Immigration Services

Requirements for awarding an Immigration Permit under the accelerated process to individuals who are citizens of third countries and make investments in Cyprus.

1. The individual applying is required to make a minimum investment of €300,000 in any of the specified investment categories:

(a) Investment in a residential property: 

Acquisition of a house or apartment from a development company, where the property’s initial sale value is a minimum of €300,000 (excluding VAT).

(b) Investment in real estate (excluding residential properties): 

Acquisition of various real estate types, including offices, shops, hotels, or related developments, or a combination thereof, with a cumulative value of €300,000. These acquisitions may involve resale transactions.

The applicant must include regarding the abovementioned Section 1.(a),(b), with the application, the title deed or a sales contract in their name and/or their spouse’s name, officially registered at the Department of Lands and Surveys, for a house or any other real estate. 

The total market value should be at least €300,000 (plus VAT, if applicable), and the official payment receipts must be a minimum of €300,000 (excluding VAT), irrespective of the property’s delivery date.

Upon application submission, it is essential to provide evidence that the investment funds originate from abroad and do not result from domestic borrowing. 

This evidence can include remittances, foreign card payment receipts, and a bank certificate, all linked to the corresponding investments.

The remaining investment value must be repaid to the seller’s account at a Cyprus financial institution. 

It is emphasized that real estate purchases are acceptable even when made in the name of a legal entity, as long as the applicant and/or the spouse are the sole shareholders or ultimate beneficial owners, and the legal entity is legally established in the Republic or any other EU or EEA member state. 

Regarding the purchase of a house/apartment, the following points are specified: 

(i) The applicant or a couple may purchase up to two (2) housing units (apartments or houses), provided that the total market value aligns with the provisions mentioned above. 

(ii) The mentioned purchase should pertain to dwellings sold for the first time by a development company, unless the purchase occurred before 07/05/2013. Sale contracts related to the resale of dwellings, submitted to the Department of Lands and Surveys before 07/05/2013, will be accepted for policy purposes.

It is not mandatory for the properties to be purchased from the same development company. 

In cases where the sale contract is signed or the title of ownership is issued more than a year after the application’s submission, the applicant must include a recent Search Certificate of Immovable Property from the Department of Lands and Surveys in their application. 

If the sales document or property title is issued more than one year from the application date, the applicant is required to submit, along with the application, a recent Real Estate Survey Certificate from the Land Registry Department.

(c) Investment in the share capital of a Cyprus company with business operations and staff in the Republic:

An initial investment of €300,000 in the share capital of a newly established company in the Republic of Cyprus or a capital increase of €300,000 in an existing company registered in the Republic of Cyprus. The company must be based and actively operating in Cyprus, demonstrating a tangible physical presence and employing a minimum of five (5) individuals.

To comply with this policy, the applicant is obligated to undertake a comprehensive investment totaling a minimum value of €300,000, ensuring the company’s physical presence in the Republic and the employment of a minimum of five (5) individuals. 

The submission of the following documents is required in this instance:-

Shareholders Certificate and Certificate of Incorporation: Issued by the Registrar of Companies and Official Receiver. 

Business Profile: A detailed overview of the company, encompassing business objectives and related information. 

Proof of Payment: Documentation validating financial transactions, such as remittances, associated with the investment. 

Personnel Evidence: Documentation from the Social Insurance Services verifying details about the individuals employed by the company.

(d) Investment in units of Cyprus Investment Organization Collective Investments (such as AIF, AIFLNP, RAIF): 

A commitment of €300,000 in units of Cyprus Investment Organization Collective Investments, with the stipulation that these investments are maintained within the Republic of Cyprus. It is important to note that any divestment by the holder of the Immigration Permit from the initial investment, without promptly substituting it with another of equal or greater value that adheres to the specified conditions in this procedure, will lead to the revocation of the Immigration Permit, in accordance with the provisions of Regulation 6 of the Aliens and Immigration Regulations.

To adhere to the guidelines of this policy, the applicant must commit to a total investment of at least €300,000 in investment units and provide the following documents (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.): 

Titles or Proof of Purchased Units: Documentation confirming ownership or possession of the acquired investment units.

Proof of Payment: Documentation, such as remittances, validating the financial transactions associated with the investment. 

CySEC Confirmation: Confirmation issued by the Cyprus Securities and Exchange Commission (CySEC) regarding the establishment of the Fund.

Memorandum of the Fund or Investment Fund: A formal document outlining the key details, objectives, and operational framework of the Fund or Investment Fund.

It is noted that the funds used for the investment must be proved to have been transferred to Cyprus from abroad, from the applicant’s or/and his/her spouses bank account, provided the spouse will be included as a dependent person in the application. The investment amount should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution.

1.1. In addition to the investment outlined in Paragraph 2.1 above, the applicant must demonstrate a personal secure annual income of at least €50,000. This annual income increases by €15,000 for their spouse and by €10,000 for each dependent minor child of either the applicant or their spouse. The income should originate from abroad and may encompass salaries, pensions, dividends from shares, interest from bank deposits, rents, etc. Verification of this income requires a tax return declaration from the country where the applicant claims tax residency, particularly in cases where the applicant opts for investment as per Section 1.a. (Investment in a residential property). When calculating the total income, the spouse’s income can also be considered. For applicants choosing to invest under Sections 1.b. (Investment in real estate (excluding residential properties), 1.c. (Investment in the share capital of a Cyprus company with business operations and staff in the Republic) or 1.d. (Investment in units of Cyprus Investment Organization Collective Investments (such as AIF, AIFLNP, RAIF), their total income, or a portion of it, may also include earnings from activities within the Republic.

