The Minister of Interior of the Republic of Cyprus has issued a decision on 24 March 2021 revising the criteria for issuing Immigration Permits to third country nationals-applicants through a fast track procedure for qualifying investments made in Cyprus. Applicants must invest at least €300,000 in one of the following investment categories:
- Investment in a house or apartment (flat): purchase of a house or an apartment by a land development company, which must be a first sale of at least €300,000 plus VAT.
- Investment in real estate (excluding houses/apartments): purchase of other types of immovable property (e.g., offices, shops/stores, hotels) or a combination of such developments or investments totalling €300,000.
- Investment in the share capital of a Cypriot company with activities and personnel in Cyprus: investment of €300,000 in the share capital of a company registered in the Republic of Cyprus, which is based in (and is active in) the Republic of Cyprus and has a proven physical presence in Cyprus and employees at least five (5) people.
- Investment in shares of the Cyprus Investment Association of Collective Investments: investment of €300,000 in shares of the Cyprus Investment Association of Collective Investments (investment types: AIF, AIFLNP, RAIF).
In addition, applicants must be in a position to prove that they have an insured annual income of at least €30,000, increased by €5,000 for every dependent family member and €8,000 for every dependent parent of the applicant and/or of their spouse.
Applicants must satisfy certain qualitative and legal criteria pertaining to the applicant’s selected investment as part of their application.
The application procedure for an Immigration Permit under this framework is fast-tracked by the Civil Registry and Migration Department.
Prospective applicants are encouraged to contact their Immigration & Residency advisors to obtain more information on the above framework and ensure they satisfy the revised criteria and post-application requirements prior to making their application.
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At ServPRO, our team of professionals have more than 10 years of experience in the fields of Immigration & Residency in Cyprus.
Our clients entrust us to undertake the entire procedure in securing any type of residency and immigration permits from the competent authorities of the Republic of Cyprus, to carry out the naturalisation process in order to obtain citizenship, as well as any other immigration-related service.
For more information on this topic contact ServPRO by telephone (+35722021100) and by email ([email protected]).