1 LEGAL FRAMEWORK
1.1. In line with the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has decided to issue an Immigration Permit to third country applicants in cases of investments that meet the requirements of this policy.
1.2. The applicant must meet one of the investment criteria in Paragraph 2.1, as well as the quality criteria in Paragraph 3 below.
It is noted that the funds used for the investment must be proved to have been transferred to Cyprus from abroad, from the applicant’s or/and his/her spouses bank account, provided the spouse will be included as a dependent person in the application. The investment amount should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution.
2 INVESTMENT CRITERIA
2.1 The applicant must invest 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 development company, which must be a first sale worth at least €300,000 (plus VAT).
(B) 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 thereof, with a total value of €300,000. These purchases may result from a resale.
(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic:
An Initial investment worth €300,000 in the share capital of a newly registered company in the Republic of Cyprus or an increase in the share capital worth €300,000 of an existing 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.
(D) 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, whose investments should be held in the Republic of Cyprus.
It is noted that any alienation of the holder of the Immigration Permit from the investment he/she 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 in the cancellation of the Immigration Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
2.2 The applicant should, in addition to the investment under Paragraph 2.1 above, be able to prove that he has at his disposal a personal secure annual income of at least €50,000. This annual income increases by €15,000 for his/her spouse and by €10,000 for each of his/her or his/her spouse’s dependent minor child. This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, bank deposits interest, rents, etc., which can only be proved through a tax return declaration from the country he declares tax resident, in cases where the applicant chooses to invest as Section 2.1 (A). In calculating the total amount of income, the spouse’s income may also be taken into account.
In cases where the applicant chooses to invest as Sections 2.1.(B), 2.1.(C) or 2.1.(D), his total income or part of it may also come from sources coming from activities within the Republic.
Please feel free to contact us for more information and clarifications at info@papaky.com.cy
