Immigration

In line with the Cypriot government’s intention to increase foreign investment and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations allows the Ministry of Interior to issue residence permits to applicants from non-European countries who intend to invest in the republic.

The family members of the investor can also obtain the permit, (married spouse, children under 18 years old, financially dependent children up to 25 years old)

A permanent residence permit is granted indefinitely by means of a one-off application and does not require renewal.

Requirements

The applicant must make an investment of at least €300.000 in one of the following:

A) Investment in house or apartment. Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).

B) Investment in Real Estate (excluding houses/apartment). Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.

C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic. Investment worth €300,000 in the share capital of a 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.

Annual income confirmation of the applicant of at least €50.000. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents. The level of the annual income required is increased by €15.000 for the spouse and €10.000 for any dependent child (i.e. under the age of 25) of the applicant and his/her spouse. For the calculation of the total amount of the annual income, the spouse’s income may be also taken into consideration on top of the €50.000. The applicant’s income should solely derive from abroad and proof of income is necessary in the form of tax declarations from the country where the applicant is a tax resident, or through official certifications from an independent chartered accountant.

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 to the cancellation of the Immigration Permit based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.

In case where the applicant invests in options (B), (C) or (D) above, then the total income or part of it may originate from sources either abroad or within the Republic of Cyprus as well, provided he/she is being taxed in Cyprus.

In relation to the investment in a house/apartment or other properties it is noted that the purchase of a property shall be acceptable for the purposes of the said scheme, even if it is made from a legal entity where the applicant or/and his/her spouse are the sole shareholders or ultimate beneficial owners and such legal entity is situated legally in the Republic of Cyprus or in any other member state of the European Union or the European Economic Area.

Criteria

• • • The applicant and his/her dependents (spouse and children over 16 years old) must provide a clear criminal record certificate from their country of residence and country of origin which can be up to 6 months old.
    • The applicant and the dependent members of his family must present a Certificate of Health Insurance for medical care covering inpatient and outpatient care.
    • The applicant and his spouse shall confirm that they do not intend to undertake any sort of employment in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under the policy.
    • In cases where the investment does not concern the company’s share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining the Immigration Permit. In such companies, they may also hold the position of an unpaid Director.
    • In case where the applicant decides to make an investment as prescribed in (B), (C) or (D) above, he/she must submit evidence in relation to his/her place of residence and of the members of his/her family within Cyprus (e.g., title deed, sale and purchase agreement, rental agreement).
    • In case where the applicant decides to invest in a house/apartment, but the number of the bedrooms do not satisfy the needs of his dependent family members, the applicant should indicate another property or properties which shall constitute the place of residence the family and submit the relevant evidence. (e.g., title deed, sale and purchase agreement, rental agreement).

Requirements

• • • The applicants must possess and have fully and freely at their disposal from abroad a secured annual income of an appropriate amount to allow them a decent living in Cyprus, without having to engage in any business, trade or profession in the Republic. The annual income required should be at least €9,568 for the applicant and moreover at least €4,613 for every dependent person. This income may include pensions, dividends from shares, fixed deposits interest and rents.
    • Purchase of a property of any value.
    • Under this Category, the applicant and his/her spouse are not allowed to engage in any form of business or employment in Cyprus.
    • If, at the time of applying for Permanent Residency in Cyprus, the applicant and/or his/her spouse have Permanent Residency in a country other than their country of origin then their application in Cyprus may be rejected.
    • Once the Permanent Residency is granted, the applicant and his/her family must visit Cyprus at least once every two years in order for their status to remain valid.
    • The Permit will be automatically cancelled if the applicant fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
    • The applicant’s presence in Cyprus is not necessary during the examination of this application. If the applicant and his/her family wish to stay in Cyprus until their application is examined, then they must make another application for a Temporary Residence Permit as a ‘Visitor’.
    • The processing time for this type of application can take approximately 18 months from the submission date.

The applications, accompanied by the required documents, are submitted to the Civil Registry and Migration Department and the Minister of Interior will grant the final approval.

An application consists of the applicant, his/her spouse and children under 18 years old. Any children who are 18 years old and over must submit a separate application.

Persons who are 18 years old and above cannot apply for PR if they are studying at an educational institution in Cyprus.

