Acquiring an Immigration Permit
All third country nationals who meet the criteria and terms set out in the scheme are eligible for acquiring an Immigration Permit for Cyprus
A non-Cypriot citizen, who meets the following criteria may apply for the acquisition of an Immigration Permit:
- Provide evidence of a secure annual income of at least €30.000 (+€5.000 for every dependent person – spouse and children – and +€8.000 for every dependent parent or parent-in-law)
- Invest at least €300.000 (+VAT) to the following categories of investments:
(A) Investment in a house/apartment by a Land Development company, which should relate to a first sale (not resales) of at least €300,000 (plus VAT), unless the purchase of the dwellings took place before 07/05/2013. The Applicant may purchase up to two (2) units of the said properties, for the total amount of €300.000 plus VAT and it is no longer compulsory the properties to be purchased from the same development company.* Payment receipts submitted with the application should amount to at least €200.000 (+VAT).
(B) Investment in real estate (excluding houses/apartments) such as offices, shops, hotels or similar developments, or a combination thereof with a total value of €300,000. Resale properties are also acceptable under this category. * Payment receipts submitted with the application should amount to at least €200.000 (+VAT).
(C) Investment in the share capital of a 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 worth €300,000.
(D) Investment in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF) worth €300,000.
- The applicant is no longer obliged to deposit a minimum capital of €30,000 into a Cyprus bank account pledged for three years. This requirement is now removed.
Other Terms and Conditions:
- For investments under criterion A, the applicant must prove that his/her income derives from abroad. However, for investments under criteria B, C, or D above, the applicant’s income may be derived from sources from activities within the Republic and he/she must provide information in relation to his place of residence in Cyprus (such as title deed, sales agreement, rental agreement etc).
- The Immigration Permit does not allow the undertaking of any form of employment in Cyprus. However the applicants invested under criterion C are allowed to be appointed as Directors of the company that they chose to invest in.
- For cases under criteria A, B and D, the applicant and/or his/her spouse may be shareholders in Cyprus companies and receive dividend income.
- Holders of an Immigration Permit must acquire a residence in Cyprus within 1 year from the date of the approval of the PR application and they must visit Cyprus at least once every two years.
- It is estimated that the examination period of the PR applications will be two months from the date of submission of the application.
- Spouse and financially dependent children: Immigration Permits are also issued for the investor’s spouse and all financially dependent children (up to 18 years old – or between 18 and 25, provided that they are financially dependent or students), upon payment of the relevant fee.
- Parents/ Parents in Law: The applicant’s parents and parents in law may also be granted an Immigration Permit with the submission of an application and payment of the relevant fee.
- Non-financially dependent children: An Immigration Permit may also be granted to non-financially dependent children of the applicant over the age of 18, provided that the investment attributed to each child is at least €300.000 (+VAT).
Our Firm’s members have extensive experience and knowledge in assisting high-net-worth individuals to apply for Immigration Permits. Our Firm’s legal team is able to advice you and provide you with all necessary and useful information in relation to the submission of the application, the procedure and the requirements.
- Explain you the procedure step-by-step
- Consult you on the requirements of the application
- Assist you in collecting the relevant required documents
- Draft and review the required agreements and collect the required documents
- Submit the application to the authorities on your behalf
- Keep you informed about the process after the submission of the application