AMENDMENT OF CRITIRIA FOR GRANDING THE PERMANENT RESIDENCE PERMIT WITHIN 2 MONTHS THROUGH INVESTMENT AS OF 24.04.2023
AMENDMENT: It is noted that any alienation of the holder of the Immigration Permit from the object or asset of the investment without its immediate replacement with another new of the below mentioned investments of the same or greater value will result to the cancellation of the Immigration Permit.
Criteria that remain unchanged:
1. Purchase of a house or apartment from a development company or purchase of any commercial immovable property which should concern a first sale of at least €300,000 (plus VAT) of which €200,000 (excluding VAT) shall be paid before filing of the application. The said purchase must relate to dwellings sold for the first time by a development company unless the purchase took place before 07/05/2013. Sale contracts related to resale of dwellings and have been submitted to the Department of Lands and Surveys before 07/05/2013 (the date of filing of the sale contract will be confirmed by the said Department), will be accepted for the purposes of this policy. The purchase of commercial immovable property can be the result of a resale and of any date of purchase. The investor also can conduct business in Cyprus, be a shareholder in a Cyprus company and receive dividends, as well as be a director of the company without salary.
2. The applicant is required to make a total investment of a minimum value of €300,000, the physical presence of the company in the Republic and the employment of at least five (5) employees.
3. Investment in units of Cyprus Investment Organization of Collective Investments. The investor also can conduct business in Cyprus, be a shareholder in a Cyprus company and receive dividends, as well as be a director of the company without salary.
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 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 €5,000 for each such dependent child. If the children wish to study in any Institution of Tertiary Education in the Republic, they must submit through the Institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). 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 €5,000 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 is cancelled, this will result to the cancellation of the spouse’s and children Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
Also, the residence permit by investment can be issued by the applicant for his adult children, but in this case, the investment amount is doubled if the residence permit is issued for one adult child, and tripled if the residence permit is issued for two adult children. In this case, the investment may be joint.
The investment may be made by Cyprus company owned by the applicant and/or his/her spouse.