The Department of Population and Migration has proceeded with a revision and subsequent improvement of the criteria for granting an immigration permit to applicants who are third country (Non-EU) nationals and who invest in Cyprus.
- LEGAL FRAMEWORK
1.1 In accordance with the provisions of Regulation 6(2) of the Foreign and Immigration Regulations, the Minister of Interior decided to issue immigration permits to third-country nationals, in cases of investments that meet the requirements outlined below.
1.2 The applicant must meet one of the investment criteria set out in paragraph 2.1, as well as the qualitative criteria set out in paragraph 3 below. It is noted that the funds to be used for the investment have to come from abroad.
- INVESTMENT CRITERIA
2.1 The applicant must make an investment of at least €300,000 in one of the following investment categories:
(A) Investment in a house/apartment: purchase of a house or apartment from a land development company, which should be for a first sale of at least €300,000 (+ 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 them with a total value of €300,000. Such an investment may involve a resale property.
(C) Investment in the equity capital of a Cyprus registered company with activities and staff in Cyprus: The investment must have a value of at least €300,000 in the equity capital of the company, which is both based and active 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 Enterprise (either AIF / AIFLNP / RAIF).
It is understood that any alienation of the holder of the immigration permit from the investment in which he/she has made without its immediate replacement with another of the same or greater value, which should meet the conditions set out above, will result in activation of the process of cancellation of the permit under the provisions of Regulation 6 of the Immigration Regulations.
2.2 The applicant must, in addition to the investment under paragraph 2.1 above, be able to prove that he/she has at his/her disposal an insured annual income of at least €30,000. The annual income increases by €5,000 for each dependent family member respectively and €8,000 for each dependent parent (of the applicant and/or his/her spouse). This income may emanate from salaries, pensions, dividends from shares, bank deposits, rents, etc. coming from abroad in cases where the applicant chooses to invest as per paragraph 2.1.(A) above. The calculation of the total income may include that of the spouse.
In instances where the applicant chooses to invest as per paragraphs 2.1.(B), 2.1.(C) or 2.1.(D) above the applicant’s total income or part of it may also be derived from sources or activities within the Republic of Cyprus.
- PERSONAL CRITERIA
3.1 The applicant and the spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus.
3.2 The applicant and the spouse shall certify that they do not intend to be employed in the Republic except as directors of a company in which they have chosen to invest under this policy.
3.3 In cases where the investment does not relate to the share capital of a company, the applicant and/or the spouse may be shareholders in companies registered in Cyprus and the income from dividends in such companies may not be considered as an impediment for the purposes of obtaining the immigration permit. They may also hold the position of director in such companies without pay.
3.4 In cases where the applicant chooses to invest as per paragraphs 2.1.(B), 2.1.(C) or 2.1.(D), he/she should present data on his/her place of residence in the Republic by way of producing, for example, a title deed of property, a sale purchase agreement or rental agreement).