Legal Framework:
The Minister of Interior issued an Immigration Permit to applicants from third countries in accordance to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations and in line with the Council of Ministers.
The criteria that must be met go as follows:
Investment:
- Confirmation letter submitted by the applicant, confirming that there was a deposit of a minimum capital of €30.000 into a bank account in Cyprus.
- The confirmation letter must be issued by a financial institution in Cyprus.
- Guaranteed for a minimum of three years.
- Proof that the amount was transferred to Cyprus from abroad.
Acquisition of real estate:
- Title deeds or a sale contract in applicant’s or their spouse’s name to be submitted with the application.
- It is required that the Sale contract for the real estate had been filed at the Department of Lands and Surveys with a market value of €300.000 minimum (V.A.T. not included).
- Official payment receipts against the price of €200.000 minimum (V.A.T. not included) must be presented.
- Full payment of the value of real estate to be settled in an account maintained with a Cypriot financial institution.
Acquisition by a company:
- Real estate purchase to be accepted whether it was made by a legal person, provided that the applicant and/or their spouse are the shareholders or the ultimate beneficial owners of it.
- The legal person to be legally established in the Republic or other member state of the European Union or European Economic Area.
Types of real estate:
- Applicant to purchase up to two housing units-it is acceptable to be independent but must be purchased by the same development company or
- Purchase of one housing unit and one shop of up to 100 sq.m or
- Purchase of one housing unit and an office of up to 250 sq.m
- For couples, the restrictions apply for the two together and not for individuals.
- Purchase to be related to a property that is sold for the first time by a development company.
- In case of two dwellings, they must be sold by the same development company.
- As from 2013, applications related to the re-selling of dwellings will not be accepted.
- Applications related to the re-selling of dwellings filed before the 7th of May 2013 will be accepted.
- The alienation of the purchased property without its immediate replacement by another property of the same or higher value will lead to the cancellation of the Immigration Permit.
Dependent children:
- The Immigration Permit covers dependent children under specific criteria.
- Two separated permits can be granted for two spouses, providing that they meet the criteria and the relevant fee is paid, without requiring from the other spouse to purchase a property.
- In the event of death of an Immigration Permit holder, the spouse is granted the permit, with the submission of an application and the payment of the relevant fee.
- The spouse is not required to meet the criteria.
- Unmarried children between 18 and 25 years old with proof of attendance to an institute of third level education abroad with a minimum remainder of study of six months from the date of the submission of the application, and financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit by paying the relevant fee.
- In this case one of/or both parents must submit an additional annual income of €5.000 for every dependent child.
- The application must be in accordance to the provisions of the relevant legislation (EU Directive).
Parents and parents-in-law:
- An Immigration Permit to be granted to the parents and parents-in-law of the holder of the Immigration Permit by submitting an application and paying the relevant fee.
- The holder of the Immigration Permit to present only an additional annual income of €8.000 for every parent.
Investment of a Higher Value for the Inclusion of Children who are not financially dependent:
- Immigration Permit to be granted to children of 18 years old who are not financially dependent on the parent, as long as the market value of the real estate attributed to each child is at least €300.000 (V.A.T. not included).
- If the applicant has a child over 30 years old and wishes to acquire an Immigration Permit, the value of the real estate purchased must be €600.000.
- If the applicant has two independent children, then the value of the real estate must be €900.000.
- Receipt of payment of the 66% of the market value of the real estate must be submitted with the application.
- The purchase must be made in the name of one or both parents, in the name of the child or on both.
- In such case, each child is required to submit the necessary documentation with their application/a secured annual income of €30.000 and a deposit in a financial institution in Cyprus of €30.000, bound for three years.
Qualitative Criteria:
- The applicant and their spouse to submit a clean criminal record from their country of residence or from Cyprus, whereas they are residents of the Republic.
- The applicant and their spouse must confirm that they do not intend to undertake any kind of employment in Cyprus.
- The applicant and their spouse might be shareholders in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed as an impediment in acquiring the Immigration Permit.
- The holder of an Immigration Permit is obliged to locate in Cyprus within one year from the date of the issuance of the Immigration Permit Certificate.
- At the same time, the holder of the permit and the independent relatives are obliged to not be absent from Cyprus for more than two years. If so, the Immigration Permit gets cancelled automatically, in accordance to the provisions of Regulation 6(3) or may be cancelled in accordance to the provisions of Regulation 6(4).
Time schedule for issuing an Immigration Permit:
- Unless public security issues arise, the application gets examined by the Minister of Interior in a positive manner, leading to the issuance of the Immigration Permit.
- The procedure of the examination of documentation must not take more than two months.
Simon Zenios & Co LLC assists you in every step of applying for an immigration permit by investment in Cyprus
Our team of experienced lawyers understands the complexity of the procedure of applying for getting an immigration permit in Cyprus through investment. At Simon Zenios & Co LLC we have motivated individuals who follow the developments in the area in order to be able to provide guidance to individuals wishing to proceed to such endeavours.
Our team will be able to advise and assist you throughout the whole procedure from explaining the legal framework to studying your eligibility in obtaining the immigration permit. They will also be at your disposal to explain and analyse all the requirements the individuals must fall into so as to be considered as successful applicants.
How Simon Zenios & Co LLC can assist:
- Provide guidance in order to meet the required financial criteria.
- Proceed to thorough examination of the specifications of the applicant’s situation.
- Find the appropriate property that suits the needs of the applicant.
- Draft and collect all the necessary documentation for the application to be valid.
- Provide constant update on the progress of the application.
- Provide assistance regarding the opening of bank accounts.
- Submit the application to the Civil Registry and the Migration Department.
For any queries regarding getting an immigration permit by investment in Cyprus or any other legal matter please do not hesitate to contact Simon Zenios & Co LLC.
