GRANTING AN IMMIGRATION PERMIT TO 3rd COUNTRY NATIONALS THROUGH INVESTMENT IN PROPERTIES
(CYPRUS PERMANENT RESIDENCE PERMIT – Revised criteria May 2023)
INVESTMENT CRITERIA RELATING TO REAL ESTATE INVESTMENT
The applicant must invest at least €300,000 in one of the following categories:
(A) Investment in a house/apartment: Purchase of a house or apartment of at least €300,000 (plus VAT).
(a) The applicant may purchase up to two (2) housing units (apartments or houses) with a minimum total market value of at least €300,000 (plus VAT).
(b) The said purchase must relate to dwellings sold for the first time by a development company, unless the purchase took place and was filed at the Land Registry before 07/05/2013.
(B) Investment in other types of real estate such as offices, shops, hotels or related estate developments, or a combination of these with a total value of €300,000. These purchases may result from a resale.
GENERAL NOTES
Note1: It is noted that the properties do not have to be purchased from the same development company.
Note2: The money that will be used for the investment must be proven to have been transferred to Cyprus from abroad to the seller’s account in a Cyprus financial institution and is not the result of domestic borrowing.
Note3: At least €300.000 + Vat (if applicable) should be paid prior to application.
Note4: The applicant should submit, along with his/her application, the title deed or a sale contract in his/her name and/or the name of the spouse, which has been officially filed at the Department of Lands and Surveys for a house or any other real estate.
Note5: The holder of the Immigration Permit cannot sell his investment without immediate replacement with another of the same or greater value, otherwise the Immigration Permit will be cancelled.
Note6: Additional to the above investment, the applicant must prove a secured annual income of at least €50,000. This annual income increases by €15,000 for the spouse and by €10,000 for each of his/her or his/her spouse’s dependent minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, bank deposits interest, rents, etc., which can only be proved through a tax return declaration from the country he declares tax resident or through official certificates from an independent Certified Accountant.
In calculating the total amount of income, the spouse’s income may also be taken into account. In cases where the applicant chooses to invest as (B) – his total income or part of it could derive from activities within the Republic.
QUALITY CRITERIA
1. The applicant and his spouse must submit a clean criminal record certificate from their country of origin or their country of residence if different.
2. The applicant and his/her dependent family members must submit a health insurance policy certificate for medical care covering inpatient and outpatient care.
3. The applicant and his spouse shall confirm that they do not intend to undertake any sort of employment in the Republic.
4. 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.
5. In cases where the applicant chooses to invest as (B), 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).
In cases where the applicant chooses to invest as per Paragraph (A), but the number of bedrooms of the investment property cannot satisfy the needs of the dependent members of his/her family, they should indicate another property or properties which will serve as the residence of these individuals (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement).
6. The real estate purchase will be accepted even when it is made in the name of a legal person, provided that the applicant and/or his spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic or in any other member state of the European Union or of the European Economic Area.
DEPENDENT PERSONS
1. The Immigration Permit is issued to the applicant and it covers his spouse and children under the age of 18 as dependent persons.
Two separate Immigration Permits may be granted to each spouse, if desired, provided that a separate application is submitted and the relevant fee is paid, without being required for the other spouse to satisfy the criteria of this policy.
It is noted that, if for any reason the Immigration Permit granted to the investor is cancelled, this will result to the cancellation of the spouse’s Permit.
2. Unmarried children between the ages of 18 and 25, who proved that they are students of tertiary education abroad on the date of the submission of the application and who are financially dependent on the applicant, can submit their own, separate application for an Immigration Permit with the payment of the relevant fee. In such a case the father or mother and/or both parents together must present an additional annual income of €10,000 for each such dependent child.
If the children wish to study in any 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. After completing their studies in the Republic, they will be able to submit their own application for an Immigration Permit, as mentioned above with the payment of the relevant fee, regardless of their age and with the condition that the parents will present an additional annual income of €10,000 for every such child.
The said Permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. It is noted that their future spouses or underage children cannot be included as dependent persons on this Permit. It is noted that, if for any reason the Immigration Permit granted to the investor/parent is cancelled, this will result to the cancellation of the child’s Permit.
HIGHER VALUE INVESTMENT FOR INCLUDING ADULT CHILDREN
An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, on a higher value investment as set out below:
The market value of the €300,000 investment should be multiplied by the number of adult children, who will invoke 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 he has two adult children the value of the investment should amount to €900,000 etc.
In case the investment will concern the purchase of real estate, a proof of payment of at least 66% of the market value of the real estate must be submitted upon application.
In such instances, each adult child will be able to prove that they have at their disposal a secured annual income of at least €50,000, This amount increases by €15,000 for his/her spouse and by €10,000 for each dependent underage child. Furthermore, the investment may be made jointly in the applicant and the adult child’s name, or solely in the applicant’s name.
It should be noted that if the investment property’s number of bedrooms cannot accommodate the investor’s dependent members, the investor must specify another property or properties as the residence of these individuals (e.g., proof of ownership or sale contract and proof of payment for the property, or rental agreement).
APPLICATION AND EXAMINATION PROCEDURE
The applications, accompanied with the required documents, must be submitted to the Civil Registry and Migration Department (CRMD) in person or through an authorised representative. A fee of €500 is charged upon application submission, as well as a fee of €70 for each person included in the application for issuing the Alien Registration Certificate (ARC), where it does not already exist.
TIME SCHEDULES
If all the criteria of this policy are met, It is estimated that the examination period of the application from the submission date of the completed application will be approximately two (2) months.
APPLICATION FORMS
The forms are available electronically on the website of the Civil Registry and Migration Department.
MONITORING MECHANISM FOR THE ADHERENCE TO THE CRITERIA AND MAINTAINING THE INVESTMENT
From the date of obtaining the Immigration Permit, the applicant is obligated to provide the Civil Registry and Migration Department, annually, evidence of maintaining the investment and proof of holding a health insurance policy certificate if they no longer benefit from GESY.
The applicant and the adult members of his/her family are obliged to submit a clean criminal record certificate from their country of origin and their country of residence every three years.
Failure of the Immigration Permit holder to prove the above will result in the cancellation of his/her and his/her family members’ Immigration Permit.
DURATION OF IMMIGRATION PERMIT
a) The residence right of such permits is of unlimited validity, for the holder and his/her adult dependents. The residence permit (card), however, has an expiry date of ten years from the date of its issuance and must be replaced with its expiration.
b) The residence permit which is issued to the underage dependents is valid until the age of 18.
REQUIRED ACTION AFTER APPROVAL
An Immigration Permit shall cease to be valid if the interested person and his/her dependents fail to acquire residence in Cyprus within one year from the approval of the application, in case that they are residing outside Cyprus.
LOSS OF THE PERMANENT RESIDENCE RIGHT
An Immigration Permit shall cease to be valid if the interested person and his/her dependents acquire permanent residence abroad or be absent from Cyprus for a period of two years.
