1. REGULATION 6 (2) – fast track
In pursuance of the 4th revision of the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations which came into force as of 2 May 2023, a non-EU citizen may apply for permanent residency, provided that he/she meets the relevant requirements.
The investment must be of at least €300.000 (plus VAT where applicable) from sources of the applicant from abroad (personal bank account or corporate bank account of a company in which the applicant is sole shareholder) in one of the following 4 categories of investments:
A. Investment in a house or apartment:
Purchase of a house or apartment from a development company in Cyprus, which is sold for the first time.
The amount of at least €300.000 (plus VAT) for the purchase of the property must have been paid upon the submission of the application at the Migration Department.
The applicant may purchase up to two (2) housing units, given that the total purchase amount of the investment properties is at least €300.000 plus VAT.
In case the number of the bedrooms of the house or apartment cannot satisfy the needs of his/her dependent family members, he/she should indicate another property or properties which it/they will constitute the place of residence of these persons (e.g. title deed, sale agreement, rental agreement).
B. Investment in immovable property other than a house or apartment:
Purchase of immovable property such as offices, shops, hotels or property investments of the same nature or a combination. Resold properties are included in the said property investment.
C. Investment in the share capital of a Cypriot Company conducting business activities in Cyprus:
Investment in the share capital of a company registered in Cyprus, based and operating its business in Cyprus, has a proven physical presence in Cyprus and is employing at least five (5) individuals.
D. Investment in units of the Cyprus Investment Organisation of Collective Investments (AIF, AIFLNP, RAIF):
Investment in Units of Cyprus Investment Collective Investments.
(a) Annual Income: the applicant must prove to have a secured annual income which derives from abroad (e.g. employment salary, pension, dividends, savings and rent) of at least €50.000. The said amount is increased by an additional amount of €15.000 for the spouse and €10.000 for each dependant minor child. The tax return of the applicant from the country of his/her tax residence or an official confirmation or declaration by an independent chartered accountant should be filed as proof of the annual secure income.
(b) Clean Criminal Record from the country of origin and from the country of residence in case different for the of the applicant and his/her spouse.
(c) Certificate of Health Insurance for the applicant and his/her dependants which covers inpatient and outpatient care.
(d) Declaration for non-employment in Cyprus: A declaration must be made by the applicant and his/her spouse of his/her intention not to undertake any sort of employment in Cyprus, with the exception of employment as a Director in a Cyprus Company in which he/she has invested in under this policy.
In cases where the investment does not concern a company’s share capital, the applicant and/or his/her spouse are allowed to be shareholders in companies registered in Cyprus and receive dividends. In such companies, they may also hold the position of an unpaid Director.
(e) Proof or residence: In cases where the applicant has chosen to invest in categories B, C and D above he/she should provide evidence regarding his/her accommodation in Cyprus.
- The Immigration Permit is issued to the applicant and it covers as dependent persons his spouse and children under the age of 18.
- Unmarried children between the ages of 18 and 25, who 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. The Immigration Permit will still be valid when the child will be over 25 even though he/she might be married and/or not student and/or not financially dependant on his/her parents.
- 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. 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. In such a case, each adult child will be able to prove that they have at their disposal a secured annual income of at least €50,000, which will increase by €15,000 and €10,000 respectively for each dependent person.
It is estimated that the examination period of an application under Regulation 6 (2) is approximately 4-5 months.
In order for the permit not to be cancelled, the holder of an Immigration Permit, is obliged to become a permanent resident in Cyprus within one year from the date of the approval of the application and also, not to be absent from Cyprus for more than two (2) years.
MECHANISM FOR CHECKING COMPLIANCE WITH THE CRITERIA AND MAINTENANCE OF THE INVESTMENT
The applicant will be required to provide evidence on an annual basis proving continuation of maintenance of the initial investment as well annual confirmation that the investor and dependents have valid health insurance in Cyprus.
Additionally, clean criminal record certificates for the investor and adult family members, from both the country of origin and country of residence, if different, will need to be submitted every three years.
In cases where the investor fails to provide the documents required, the immigration permits of both himself/herself and his/her family will be revoked.
2. CATEGORY F – normal track
In virtue of Regulation 5 (f) of the Aliens and Immigration Regulations, a non-EU citizen may apply for permanent residency, provided that:
- He/she has a secured annual income of at least €10.000 from sources outside Cyprus. The amount increases by at least €5.000 for every dependent person (spouse and children under 18 years old);
- All of the amounts should be proven that they derive legally from abroad;
- He/she rents or purchases a house/apartment in Cyprus;
- He/she is not/will not be engaged in any business, trade or profession in Cyprus.
It is estimated that the examination period of an application under Category F is around 2-3 years.
In order for the permit not to be cancelled, the interested person should acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. Also, he/she must not acquire permanent residence abroad or be absent from Cyprus for a period of two years.
KORELIS & CO LLC can advise on the most suitable solution, tailored to each client’s personal needs.