THE PERMIT
- Concerns NON-EU citizens
- It is granted to the applicant and his spouse for the rest of their lives
- No right to work in the Republic
HOW TO OBTAIN IT
- Fast Track Procedure (Regulation 6(2)): within 2 months from submission date
- This Permit is also granted to the spouse minor and financially dependent adult children
The applicant must meet one of the investment criteria set out in Paragraph 1.1, as well as the quality criteria set out in Paragraph 2 below. It is understood that the money to be used for the investment should demonstrably come from abroad.
1. INVESTMENT CRITERIA
1.1 The applicant must make an investment of at least €300,000 in one of the following categories of investments:
(A) Investment in a house/apartment: Purchase of a house or apartment by a land development company, which should relate to a first sale of at least €300,000 (plus VAT).
(B) Investment in real estate (excluding houses/apartments): Purchase of other forms of real estate such as offices, shops, hotels or similar developments or a combination thereof with a total value of €300,000. Such properties may also relate to resales.
(C) Investment in the share capital of a Cyprus Company with activities and staff in Cyprus: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and employs at least five (5) people.
(D) Investment in units of a Cyprus Collective Investment Mutual Fund (type AIF, AIFLNP, RAIF): Investment worth €300,000 in units of a Cyprus Collective Investment Mutual Fund. In case of disposal of the investment units for the Permanent Residency to remain valid another investment must be made of the same or higher amount.
1.2 The applicant should, in addition to the investment must prove an annual income of at least €30,000 (any source of income). The annual income is increased by €5,000 for each dependent family member and €8,000 for each dependent parent (the same and/or spouse). A). The calculation of the total income may also take into account the income of the applicant’s wife. In cases where the applicant chooses to invest as Paragraphs 1.1. (B), 1.1. (C) or 1.1. (D), his or her total income or part of it may also be derived from sources from activities within the Republic.
- QUALITY CRITERIA
- The applicant and his wife must submit a clean criminal record certificate from their country of residence or from the Republic if they reside in Cyprus.
- The applicant and his wife shall certify that they do not intend to work in the Republic with the exception of their employment as Directors in a Company.
- Where the applicant chooses to invest as Paragraphs 1.1.( B), 1.1. (C) or 1.1. (D), he should present information on his place of residence in the Republic (e.g. title to property ownership, purchase document, rental document).
- LEGAL DATA
The investment could be performed either through a company of directly from the applicant acquiring up to two residential units.
SUCCESS OF THE APPLICATION
Provided that:
- All requirements are satisfied.
2.There are no reasons of rejection due to their criminal records (after the research of the Ministry of Interior) or public order.
REASONS FOR REVOCATION OF THE PERMIT
- When the holder of this Permit was granted permanent Residence Permit in another Country (other than the country of his nationality).
- When he did not visit Cyprus for a period longer than 2 years continuously.
