CYPRUS
PERMANENT RESIDENCY BY INVESTMENT

1. The applicant must make an investment of at least €300,000 (+VAT if applicable) in one of the following categories (A, B, C, D):
   A) Investment in residential property: Purchase of a housing unit or apartment from a development company for a purchase price of at least €300,000 +VAT.
   i. The applicant may purchase up to two (2) residential units (apartments or houses), provided that their total purchase price meets the minimum requirement of €300,000 + VAT.
   ii. Properties eligible for the scheme are new properties sold for the first time by the development company and resale units initially sold before 07/05/2013. (Sales contracts for resale properties that have been deposited with the Land Registry before the 07/05/2013)
   B) Investment in non residential real estates: Purchase of other types of real estate such as offices, shops, hotels or similar developments or a combination of these with a total value of €300,000 (+VAT if applicable). Such type of properties can also be resale properties.
   C) Investment in share capital of a Cyprus company. A company should be based and operate in the Republic of Cyprus and employ at least five (5) people.
   D) Investment in shares of Cyprus Collective Investment Funds (TypeAIF, AIFLNP, RAIF).
2. The persons that were issued a Permanent Residency based on their eligibility of the above criteria (A, B, C, D), must not dispose of their investment, unless immediately replaced with another investment of equal or higher investment amount that meets the criteria (A, B, C, D) for the Permanent Residency issuance. A disposal of their investment without a replacement of another investment will lead to a cancellation of their Permanent Residency Permit.
3. No obligation for maintaining cash at a bank under a fixed deposit.
4. The applicant must be able to prove that he has at his disposal a secured annual income of at least €50,000. The annual income should increase by €15,000 for the applicant’s spouse and €10,000 for any dependent child. This income can come from wages for work, pensions, stock dividends, interest on deposits, rents etc coming from abroad, which will only be proven through his tax return from the country in which he declares a tax resident. *The secure annual income of the applicant can be proven either through his Tax Declarations from the country in which he declares himself as being tax resident or through official certificates issued by an independent chartered accountant.
5. In the event that the applicant chooses to invest under criterion (A) Investment in a housing unit/apartment, this income should derive from abroad.
6. In the event that the Applicant chooses to invest under criteria (B, C, D) Investment in real estate (excluding housing/apartments), his total income or part of it may also come from sources coming from activities within the Republic.
7. In case of investing under criteria A and B above (Real Estate), at least €300,000 plus VAT needs to be paid prior to submitting the application, and evidence should be provided that the funds for the investment must have emanated from abroad and are not a product of internal borrowing. In addition, these funds need to be deposited in a financial institution in Cyprus in the Vendor’s bank account. The money from abroad that will be used to pay for the investment can also emanate from a bank account of a Company.
8. It should be noted that the purchase of real estate can be made by a legal entity in which the Applicant and/or his spouse are the sole shareholders or UBOs, and which entity is legally established in the Republic of Cyprus or in another Member State of the European Union or the European Economic Area.
9. Persons who are granted an Immigration Permit must obtain permanent residence in the Republic within one (1) year from the date of approval of the submitted application, while they must, like their family members, not remain outside the Republic for a period of two (2) years.
10. The applicant and his/her spouse must submit a clean criminal record certificate every three years from their country of origin and residence  as well as from their country of residence in case it differs and generally they should not be considered as a threat in any way to the public order or public security of Cyprus.
11. The applicant and his/her spouse shall confirm that they do not intend to be employed in Cyprus with the exemption of their employment as Directors in a Company registered in Cyprus under investment category (C). In cases of investment in Categories (A), (B) and (D), the applicant and/or his/her spouse may be shareholders in companies registered in Cyprus. They may also hold the position of Director with no salary in such companies.
12. In cases where the investment does not consist of share capital in a company, the applicant and/or his spouse may be shareholders in Companies registered in Cyprus and the income they receive from the dividends from the said companies will not be deemed to be an impediment in obtaining an immigration permit. In addition, they can also hold directorship positions in companies that are registered in Cyprus provided they are not getting paid from the said companies.
13. In cases where the applicant chooses to invest under criteria (B, C, D), he/she must submit information about his/her place of residence in the Republic (eg. residential property deed or purchase agreement or rental agreement).
14. The property that will be used as the investment for the submission of the application and will be declared as the permanent residence of the family must have sufficient bedrooms to satisfy the needs of the main applicant and his/her dependent family.
15. Every year the applicant must still provide evidence showing that he still owns his/her investment.

