A person can apply to obtain an Immigration Permit on the basis of one of the Categories referred to in Regulation 5 of the Aliens and Immigration Regulations.
An Immigration Permit will not be granted to anybody unless the Immigration Control Committee recommends to the Minister of Interior that such person belongs to one of the following categories:
Fast-track procedure for obtaining permanent residence permit under category 6.2 (investment in the Republic of Cyprus)
Antigoni Markou Christofi Law firm would like to inform that the new rules in regards to the fast-track procedure for obtaining permanent residence permit under category 6.2 (investment in the Republic of Cyprus) came into force on 02/05/2023.
For all sale agreements that have been deposited at the Land Registry between 02/01/2023 and until 28/04/2023, the previous criteria will be applicable to the examination of any application.
1. The applicant must make an investment of at least €300,000 in one of the following categories:
(A) Investment in house/apartment:
Purchase of a house/apartment sold for the first time (not a resale) by a land development company of a minimum value of €300,000 (plus VAT).
(B) Investment in real estate (excluding houses/apartments):
Purchase of another form of real estate such as offices, shops, hotels or similar developments, or a combination of these, with a total value of €300,000. These properties may also be resale properties.
(C) Investment in share capital of a Cypriot Company with activities and personnel in Cyprus:
Investment worth €300,000 in the share capital of a new company or investment worth €300,000 in the share capital of an existing 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 shares of a Cyprus Investment Organization for Collective Investments (Type AIF, AIFLNP, RAIF):
Investment worth €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments need to be carried out in Cyprus.
2.The money that used for the above investment should come from abroad, and specifically from the applicant’s personal bank account and/or his spouse’s which should be transferred to the Vendor’s bank account in Cyprus.
3.Furthermore, the main applicant should have income from abroad of at least €50,000. This income is increased by €15,000 for a dependent spouse and €10.000 for each dependent minor child. The above-mentioned income includes pensions and/or rents and/or monthly salary, share dividends. However, it must be noted that in case the investment is in a house or apartment, the applicant’s income will be proven only through his/her tax return from the country in which he/she declares tax residence.
4.The Main applicant and his spouse must submit a clean criminal record certificate from their country of origin and country of residence.
5.The applicant and his/her dependents are obliged to submit alongside with the other documents a certificate of health insurance for medical care that covers both in-patient and out-patient care.
6.The applicant and their spouse must certify that they do not intend to work in the Republic of Cyprus.
Finally, the issued residency cards of adults have validity of 10 years, with the right of renewal every 10 years. The permanent residency permit issued to minor dependent children is valid until they reach the age of 18.
For the granting of an Immigration Permit, an application is submitted on the form M.67 to the Civil Registry and Migration Department directly or through the District Aliens and Immigration Branches of the Police. The application should be accompanied by the appropriate documents, depending on the Category for which it is submitted. Applications for Category F which are the most usual should be accompanied by the original of documents regarding the income of the applicants.
Applicants who are abroad may submit an application directly to Cyprus, as stated above, or through the local Consular Authorities of the Republic of Cyprus. The applications are examined by the Immigration Control Committee which submits a relevant suggestion to the Minister of the Interior for a decision to be taken.
An Immigration Permit will be automatically cancelled if the interested person fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or is absent from Cyprus for a period of two years.
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The above information is not intended to be used as legal advice and is merely an example to better understand the legal position of the reader. If you need legal advice please contact us today.