2. QUALITY CRITERIA:

The applicant and their spouse must furnish a clear criminal record certificate from their country of origin and, if applicable, from their current country of residence. It is imperative that they do not pose any threat to public order or public security in Cyprus. 

The applicant and their dependent family members are required to submit a health insurance policy certificate that covers both inpatient and outpatient medical care.

 The applicant and their spouse are obligated to confirm that they do not intend to engage in any form of employment within the Republic, except for their roles as Directors in a Company in which they have opted to invest under this policy. 

In instances where the investment does not pertain to the company’s share capital, the applicant and/or their spouse are allowed to be shareholders in companies registered in Cyprus. Income from dividends derived from such companies will not be considered an impediment to obtaining the Immigration Permit. Additionally, they may hold the position of an unpaid Director in such companies. 

For applicants opting to invest as per Paragraphs 1.b, 1.c, or 1.d, documentation demonstrating accommodation in the Republic is required (e.g., title of ownership or sales contract and proof of payment for the property or rental agreement). 

If the applicant chooses to invest as per Paragraph 1.a. but the investment property’s number of bedrooms is insufficient for the needs of their dependent family members, they must specify an alternative property or properties to serve as the residence for these individuals (e.g., title of ownership or sales contract and proof of payment for the property or rental agreement).

 3.  DEPENDENT PERSONS

The Immigration Permit is issued to the applicant and extends to their spouse and dependent children below the age of 18. If both spouses wish to obtain separate Immigration Permits, they may do so by submitting individual applications and paying the applicable fees. It’s important to highlight that the other spouse is not obligated to meet the criteria of this policy separately. It should be emphasized that the cancellation of the Immigration Permit granted to the investor will lead to the automatic cancellation of the spouse’s Permit, in accordance with the stipulations of Regulation 6 of the Aliens and Immigration Regulations, should such cancellation occur for any reason.

Unmarried children aged between 18 and 25, who can demonstrate their status as tertiary education students abroad at the time of application and are financially reliant on the applicant, have the option to submit an independent application for an Immigration Permit by paying the applicable fee. In such cases, the father, mother, or both parents jointly must exhibit an additional annual income of €10,000 for each dependent child. If these children intend to pursue studies at any Tertiary Education Institution in the Republic, they must apply for a temporary residence permit in the Republic as students through the respective Institution, following the provisions of the relevant legislation (EU Directive). Subsequent to completing their studies in the Republic, they can independently apply for an Immigration Permit, as detailed above, irrespective of their age. However, it is a prerequisite that the parents present an additional annual income of €10,000 for each such child. Importantly, the granted Permit remains valid even if the holders surpass the age of 25 or no longer remain unmarried, students, or financially dependent on their parents.

It’s essential to note that the future spouses or underage children of these individuals cannot be included as dependent persons on this Permit. Additionally, if, for any reason, the Immigration Permit granted to the investor/parent is revoked, it will lead to the cancellation of the child’s Permit in accordance with the provisions of Regulation 6 of the Aliens and Immigration Regulations.

 4. HIGHER VALUE INVESTMENT FOR INCLUDING ADULT CHILDREN:

Unmarried children aged between 18 and 25, who can demonstrate their status as tertiary education students abroad at the time of application and are financially dependent on the applicant, have the option to submit an independent application for an Immigration Permit by paying the applicable fee. In such cases, the father, mother, or both parents jointly must exhibit an additional annual income of €10,000 for each dependent child. 

If these children intend to pursue studies at any Tertiary Education Institution in the Republic, they must apply for a temporary residence permit in the Republic as students through the respective Institution, following the provisions of the relevant legislation (EU Directive). Subsequent to completing their studies in the Republic, they can independently apply for an Immigration Permit, as detailed above, irrespective of their age. However, it is a prerequisite that the parents present an additional annual income of €10,000 for each such child. Importantly, the granted Permit remains valid even if the holders surpass the age of 25 or no longer remain unmarried, students, or financially dependent on their parents. 

It’s essential to note that the future spouses or underage children of these individuals cannot be included as dependent persons on this Permit. Additionally, if, for any reason, the Immigration Permit granted to the investor/parent is revoked, it will lead to the cancellation of the child’s Permit in accordance with the provisions of Regulation 6 of the Aliens and Immigration Regulations.

4. APPLICATION AND EXAMINATION:

The application and examination procedure requires applicants to personally submit their applications, along with the necessary documents, to the Civil Registry and Migration Department (CRMD) or through an authorized representative. 

An appointment or an alternative arrangement must be made for the submission. 

A fee of €500 is applicable upon submitting the application, and an additional fee of €70 per person is charged for issuing the Alien Registration Certificate (ARC) if it does not already exist. 

Applications presented by authorized representatives must be accompanied by a certified authorization letter, signed by the applicant. 

The authorization letter should include the representative’s particulars, complete address, and contact number. 

The CRMD will process the application under an expedited procedure and forward it to the Minister of Interior through the Permanent Secretary of the Ministry of Interior.

Once all the criteria outlined in the policy are satisfied, and there are no issues related to the applicant’s criminal record, public order, or public security, the application will undergo examination for a decision by the Minister of Interior. The anticipated examination period for the application, commencing from the date of submission of the completed application, is approximately two (2) months.

The overall expenses encompass: 

a) Legal fees, 

b) issuance of a permanent permit for a non-EU Citizen, 

c) Due Diligence Fee,

d) Medical Examination, 

e) Health Insurance, and

f) Migration fees. 

For a detailed breakdown of the total cost, please contact us. 

If you require immigration services, feel free to reach out to us without hesitation.