1. The Immigration Permit is issued in favour of the main applicant. This includes the applicant’s dependents namely the spouse and their minor children up to the age of 18 years.
2. Unmarried children aged between 18 and 25, who prove that they are students in an institution of tertiary education abroad at the time of submitting the application, and are financially dependent on the main applicant, may submit a separate application to obtain 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 every such dependent child.
3. If children wish to study in an 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 the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, as it is described above, with the condition that their parents present only an additional annual income of €10,000 for every such child.
4. The said permit will continue to be valid, even if the children 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. the provisions of Regulation 6 of the Aliens and Immigration Regulations.

1. An Immigration Permit may also be granted to an adult child of the main applicant who is not financially dependent on the main applicant, provided that a higher value investment is made. The market value of the €300,000 investment should be multiplied by the number of adult children, who will rely on the same investment for the purpose of obtaining an Immigration Permit.
2. In the event that the investment relates to Real Estate, as described in criteria A or B, a receipt of payment of at least two thirds of the price of the properties should be submitted together with the application.
3. It is understood that, in such a case, each adult child will be able to prove that they have at their disposal a secure annual income of at least €50,000, which will increase by €15,000 for the spouse and €10,000 for each dependent child. In addition, it is noted that the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.

• The application will be processed by the Civil Registry and Migration Department and shall be forwarded for examination and decision to the Minister of Interior, provided that all the criteria and requirements are met. Upon submission of the application, a fee of €500 is paid.
• It is estimated that the examination period will be approximately between two to four months from the date of submission of the completed application.

1. Copies of Passports
   
2. CV in English for the applicant and his spouse. The CVs must be signed by them.
3. Clean Criminal Records translated in English and duly certified (certified by the Cyprus Embassy and the Ministry of Foreign Affairs) – for the main applicant, spouse, adult children, parents
4. Marriage Certificate translated in English and duly certified (certified by the Cyprus Embassy and the Ministry of Foreign Affairs) – for the applicant/spouse and parents
5. Birth Certificates of the children translated in English and duly certified (certified by the Cyprus Embassy and the Ministry of Foreign Affairs).ln case the children are adult please inform me accordingly as additional documentation must be submitted with the application.
6. Income Certificate from abroad of €50,000 at least, plus an additional amount of €15,000 for the spouse and €10,000 for each dependent child.
7. Affidavit Statement for not Employment by the applicant and his/her spouse that he/she does not intent to work or be engaged in any form of business in Cyprus (with the exception of their employment as Directors in a Company registered in Cyprus by virtue of which they have chosen to invest under the current regulations). The Statement for not employment in Cyprus must be signed by both the main applicant, the spouse, adult children and parents (one document each).
8. MIP1 form for PR application must be signed by the main applicant and the adult children.
9. University certificate for any adult children (stating the duration and the degree).
10. Birth Certificate: A birth certificate of the main applicant and spouse is needed.
11. All family members must provide Health Insurance Certificate for medical treatment covering inpatient and outpatient care in case they are not registered with the National Health System of Cyprus(GHS).

In Relation To The Property Acquisition Procedure The Following is Needed:

1. Copy of the stamped Contract of Sale
2. Copy of the Land Registry receipt proving that the Contract of Sale has been lodged at the Land Registry
3. Receipts of payment of at least €300,000 plus VAT(where applicable)
4. Bank letter showing that the amount of €300,000 plus VAT is emanated from abroad

• Permanent Residency fee: €500 per application
• Issuance of Alien Registration certificate: €70 per person

• VAT may be reduced to 5% on the first property purchase, subject to conditions
• Standard VAT rate is 19%
• Additional taxes and duties apply