence. This requirement is relevant when the applicant opts for investment as described in Section 2.1 (A). The spouse’s income may also be factored into determining the total income.

In circumstances where the applicant chooses investments in Sections 2.1 (B), 2 (C), or 2.1 (D), part or all of the overall income may also derive from endeavours carried out within the Republic of Cyprus.

3 Quality Criteria

3.1  Both the applicant and their spouse must provide a clear criminal record certificate issued by their country of origin, and if needed, from their country of residence if that differs from their origin. Furthermore, they should not pose any risk to public order or safety in Cyprus in any manner.

3.2  The applicant and their dependents are required to submit a health insurance policy certificate that covers both inpatient and outpatient medical services.

3.3  The applicant and their spouse must confirm that they do not plan to undertake any manner of employment within the Republic of Cyprus, except for roles as Directors in a company in which they have invested in line with this policy.

3.4  In cases where the investment does not concern the share capital of a company, the applicant and/or their spouse can be shareholders in companies registered in Cyprus. Income resulting from dividends in these companies will not obstruct obtaining the Immigration Permit. Additionally, they may also hold the position of an unpaid Director in these companies.

3.5  For those who opt to invest as covered in Paragraphs 2.1.(B), 2.1.(C), or 2.1.(D), they must present proof of housing within the Republic. This proof could be documents such as property title deeds, sales contracts with payment proof, or tenancy agreements.

In instances where the applicant chooses an investment as stated in Paragraph 2.1.(A), but the investment property does not offer enough bedrooms for their dependent family members, they must identify another property or properties that will accommodate these individuals. This separate property can be shown with documentation such as property title deeds, sales contracts with proof of payment, or rental agreements.

4 Legal Elements

Investing in a House/Apartment or Other Real Estate:

To apply, the applicant must furnish the title deed or a sales contract in their name and/or their spouse’s name, duly recorded at the Department of Lands and Surveys, for a house or any other real estate.

The total market value must be at least €300,000 (plus VAT if necessary), and official payment receipts must verify payments of at least €300,000 (excluding VAT), no matter the property’s delivery date.

Proof that the investment funds originated from abroad, not from local borrowing (e.g., wire transfers, foreign card payment records, bank certifications), must be produced upon application. The outstanding investment balance must be settled in the seller’s account at a Cyprus financial institution.

Real estate acquisitions can likewise be validated under a legal entity, provided that the applicant and/or the spouse are the exclusive shareholders or beneficial owners of this legal entity. The entity must be legitimately established in the Republic or in another European Union or European Economic Area member state.

Specifically with respect to buying houses/apartments, it is clarified that:

<p> (a) The applicant or a couple may purchase as many as two housing units (apartments or houses), provided the total market price satisfies the conditions referenced in Paragraph 4 above.

<p> (b) The purchase must involve dwellings sold for the first time by a development firm unless the acquisition transpired prior to 07/05/2013. Sale contracts relevant to the resale of dwellings filed at the Department of Lands and Surveys before 07/05/2013 will be recognized under this policy based on the department’s records.

Properties need not be procured from the same development firm.

If the sale contract or property title is issued more than one year following the application submission date, the applicant must attach a recent Search Certificate of Immovable Property from the Department of Lands and Surveys.

If the sales document or property title is issued more than one year from the date the application was submitted, the applicant must provide a recent Real Estate Survey Certificate from the Land Registry Department.

4.1. Investment in Cyprus Company’s Share Capital with Business Activities in the Republic:

Under this policy, the applicant needs to invest at least €300,000, confirm that the company maintains a physical presence in the Republic, and employ no fewer than five (5) individuals. Mandatory documents:

Shareholders Certificate and Certificate of Incorporation granted by the Registrar of Companies and Official Receiver.

A business overview of the company, including its commercial objectives.

Proof of payment (e.g., remittances).

Evidence of the personnel the company employs, issued by the Social Insurance Services.

