Estimated Time approximately Two (2) months
The renowned Cyprus Permanent Residency Program (Fast Track) has undergone many positive reforms in March 2021.
In summary, the significant changes are as per below:
- The requirement to maintain a €30,000 deposit in a Cypriot Financial Institution (Bank) has been withdrawn.
- Applicants can invest in real estate properties, in other types of real estate units (i.e., offices, shops, hotels, etc.), the share capital of a Cyprus Company, and share Cyprus Collective Investment Funds (type A.I.F., AIFLNP, RAIF).
- The applicant’s parents and the applicant’s spouse’s parents are included in the main investment.
- Fast track procedure of two (2) months.
1. Residential Investment in a NEW house/apartment of at least €300.000 + V.A.T.
- The applicant may purchase up to two housing units (apartments or houses).
- The applicants should submit, with their application, the title deed or a contract of sale. Also, the applicants must submit the official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date of the dwelling delivery. It should be stressed that the total amount of the dwelling value should be settled in an account in a financial institution in Cyprus and provide proof that the investment funds are coming from abroad.
2. Investment in Real Estate Units (excl. houses/apartments) such as offices, shops, hotels, or similar developments or a combination of the above with a total value of at least €300.000 (+ V.A.T if applicable). These properties can also be resale.
3. Investment of a total value of €300.000 in the Share Capital of a company registered in the Republic of Cyprus. The company should be based and operates in the Republic of Cyprus with a proven physical presence in Cyprus and should employ at least five (5) persons.
4. Investment in Shares of Cyprus Collective Investment Funds (type A.I.F., AIFLNP, RAIF) worth €300.000.
- The applicant, together with his spouse, should prove that they have at their disposal a secure annual income of at least €30.000 from abroad.
o The income may derive from salaries, dividends, rental revenue, bank deposit interests, pensions, etc.
o In the cases where the applicant chooses to invest by following the Investment options 2, 3, and 4 mentioned above, their total income or part of it may also derive from activity sources within the Republic of Cyprus.
o This income should increase by €5.000 for every dependent family member and €8.000 for each dependent parent.
- The applicant and his / her spouse must submit a certificate of no criminal record from their country of residence.
- The applicants and their spouse should certify that they do not intend to work in the Republic of Cyprus, with the exception of their employment as Directors in a Company in which they have chosen to invest under the provisions of this policy.
- In cases where the applicants choose to invest as Investment options 2, 3, 4 mentioned above; they must present information about their residence place in the Republic of Cyprus (e.g., a real estate title deed, purchase agreement, tenancy agreement).
- Every two (2) years, the holder must visit Cyprus at least once.
- The Permanent Residency Permit is issued to the applicant. The Permanent Residency Permit includes the applicant’s dependents, the spouse, and minor children, up to 18 years old.
- If the applicant and spouse wish, it is possible to issue two separate Permanent Residency Permits without the dependent spouse must make an additional investment.
- Unmarried children aged between 18 and 25, who prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother or both parents must present an additional annual income of €5.000 for every dependent child.
The Permanent Residency Permit will continue to be valid after reaching the age of 25 even if the child is still not single and/or a student and/or financially dependent on their parents. Under this provision, they cannot include their spouse and their minor dependents in the existing Permanent Residency Permit.
- A Permanent Residency Permit can also be granted to the applicant’s parents and their spouse by submitting separate applications for each parent and paying the corresponding fee. In that case, the applicant should present an additional annual income of €8,000 for each dependent parent.
Higher Investment Value for Including Adult Children
A Permanent Residency Permit may also include adult children of the applicant, who are not financially dependent if the total value of the applicant investment is of a higher value:
The market value of the €300,000 investment should be multiplied by the number of adult children who will invoke the same Investment to obtain the Permanent Residency Permit. For example, if the applicant wishes to include in his Permanent Residency Permin an adult child, he/she should invest €600,000. If he has two adult children, the investment value should amount to €900,000, etc.
If the Investment is according to the provisions of the investment options purchasing a house/apartment or real estate property units, the applicant, together with the application, should provide payment proof of at least 66% of the property market value.
In such a case, each adult child should prove that they have at their disposal a secured annual income of at least €30,000, which increases by €5,000 for each dependent family member. Also, the Investment can be made jointly in the name of the applicant and the adult child or exclusively in the applicant’s name.