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Amendment of Criteria for Investor’s Immigration Permit in Cyprus

Amendment of Criteria for Investor’s Immigration Permit in Cyprus

On 24 March 2021, the government of Cyprus issued new revised investment criteria relating to the ‘fast-track’ process of issuing immigration permits to third country nationals wishing to invest in the Republic of Cyprus.

More specifically, below is a list of the most significant amendments made:

1. Additional Investment Criteria Added

While the amount of the investment required remains at €300,000, under the revised criteria the applicant has been given the option to choose one of the following investment categories:

(A) Investment in a house/apartment: Purchase of a house or apartment from a 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 related estate developments or even a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.

(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: 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. As well as proving physical presence in Cyprus and employing at least five (5) people.

(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.

Further to the abovementioned investment criteria, the applicant must also be able to demonstrate that he has a secure annual income of at least €30,000 at his disposal. An increase of €5,000 for each additional dependent family member and of €8,000 for each dependent parent (of the applicant and/or his spouse).

It is also essential to mention that where the applicant has made an investment in real estate under category (A) herein above, proof that his annual income derives from abroad should be presented. However, if investing under categories (B), (C) and (D), his income or part of it may be derived from source coming from activities within the Republic of Cyprus.

2. No Fixed Deposit Obligation

The recent amendment has further eliminated the obligation to deposit an amount of €30,000 in a fixed deposit account, locked for a period of three years.

3. Quality Criteria

In addition to the satisfaction of the abovementioned economic criteria, the applicant and his spouse must fulfil the following conditions:

  1. The applicant and his spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in the Republic of Cyprus if they reside there. Generally, they should not pose a threat to public order in any way or public security in the Republic.
  2. The applicant and his spouse shall confirm that they do not intend to undertake any sort of employment in the Republic of Cyprus. By derogation from this requirement, the revised regulations provide that the applicant and his spouse can be employed as directors in a company in which they have chosen to invest.
  3. In cases where the investment does not concern the company's share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining the immigration permit. In such companies, they may also hold the position of an unpaid director.
  4. In cases where the applicant chooses to invest under the abovementioned investment categories (B), (C) or (D), he should provide evidence regarding his accommodation in the Republic (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement).

4. Dependents of the Main Applicant

The immigration permit to be issued for the main applicant covers his spouse and children under the age of 18 as dependent person.

Regarding the process prior to the change, a separate application would have to be submitted by unmarried children between the ages of 18 and 25 who are financially dependent on the applicant. In order to obtain an immigration permit, they will have to prove that they are students of higher education abroad on the date of submission of the application and their father or mother and/or both parents together would have to present an additional income of €5,000 for each of the dependent child.

It is noted, however, that, if the children of the applicant are students (between the ages of 18-25) enrolled in higher institutions of the Republic of Cyprus, they will have to apply for a temporary residence permit in the Republic of Cyprus, under the relevant EU legislation.

5. Application Procedure and Examination

The new revised regulations require the applications to be accompanied with the mandatory documents and submitted to the Civil Registry and Migration Department in person or through an authorised representative. The estimated examination period from the date of submission of the completed application will be approximately two months.

Please contact us for further information and/or assistance in relation to investor’s immigration permits. Our team has extensive and successful experience in handling of immigration permit applications and is ready to advise and assist you though all the procedure from performance of the investment to the submission of the immigration permit applications.

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