1. PERMANENT RESIDENCE BY INVESTMENT SCHEME: RECENT REVISIONS
- Pursuant to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations, the Minister of Interior decided on the 24th of March, after informing the Council of Ministers, to issue Immigration Permits to third-country national applicants, in cases of investments that meet the below conditions.
1.2The applicant must satisfy at least one of the criteria of paragraph 2.1, as well as the quality criteria as per paragraph 3. It is noted that the money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.
2. INVESTMENT CRITERIA
2.1 The applicant must make an investment of at least € 300,000 in one of the following investment categories:
(A) Investment in a house / apartment: Purchase of a house or apartment from a land development company, which should pertain to a first-time 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. These properties can also be resale.
(C) Investment in the share capital of a Cyprus Company with activities and personnel in Cyprus: € 300,000 worth of investment in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5 ) people.
(D) Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF): € 300,000 worth of investment in shares of Cyprus Investment Organization Collective Investments.
It is understood that any alienation of the holder of the Immigration Permit from the investment he has made without its immediate replacement with another of the same or greater value, which must meet the conditions set out in the present procedure, will entail the activation of the procedure cancellation of the Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
2.2 The applicant must, in addition to the investment under Section 2.1 above, be able to prove that he/she has at his/her disposal an insured annual income of at least € 30,000. The annual income increases by € 5,000 for each dependent family member and € 8,000 for each dependent parent (of the same and / or spouse). This income may come from salaries for deriving from employment, pensions, shares dividends, permanent deposits, rental income, etc. coming from abroad for cases where the applicant chooses to invest as per Section
2.1. (A). In calculating the total income, the income of the applicant's spouse can also be taken into account.
In cases where the applicant chooses to invest as per Sections 2.1. (B), 2.1. (C) or 2.1. (D), his total income or part of it, may also be generated from sources coming from activities within the Republic.
3. QUALITY CRITERIA
3.1 The applicant and his/her spouse shall submit certificates of clean police record from their country of residence or from the Republic if the legally reside here and must not constitute a threat to public order nor public safety.
3.2 The applicant and his/her spouse shall declare that they have no intention of engaging in employment in the Republic, with the exemption of their employment as Directors by the company at which they chose to invest as per this policy.
3.3 In instances where the investment does not pertain to Company shareholding, the applicant and his/her spouse can be shareholders of registered companies in the Republic and any income generated from dividends in said companies, will not be considered as an obstacle for the purpose of acquiring the Immigration Permit. In addition, they can hold the position of Non-executive Director (no salary) in said companies.
3.4 In instances where the applicant invests as per paragraphs 2.1(B), 2.1(C) or 2.1 (D), proof of residence shall be submitted (e.g. title deed, purchasing agreement, rental agreement)
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
