On the 24th March 2021, the Council of Ministers has voted for and approved the fast-track process of immigration permits, to applicants who are nationals of third countries and wish to invest in the Republic of Cyprus. Read more:
The new Legal framework of the process to obtain the immigration permit (permanent residence) is as follows and applicant (third country national) has to meet one of the following investment criteria:
- The applicant must make an investment of ate least EUR 300,000 in one of the following investment categories:
A. Investment in a house / apartment which should involve a first sale of at least EUR 300,000 (plus VAT);
B. Investment in real estate (excluding houses / apartments) such as offices, shops, hotels or similar developments or a combination of these in total value of EUR 300,000. These properties can also be resold;
C. Investment on share capital of worth EUR 300,000 in a Cyprus company with activities and personnel in Cyprus. The company must operate in Cyprus, with proven physical presence and with ate least five (5) Cypriot employees;
D. Investment in shares of Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF) of worth EUR 300,000.
- The applicant must, in addition, be able to prove an insured annual income of at least EUR 30,000, which shall increase by EUR 5,000 for each dependant family member, or EUR 8,000 for each dependant parent (of the applicant’s or his/her spouse). The income must be proved that it is coming from abroad as the applicant and his/her spouse shall not be employed in Cyprus.
- The applicant and his/her spouse must have a Clear Criminal Record certificate issued from their country of residence.
Feel free to have a look at our recently updated product sheet with general information, Q&A, requirements, procedures and timeframes. Click for more.
For further information and assistance, feel free to get in touch with George Economides, partner in the firm.