The applicant must invest at least €300,000 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).
The applicant should, in addition to the investment be able to prove that he has at his disposal a secure annual income of at least €300,000. This annual income increases by €15,000 for spouse and €10,000 for each minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, fixed deposits, rents, etc. In calculating the total amount of income, the spouse’s income may also be taken into account.
The applicant should, in addition to the investment be able to prove that he has at his disposal a secure annual income of at least €300,000. This annual income increases by €15,000 for spouse and €10,000 for each minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, fixed deposits, rents, etc. In calculating the total amount of income, the spouse’s income may also be taken into account.
QUALITY CRITERIA
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 Cyprus and generally they should not be considered as a threat in any way to public order or public security in Cyprus.
2. 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.
LEGAL ELEMENTS
The applicant should submit together with his application title deed or a sale contract in his name and/or the name of his spouse, which has been officially filed at the Department of Lands and Surveys for a house or any other real estate of total market value of at least €300,000 (plus VAT) and official payment receipts.
It is noted that upon submission of the application, evidence must be provided that the investment money has derived from abroad and is not a result of domestic borrowing (remittances, foreign card payment receipts, bank certificate).
It should be stressed that 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 and in the Republic or in any other member state of the European Union or of the European Economic Area.
For the purpose of implementing the provisions of Section 2 in relation to the purchase of a house/apartment, it is specified that:
(a) The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the provisions of Section 4.1 above. The above condition applies to a couple as well.
(b) The said purchase must relate to dwellings sold for the first time by a development company.
DEPENDENT PERSONS
- The Immigration Permit is issued to the applicant and it covers as dependent persons his spouse and children under the age of 18.
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 based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
- Unmarried children between the ages of 18 and 25, who 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, 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.
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. Upon submission of the application, a fee of €500 is paid.
Applications submitted through authorised representatives must be accompanied by an authorisation letter signed by the applicant and stating the particulars, full address and contact number of the representative.
The application will be handled by the CRMD and will be submitted to the Minister of Interior, through the General Director of the Ministry of Interior.
FURTHER INFORMATION
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, within one (1) year from the date of the approval of the application, the holder of an Immigration Permit, is obliged to become a permanent resident in Cyprus. At the same time, the holder of such a permit, as well as his dependent persons are obliged not to be absent from the Republic for more than two (2) years. Otherwise, the Immigration Permit is automatically cancelled pursuant to the provisions of Regulation 6(3), or/and may be cancelled pursuant to the provisions of Regulation 6(4).