4.2. Investment in Units of a Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF):

For this policy, the applicant must invest a minimum value of €300,000 in investment units and furnish these documents:

Titles or other evidence of acquired units.

Proof of payment (e.g., remittances).

Confirmation by the Cyprus Securities and Exchange Commission (CySEC) regarding the Fund’s establishment.

The Memorandum of the Fund or Investment Fund.

5 Dependent Persons

The Immigration Permit is issued to the applicant and includes the applicant’s spouse and their children under the age of 18 as dependent persons.

Two independent Immigration Permits may be provided to each spouse, if required, as long as a separate application is filed and the relevant fee paid. The other spouse does not have to fulfil the policy criteria separately.

It should be noted that if, for any reason, the investor’s Immigration Permit is cancelled, this automatically cancels the spouse’s Permit, in accordance with Regulation 6 of the Aliens and Immigration Regulations.

5.1. Unmarried children aged 18 to 25 who show that they are students pursuing tertiary education abroad at the time of application and depend financially on the applicant may submit their separate application for a temporary residence permit in Cyprus for an Immigration Permit, along with the payment of the relevant fee. In such scenarios, either the father, mother, or both jointly must establish an additional annual income of €10,000 for each such dependent child.

Should these children wish to study at an Institution of Tertiary Education in the Republic of Cyprus, they must file their application through that institution for a temporary residence permit as students, in line with the corresponding legislation (EU Directive). After their studies in the Republic conclude, they may seek their own Immigration Permit independently, regardless of their age, on condition that their parents demonstrate an extra annual income of €10,000 for each child.

The referenced Permit remains valid even if the holders have exceeded the age of 25 and no longer remain unmarried, students, or reliant on their parents financially. Nonetheless, future spouses or underage children cannot be added as dependent persons on this Permit. Notably, if, for any reason, the Immigration Permit given to the investor or parent is revoked, the child’s Permit is also annulled, in line with Regulation 6 of the Aliens and Immigration Regulations.

6 Higher Value Investment for Including Adult Children

An Immigration Permit can also be extended to the adult children of the applicant who are older than 18 and not financially dependent on the applicant. However, such extension is subject to the terms laid out in Paragraph 2 as indicated below:

The market value of the €300,000 investment should be multiplied by the number of adult children looking to utilize the same investment to attain an Immigration Permit. For instance, if the applicant has one adult child, they must make an investment valued at €600,000; if two adult children, the investment sum should be €900,000, and so forth.

If the investment entails the purchase of real estate, as characterized in Paragraphs 2.1.(A) and 2.1.(B), proof of payment for at least 66% of the property’s market value needs to accompany the application.

In such circumstances, each adult child must demonstrate that they possess an annual income of at least €50,000. This sum requirement increases by €15,000 for the spouse of the adult child and by €10,000 for every dependent minor child, as indicated in Paragraph 2.2. Moreover, the investment can be carried out jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.

It is worth noting that if the investment property does not offer a sufficient number of bedrooms to house the investor’s family, the investor must pick another property or property for these family members. Proof of ownership, a sales contract, evidence of payment, or a rental agreement must be supplied in such instances.

7 Application and examination procedure

To begin the process of obtaining an Immigration Permit, applicants must adhere to the procedure laid out below:

Applications, alongside all necessary supporting evidence, must be submitted either personally at the Civil Registry and Migration Department or via an authorized agent. Appointments for submission may be arranged through the designated channels. A €500 fee is due at application submission, plus a further €70 for each individual listed in the application to cover issuing the Alien Registration Certificate (ARC), if not already held.

In cases in which applications are lodged via authorized representatives, a certified authorization letter is required. This letter must be signed by the applicant and include complete details such as the representative’s data, address, and telephone contact.

The CRMD will accelerate the handling of the application, which is then sent to the Minister of Interior through the Permanent Secretary of the Ministry of Interior for further consideration and resolution. 

8 Time Schedules

The anticipated timeframe for processing the application from the date of complete submission is approximately two (2) months, assuming that all policy prerequisites are met and there are no issues concerning the applicant’s criminal record, public order, or national security that need deeper scrutiny.