Non-European Union passport holders who wish to extend their stay and reside in Cyprus, can enter the Republic (through the legal entry points) with a visa issued by the Republic’s Consular Authorities and before the expiration of the visa or of the 90 days that they can obtain upon their arrival depending on their Nationality, can proceed with the application submission for the acquisition of a Cyprus Temporary Residence Permit.

This type of permit allows Non-European Union passport holders to extend their stay in Cyprus for more than 3 months (90 days). It is valid for one year, it can be renewed on an annual basis and under this permit applicants and their family members are allowed to live in Cyprus as visitors.

Once the application is submitted, the applicants can legally reside and travel from and back to Cyprus without the requirement of an entry visa until the final examination of the application or until their Temporary Residence permit card is issued (with a limitation of absence period not more than 3 months).

For the employment of a third country national in the Republic of Cyprus, a temporary residence and an employment permit are necessary.

On the 7th day of October 2020, the Council of Ministers passed a decision regarding the issuance of temporary residence and employment permits to employees of existing and new companies of foreign interests registered in the Republic, as well as companies that have joined the Fast Track Business Activation Mechanism, provides the possibility of employing a higher number of third country nationals of specific professions and/or skills, for which there is a significant shortage of supply at national level, without a prior labor market test and taking into account the companies’ annual turnover.

The company owners can also apply for a work permit and residency through the company. This will give them the right to live and work in Cyprus and the opportunity to bring their current employees with them. Their family members will also be allowed to apply to live in Cyprus. After 7 years of residency in Cyprus, the individuals will have an opportunity to become Cypriot citizens and enjoy the full benefits of having a Cypriot passport, including the benefits of Cyprus being a member of the European Union. They can also benefit from both the individual tax rate savings and the corporate tax savings available in Cyprus including the non-Domicile status.

Requirements

• • • Third country shareholders should own the majority of the company’s shares.
    • Where the percentage of foreign participation (Third Country Nationals) in the company’s share capital is equal to or less than 50% of the total share capital, in order for the company to be considered as suitable, the foreign participation should represent an amount equal to or greater than the amount of €200.000.
    • The Company should operate in independent offices in Cyprus and pursuant to the relevant regulations.
    • The minimum gross monthly salary for highly skilled employment is set at € 2500, (this includes Directors, Key personnel, Specialists and Support Staff). Below this limit, employment is considered to be at support level and a contract must be dully stamped by the Department of Labor.
    • The maximum number of the Third Country Nationals employees is set at 70% of all employees over a period of 5 years starting from the day of joining the Business Facilitation Unit and after the lapse of 5 years, if the company will not be able to employ 30% of Cypriot or EU works, the matter will be re-examined.

Directors –  This category includes the Directors or Partners registered in the Registrar of Companies and Official Receiver, the General Managers of branches and of mother companies of alien companies, the Departmental Managers and the Project Managers.

Middle Management  – Executives and other Key Personnel – This category includes the upper / middle management personnel and the other administrative, secretarial, or technical staff.

Specialists – Companies are entitled to employ third country nationals in professions and / or with skills relevant to the Company’s operating activities.

Support Staff – There is no maximum number for the employment of third-country nationals under this category, provided that the necessary approvals from Department of Labour have been obtained

Validity of Temporary Residence and Employment Permit

 The permits will be issued within one (1) month and the duration of the residence and employment permit it is up to three (3) years, with a right of renewal.

Family Members

In order to preserve family unity, third country nationals with residence and employment permits are able to exercise their right to Family Reunification for their family members (spouse and minor children), provided that the relevant conditions of the Aliens and Immigration Law are met. (Family reunification refers to the entry and residence of the family members of a third-country national residing legally in the Republic)

Spouses of employees who obtained a residence and employment permit in Cyprus and who receive a minimum gross monthly salary of €2,500, can have immediate and free access to the labour market.

The application for the issue of a Registration Certificate is submitted by a European Union citizen and family members who are also citizens of a Member State, within four months from the date of entry into the Republic.

Depending on the reason of residence in Cyprus i.e. employed activity, self-employed activity, studying or other specific documents have to be submitted to the relevant authority.

We are here to assist you with filling in the relevant forms, gathering all necessary information and documents and submitting the same to the authority.