New regulations regarding Permanent Residency from 24th of March 2021!

Apr 16, 2021 | Cyprus Economy

Investment Categories

Acquisition of a house/loft: Purchase of a house or condo from a development company, which should concern sale of at least €300,000 +VAT.

Other Real Estate: Purchase of different kinds of real estate like workplaces, offices, shops, hotels or related estate developments or a combination of these with an absolute estimation of €300,000. The acquisition of interest can be the aftereffect of a resale. 

Interest in Cyprus Company’s offer capital, with business exercises and staff in the Republic: Investment worth €300,000 in the offer capital of an organization enrolled in the Republic of Cyprus, based and working in the Republic of Cyprus and having a demonstrated actual presence in Cyprus and employing at least five (5) individuals. 

Purchase of 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.

Annual Income 

The applicant should prove that he has at his disposal a secured annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse).

Quality Criteria 

Clean Criminal Record from their country of residence

Confirmation that they don’t intend to undertake any sort of employment in the Republic other than Directors in a company which they have chosen to invest in

In situations where the investment doesn’t concern the organization’s share capital, the applicant as well as his mate are permitted to be investors in organizations enlisted in Cyprus and the income from the profits got from such organizations may not be considered as a deterrent for the motivations behind getting the Immigration Permit. In such companies, they may also hold the position of an unpaid Director. 

Proof regard to his accommodation in the Republic (for example title of ownership or agreement of offer and evidence of installment for the property or tenant contract) in the event  the investment is not in real estate.

The funds that will be used for the investment  must be proven to have been transferred to Cyprus from abroad.

Other Information

The Immigration Permit is given to the candidate, 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 and/or financially depended on their parents may apply for a permanent residency permit provided that an additional annual income of €5,000 for each dependent child is proved.

An Immigration Permit may likewise be allowed to children of the candidate beyond 18 years old, who are not financially dependent on the applicant, on a higher value investment (€300.000 for each non-financially dependent child).

 An Immigration Permit may also be granted to the applicant’s parents and parents-in-law, with the accommodation of independent applications for every individual and the installment of the pertinent expense with the condition that the candidate will introduce just an extra yearly pay of €8,000 for each dependent parent. 

 

Assessment Period 

It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.

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