Over this period, the application will be comprehensively evaluated, and the Minister of Interior will decide whether to issue the Immigration Permit. It is critical to note that satisfying all required criteria and providing all documents on time and accurately can help achieve a more streamlined and efficient process.

9 Application forms

To apply for an Immigration Permit within the scope of this policy, you can locate the necessary on the Civil Registry and Migration Department’s website. These forms include:

This form serves as the main application that you must complete and file to commence the Immigration Permit application process.

Checklist of documents submitted with the application: This checklist ensures that you attach all needed documents along with your application, facilitating smoother handling.

Checklist of documents submitted together with the application for children who are studying abroad: If you are applying for dependent children who study abroad, this checklist aids you in providing the needed documents for them.

Affidavit or Official Statement for the yearly income of the applicant: This document is utilized to declare and substantiate the applicant’s annual income, which is an essential requirement for obtaining the permit.

This might sound not very easy, but the legal department team, led by Property in Limassol, would be happy to assist you.

10 Monitoring mechanisms for adherence to the criteria and maintaining the investment.

Once you possess the Immigration Permit, you must comply with certain ongoing obligations and submit yearly updates to the Civil Registry and Migration Department. The key monitoring components are:

Maintenance of Investment: You must annually demonstrate that you continue to hold the investment basis on which the Immigration Permit was granted. This confirms that you persist in fulfilling the policy’s investment conditions.

Income Requirements: Each year, you are obliged to show that you and your family sustain the required annual income as outlined in the policy. This income must stem from legitimate sources abroad and adhere to the established minimum levels.

Health Insurance: If you are no longer entitled to benefits from the General Healthcare System of Cyprus (GESY), you must prove that you hold a health insurance policy certificate. This ensures medical coverage in Cyprus.

Clean Criminal Record Certificate: You and your family members (including adult dependents) must annually present a clean criminal record certificate from both your origin country and your residence country. This requirement ensures that you do not constitute a threat to public order or security in Cyprus.

The inability to provide the necessary yearly updates and evidence, as stated above, can lead to the revocation of your Immigration Permit under Regulation 6 of the Aliens and Immigration Regulations. It is critical to observe these obligations to maintain your Immigration Permit status.

Additional information and clarifications

This document offers significant clarifications and extra information on the 4th revision of the criteria for granting an Immigration Permit under the expedited procedure to third-country nationals investing in Cyprus, effective from 02/05/2023. Below are the principal points clarified:

Funds intended for the investment may also be moved to Cyprus from a company’s bank account, provided that the applicant and/or their spouse are the exclusive shareholders of the company. In this scenario, the shareholder should be part of the application.

The investment sum still needs to be deposited into the seller’s account at a Cypriot financial institution.

The applicant’s annual income may be confirmed either by their tax return declaration from the country where they declare tax residency or by official certifications from an independent Certified Accountant.

The obligation for annual proof that the applicant maintains the specified income for themselves and their family is revoked.

The applicant and adult family members must now submit a clean criminal record certificate from their country of origin and residence every three years rather than annually.

The requirement for the applicant and their family members to maintain a health insurance certificate if they are no longer GESY beneficiaries is still in effect.

Duration of Immigration Permit:

The right of residence conferred by these permits is of unlimited duration for the holder and their adult dependents.

However, the residence permit card, bearing an expiry date, is valid for ten years from the date of issue and must be renewed upon expiration.

Residence permits granted to underage dependents stay valid until they reach 18.

Loss of Permanent Residence Rights:

An Immigration Permit will become invalid if the applicant and their dependents gain permanent residence in another country or remain away from Cyprus for a consecutive period of two years.

These clarifications are intended to offer a comprehensive perspective on the prerequisites and conditions pertaining to the Immigration Permit under the expedited procedure in Cyprus. Applicants must adhere to these guidelines to maintain their immigration standing in the country.

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