Permanent Residence Scheme – Category (6.2)
In accordance with the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, non-EU citizens are entitled to apply for a Permanent Residence Permit in Cyprus with the fast-track procedure by investing not only in the real estate field, but also in the business sector.
1. Investment Options
A permanent residence permit can be obtained if the applicant invests in one of the following categories:
A. Investment in Residential Property (Category A)
- The investor may purchase a new house or apartment in Cyprus worth at least €300.000 (plus VAT).
- The property declared as the permanent residence of the family must have sufficient bedrooms for the needs of the applicant and their family members.
- If the applicant applies under Category A, they may purchase up to two housing units (apartments or houses). The properties must be sold for the first time unless they have been purchased prior to 07/05/2013.
- The application for permanent residency has to be accompanied by the title deeds or the sales agreement in applicant’s name or their spouse’s name, which has been officially filed at the Department of Lands and Surveys, and the official receipts for the payment of a minimum €300.000.
- Upon submission of the application, evidence must be provided that the investment money has derived from abroad and is not the result of domestic borrowing (remittances, foreign card payment receipts, bank certificate).
B. Investment in other real property (Category B)
- The applicant may invest in other types of real estate such as offices, shops, hotels or related estate developments, or a combination thereof, with a total value of €300.000.
- Supporting documentation to the application: title deeds or the sales agreement in applicant’s name or their spouse’s name, which has been officially filed at the Department of Lands and Surveys, and the official receipts for the payment of a minimum €300.000.
- Unlike Category A, the applicant’s income may derive from activities within the Republic of Cyprus.
- The applicant must provide evidence of accommodation in the Republic (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement).
C. Investment in the share capital of a Cyprus Company (Category C)
- The applicant may invest the minimum amount of €300.000 in the share capital of a company which is registered, based and operates in the Republic of Cyprus.
- This company must have proven physical presence in the Republic and must employ at least five people.
- If the applicant applies under Category C, their application must be accompanied by: Share Purchase Agreement, Shareholders Certificate by the Registrar of Companies, Certificate of Incorporation by the Registrar of Companies, Business profile of the company (business objectives etc), and proof from the Social Insurance Services regarding the personnel employed by the company.
D. Investment in units of a Cyprus Collective Investment Organization (Category D)
- The worth of investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF) must be at least €300.000.
- If the applicant applies under this category, their application must be accompanied by: Titles or other evidence of the purchased units, proof of payment (e.g. remittances), confirmation by the CySEC of the setup of the Fund, and Memorandum of the Fund or Investment Fund.
2. Requirements & Conditions in relation to the Applicant and their family members
i. Annual Income
The applicant is required to provide proof of a secured annual income of at least €50.000. The additional secured annual income required for the spouse of the applicant is €15.000 and €10.000 for each minor child. In calculating the total amount of income, the spouse’s income may also be taken into account.
If the applicant applies under Categories B, C or D above, their annual income may derive from activities within the Republic of Cyprus, but if they invest under Category A above, the applicant must provide evidence that their annual income derives from abroad.
The annual income of the applicant can be proven either through his/her tax return declaration from the country where he/she declares tax resident or through official certificates from an independent Certified Accountant.
ii. Family Members
The Immigration Permit covers the applicant, their spouse, and their underage children (children under eighteen years old) as dependent persons. It does not cover the parents and/or parents in law of the applicant.
Unmarried children between 18-25 years old can apply for an Immigration Permit on their own with a separate application and the payment of a separate application fee, given that they are students in an institution of tertiary education abroad and they are financially dependent on the main applicant at the time of the submission of the main application. In such a case, the father or mother and/or both parents together must present an additional annual income of €10.000 for each such dependent child. The permanent residence permit of these children remains valid, even when they are over the age of 25 and they do not remain unmarried and financially dependent on the main applicant. However, their future spouses or underage children cannot be included as dependent persons on this Permit.
Children of the applicant who are over the age of 18 and wish to study in an institution of tertiary education in Cyprus need to apply as students through that institution for a temporary residence permit in the Republic of Cyprus. As soon as they complete their studies in the above-mentioned institution, they may submit their own application for a Permanent Residence Permit, and their parents must provide proof of a secured annual income of at least €10.000 for every such child.
Adult children of the applicant who are not financially dependent on their parents may submit a separate application for an Immigration Permit as well, however the investment amount of €300.000 should be multiplied by the number of the non-financially dependent children (e.g. for one adult non-financially-dependent child, the applicant must invest the amount of €600.000 in one of the above Categories, for two adult non-financially-dependent children the applicant must invest the amount of €900.000).
3. Further Conditions& Documentation
The applicant and their spouse must provide a cleancriminal record certificate from their country of origin and their country of residence, if different.
The applicant and their dependent family members must submit a health insurance policy certificate for medical care covering inpatient and outpatient care.
Moreover, the applicant and their spouse must confirm with a declaration that they have no intention to work in the Republic of Cyprus or to receive any salary in Cyprus. However, they may hold the position of Director in the company in which the applicant invests but without receiving any salary.
If the applicant applies under Categories B, C or D above, he/she and the spouse are required to provide proof of residence in Cyprus (rental agreement, title deeds etc.).
4. Additional information/Clarifications
The applicant and their spouse are allowed to be shareholders in companies registered in Cyprus and they still can obtain an immigration permit regardless the income from dividends received from such companies. They may also serve as an unpaid Director in such companies.
If, for any reason, the Immigration Permit of the investor is cancelled, this will result in the cancellation of the dependents’ Permits as well.
5. Conditions after obtaining the Permanent Residence Permit
The applicant is obligated to provide the Civil Registry and Migration Department, annually, with evidence of maintaining the investment, and proof of holding a health insurance policy certificate if they no longer benefit from GESY.
Moreover, the applicant and the adult members of his/her family have to submit a clean criminal record certificate from their country of origin and their country of residence every three years.
It is also noted that if any alienation of the holder of the Permanent Residence Permit from the investment of any of the above Categories occurs and the holder does not proceed with immediate replacement with a new investment of the same or greater value, their Permit gets automatically cancelled.
Failure of the Permit holder to comply with the above requirements will result in the cancellation of their and their family members’ Permanent Residence Permit.
6. Our Services
A. Danos & Associates LLC offers the following services related to applying for and obtaining Permanent Residency with the fast-track process through the above-described process:
Provide advice on the requirements and the procedure for obtaining the Permanent Residence Permit.
Assist in collecting all the documentation necessary for applying for the Residency Permit.
Provide legal advice and assistance with the preparation and drafting of agreements in relation to the required investments in Cyprus.
Assist in completing the application form and preparing other relevant paperwork.
Submit the application with all the attached required documentation to the Ministry of Interior.
Manage the process of liaising with the authorities during the application processing period and until the Permanent Residence Permit is granted.