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Cyprus fast track permanent residency as at April 2021.
Cyprus has recently implemented a new investment permanent residence scheme (fast track) aimed at attracting high net worth non EU citizens that want to relocate to Cyprus.
Under the fast track permanent residency scheme applications are examined as a matter of priority and the time frame for completion of the examination process is around 2 months.
The new permanent residence policy has been simplified and has two main criteria:
The two criteria:
1️⃣ The applicant must invest at least €300,000 in specific investment categories.
2️⃣ The applicant should, be able to prove that he has at his disposal a secure annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse). This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, fixed deposits, rents. In calculating the total amount of income, the spouse’s income may also be taken into account.
The investment categories are as follows:
👉 Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).
👉Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.
👉Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.
👉Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.
Note: It is noted that any alienation of the holder of the Immigration Permit from the investment he has made without its immediate replacement with another of the same or greater value which must meet the conditions set out in the present procedure, will result to the cancellation of the Immigration Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
👉The applicant and his spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus and generally they should not be considered as a threat in any way to public order or public security in Cyprus.
👉The applicant and his spouse shall confirm that they do not intend to undertake any sort of employment in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy.
👉In cases where the investment does not concern the company’s share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining the Immigration Permit. In such companies, they may also hold the position of an unpaid Director.
In the new scheme there are provisions facilitating the relocation of the family of the applicant. For example an Immigration Permit may also be granted to the applicant’s parents and parents-in-law, with the submission of separate applications for each person and the payment of the relevant fee with the condition that the applicant will present only an additional annual income of €8,000 for each dependent parent. It is noted that, if for any reason the Immigration Permit granted to the investor/child is cancelled, this will result to the cancellation of the parents’ Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
How we can help.
Our law firm can provide assistance and guidance to prospective applicants and their family and undertake the set up process.