The Cyprus Government has introduced the “Cyprus Permanent Residency Scheme” aiming to attract and encourage high net worth individuals who wish to invest in Cyprus, by establishing a set of revised criteria and terms based on which non-Cypriot entrepreneurs/investors may be granted the Cyprus Permanent Residence.

ELIGIBILITY CRITERIA

The applicant must meet one of the investment criteria as well as the quality criteria as described below.

A. INVESTMENT CRITERIA

The applicant must invest at least €300,000 in one of the following investment categories:

1. Purchase of a house or apartment of at least €300,000 (plus VAT)
2. Purchase of other types of real estate, non-residential, such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000 (plus VAT)
3. Investment worth €300,000 in the share capital of a Cyprus operating company, having a proven physical presence in Cyprus and employing at least 5 people.
4. Investment worth €300,000 in units of approved Cyprus Investment Funds in the form of an AIF, AIFLNP and RAIF.

The applicant should also be able to prove that he has at his/her disposal a secure annual income of at least €30,000 deriving from abroad. The annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent of the applicant and/or his/her spouse.

B. QUALITY CRITERIA

The applicant and his/her spouse must satisfy all of the below criteria:

1. Clean criminal record from their country of residence.
2. Confirmation of no employment in the Republic with the exception of being employed as Directors in a Company in which they have chosen to invest under this policy.
3. In cases where the investment does not concern the company’s share capital, it is permitted to be shareholders in Cyprus companies. In cases where the applicant chooses to invest as Sections 2,3 or 4, he should provide evidence regarding his/her accommodation in the Republic.

THE PROCESS IN A NUTSHELL

Submission of an application form with all relevant supporting documentation to the Civil Registry and Migration Department, including proof of payment of at least €300,000 in relation to the investment.

It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two months.

OUR ADDED VALUE ADVISORY SERVICES

Our team of experts in Private Client Services can provide professional assistance in the process of obtaining an Immigration Permit. Our comprehensive services include:

• Advice on the required criteria for the Cyprus Permanent Residency Program.
• Assistance with possible investment opportunities.
• Preparation and submission of all the requested documentation and application forms for the program to the relevant authorities.
• Regular communication and monitoring of the process with government officials.
• Conducting real estate due diligence.
• Drafting contracts for purchase of property/other investments.
• Examination of possible tax implications arising from the investment.
• Legal and other professional assistance.
• Structuring and management of the investment.

*For professional advice and assistance please contact info@globalciti.com