Investment under the Investment Scheme of Category 6.2 might be a very appealing option for non-Eu citizens that are interested in obtaining permanent residence permit in Cyprus, given that they meet certain criteria. This article presents and analyses some of the main benefits of this Scheme.
A variety of Investment Options
Interested candidates may choose to invest in real property, either residential or commercial. Residential property can be constituted of up to two housing units (houses or apartments). Other kinds of real property can include shops, offices, hotels or related estate developments, or a combination thereof.
However, the investment options are not confined to real estate; candidates could alternatively invest in the share capital of a company registered in Cyprus, or even in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF).
The main requirement for all the above-mentioned types of investment is that they must reach a total value of Euros 300,000 at least, to be eligible for the purposes of the Investment Scheme. Our Cyprus lawyers will guide you according to your special needs and preferences.
Family Members Coverage
A significant advantage of the Investment Scheme under Category 6.2 is that family members of the main applicant might be included in the application as dependants and thus they may obtain the permanent residence permit as well. The term ‘family members’ under the Scheme includes the spouse and underage children, however, it can extend to adult children under certain circumstances.
Adult children between 18 to 25 years old who are unmarried and financially dependent on their parents and are students in an institution of tertiary education abroad are still eligible. Moreover, it is worthy to note that their permanent residence permit will remain valid even after the age of 25 and even when they are no longer unmarried and/or financially dependent on their parents.
Children of applicants that intend to study in a university in Cyprus, may first apply for a temporary residence in Cyprus, and upon the completion of their studies, they might apply under the Investment Scheme for a permanent residence permit.
Adult children of applicants who are not financially independent on the parents, can still submit a separate application; in such a case though, the total worth of Euros 300,000 for the investment is multiplied by the number of the non-financially dependent children, (meaning that for one adult non-financially-dependent child, the applicant must invest at least Euros 600.000 , for two adult non-financially-dependent children the applicant must invest at least Euros 900.000 etc).
It is noted that the minimum annual income of the applicant (Euros 50,000) is increased by Euros 15,000 for the spouse and by Euros 10,000 for every minor child and/or dependent adult child.
‘Express’ Procedure
One of the most advantageous aspects of category 6.2, is that it is considered the fast-tracked route to permanent residence. Applications submitted under this scheme are usually examined as soon as two months, given that all the forms have been duly completed and submitted along with the necessary supporting documentation.
Permanent Status
Upon success of the application under this scheme, the status of the holder of the residence permit is, as its name suggests, permanent. This means that they can enjoy significant benefits, such as visa-free entry to Cyprus, and living in Cyprus without time limitations. Furthermore, in contrast to holders of temporary residence permits, investors do not have to replace and/or update their residence cards every few years; their cards need to be updated every 10 years.
Flexibility
Permanent residence permit offers the permit holders great flexibility as they do not have to stay in Cyprus after they acquire the permit. However, they need to visit the island at least once every two years to maintain their status.
More than a Residence Permit
Acquiring permanent residence in Cyprus comes with many benefits for an investor, including no-tax on global income, inheritance and property, and 12,5% as corporate tax- being one of the lowest in Europe. Moreover, a company does not pay tax on income from dividends, securities transactions, or a foreign branch of a Cypriot company. Apart from these great benefits, living in Cyprus means that you can enjoy the lovely mediterranean climate, a healthy environment, as well as quality healthcare and education.
Our legal services
Our Cyprus lawyers will assist you in every aspect of your application under the Investment Scheme. Our team will assess your circumstances and offer you legal advice that will reflect your needs. We will guide you through the different stages of the procedure, including deciding which investment option might be the best for you, explaining all the criteria that need to be met so that you and your family can be eligible to apply, guiding you to collect all the necessary supporting documents, booking an appointment for you well in advance with the Migration Department, accompanying you on the date of your appointment, and following up the progress of your application after its submission.
