Fast Track application process for obtaining Immigration Permit by Investment
The Minister of Interior introduced on 24.03.2021 provisions pursuant to which third country nationals may acquire an Immigration Permit by satisfying certain investment/economic criteria.
1. INVESTMENT CRITERIA
1.1 Investment up to at least €300,000 to one of the following categories:
(A) Investment in a house / apartment: Purchase of a house or apartment from a land development company, which should concern a first sale of at least € 300,000 (plus VAT).
(B) 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 of these with a total value of € 300,000. The immovable properties, under this category, are not required to be new.
(C) Investment in the share capital of a Cypriot Company with activities and personnel in Cyprus: Investment worth € 300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having an established physical presence in Cyprus and employing at least five (5) people.
(D) Investment in Cyprus Alternative Investment Funds (AIFs, AIFLNP, RAIF): Investment worth €300,000.
1.2 In addition to the criteria provided in paragraph 1, the applicant should be able to prove that has at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent family member person and by €8.000 for every dependent parent (the applicant's parents and/or the applicant’s spouse parents). Such income may arise from salaries, pensions, dividends on shares, permanent deposits, rents, etc. coming from abroad. It should be noted that, the income of the applicant's spouse can also be taken into account in the calculation of the total income.
a) In cases where the investment will be made following the paragraph 1.1 (A) the total income indicated in paragraph 1.2 should stem from abroad.
b) In cases where the investment will be made following the paragraph 1.1 (B), (C) and (D), the total income indicated in paragraph 1.2 can also be stemmed from sources /activities within the Republic of Cyprus.
2. ADDITIONAL CRITERIA
2.1 The applicant and his / her spouse must submit a white criminal record certificate from their country of residence or from the Republic of Cyprus in case they reside in Cyprus. In general, the applicant should not pose in any way a threat to public order or public security.
2.2 The applicant and his/her spouse are not able to be employed in the Republic of Cyprus, and such intention should be certified, with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy.
2.3 In cases where the investment does not concern a Company's share capital, the applicant and/or his/her spouse may be shareholders in Companies registered in Cyprus and the dividend income in such companies may not be considered as an obstacle for the purposes of obtaining the Immigration Permit. They can also hold the position of Director without salary for such companies.
2.4 In cases where the investment will be made pursuant to the paragraphs 1.1 (B), (C) and (D), the applicant should present information in regards to their place of residence in the Republic of Cyprus (for example Title deed, Sale and Purchase agreement, Rent Agreement etc.).
In addition to the aforesaid investment/economic criteria, an option of a higher value investment is provided to the Investor who wish to include his adult child who is not financially dependent to the Immigration permit by investment application subject to the provisions set out below:
3. OPTION OF A HIGHER VALUE INVESTMENT FOR INCLUDING ADULT CHILDREN
3.1 The value of the €300,000 investment should be multiplied by the number of adult children, who will use the same investment for the purpose of obtaining an Immigration Permit. For example, in case the applicant has one adult child he should make an investment worth € 600,000, if the applicant has two adult children the value of the investment should amount to € 900,000.
3.2 In case the investment will concern the real estate market, meaning where the applicant chooses to invest to the investment options provided in paragraphs 1.1. (A) and 1.1. (B), along with the application, a proof of payment of at least 66% of the purchase price of the immovable property must be submitted.
3.3 Each adult child should be in a position to prove that he has at his disposal an insured annual income of at least €30,000, which will increase by € 5,000 for each dependent person. In addition, the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.