The Minister of the Interior of the Republic of Cyprus has agreed to grant an Immigration Permit to third-country applicants who meet the policy's criteria, after notifying the Council of Ministers.
Each of the investment requirements in the below Section, as well as the efficiency criteria, must be met by the applicant. It should be noted that the funds for the investment must be confirmed to have been transferred to Cyprus from outside the country.
INVESTMENT CRITERIA
- The applicant must invest at least €300,000 in one of the following investment categories:
- Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern the first sale of at least €300,000 (plus VAT).
- 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 of these with a total value of €300,000. The purchase of interest can be the result of a resale.
-The applicant should submit together with his application title deed or a sale contract in his name and/or the name of his spouse, which has been officially filed at the Department of Lands and Surveys for a house or any other real estate of the total market value of at least €300,000 (plus VAT, if applicable) and official payment receipts of at least €200,000 (excluding VAT), regardless of the delivery date of the property.
-It is noted that upon submission of the application, the evidence must be provided that the investment money has derived from abroad and is not a result of domestic borrowing (remittances, foreign card payment receipts, bank certificate) which should be linked to the corresponding investments. The rest of the value of the investment will have to be repaid to the seller's account at a Cyprus financial institution.
-It should be stressed that the real estate purchase will be accepted even when it is made in the name of a legal person, provided that the applicant and/or his spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established and in the Republic or in any other member state of the European Union or of the European Economic Area.
-For the purpose of implementing the provisions of Section 2 in relation to the purchase of a house/apartment, it is specified that:
(a) The applicant may purchase up to two (2) housing units (apartments or houses), provided that the total market value meets the provisions of Section 4.1 above. The above condition applies to a couple as well.
(b) The said purchase must relate to dwellings sold for the first time by a development company, unless the purchase took place before 07/05/2013. Sale contracts related to the resale of dwellings and have been submitted to the Department of Lands and Surveys before 07/05/2013 (the date of filing of the sale contract will be confirmed by the said Department), will be accepted for the purposes of this policy.
It is noted that the properties do not have to be purchased from the same development company.
Requirements & Conditions (Category F):
- An application takes 10-12 months.
- Any property either new or resale is admissible.
- Children under 18 when they become 18 lose their Permanent Residency status and they cannot get it later unless they purchase a property and apply separately themselves.
- The parents of the applicant cannot secure Permanent Residency under this category.
