Our firm deals with all matters relating to immigration law, citizenship applications (both through the economic citizenship program and the conventional route), applications for immigration permits, permanent residence permits, employment permits and visas. We advise both individuals and corporate clients


Areas of work include :

  • Citizenship applications
  • Permanent residence permits

 


PERMANENT RESIDENCE PERMITS

A. Category F Permit:

Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without having to engage in any business, trade or profession. The annual income required should be at least EUR 6,460 for a single applicant and moreover at least EUR 3,060 for every dependent person, but the Immigration Control Board may demand additional amounts as necessary.

For a full list of the documents required for the permanent residence application under Category F, please click on the below link:

CATEGORY F – DOCUMENT LIST

 

B. Permanent Resident  Permit under Regulation 6(2) “Fast Track”:

The Immigration authorities via this procedure provide permanent resident permit for an indefinite period of time.

The applicant must secure a minimum annual income of €30,000 from sources other than employment in Cyprus, i.e. employment abroad, rents, shares, etc. The income is increased by €5,000 for each dependent person. Relevant duly notarized documentation must be provided.

The applicant must provide a contract of sale submitted to the local authorities or title deed for immovable property in Cyprus with minimum value €300,000 together with proof of payment for 2/3 of the amount.

The applicant must provide a letter issued from a Cypriot bank confirming deposit of a minimum capital of €30,000 pledged for a minimum 3 year period, together with proof of payment of the amount.

The applicant must submit a criminal record certificate issued from his country of origin, duly stamped and notarized

The applicant is allowed to include his wife and children aged under the age of 18, as well as children over 18 under the Reunification Act, as long as a minimum annual amount of €9,500 is secured for each of them

The applicant must submit a statement stating he does not intend to work in any form of business in Cyprus

The applicant must provide copies of valid passport, CV, marriage certificate if any and children’s’ birth certificates if any, duly notarized

The applicant must subscribe to a health insurance policy

The applicant must visit Cyprus at least once every 2 years in order to avoid the cancellation of the immigration permit

Legal Outline

In accordance to 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 applicants from third countries, under a new “fast – track” procedure in cases where the conditions listed below are satisfied.

Main Benefits

Regulation 6 (2) Immigration Permit, gives third country nationals, the right to permanently reside in Cyprus.

Individuals who obtain Regulation 6(2) Immigration Permit are exempt from immigration entry procedures such as having to apply and obtain Visitor’s Visa.

You can apply and obtain such an Immigration Permit for yourself but also for your spouse, children under 18 years old and also financially dependent children up to 25 years old.

** note  applications for children over 18 and up to 25 need to be      submitted separately.

**note a permit may also be granted to children  of the applicant    over the age of 18, who are not financially dependent on  the applicant, provided that the value of the property attributed to each such child is at    least €300.000  (Euro Three Hundred Thousand)  (excluding V.A.T.).

This permit is granted for an indefinite period.

Financial criteria 

Transfer from abroad funds of at least €30.000 (Euro Thirty Thousand) into a Fixed Deposit Account. The funds must be blocked for three (3) years.

Show that the annual income of the applicant and his spouse (derived from abroad) is at least €30.000. This amount is increase by €5.000 (Euro Five Thousand) for every dependent person.

Purchase property  (one (1) or two (2), new real estate properties)  of total value at least €300.000 (plus V.A.T.) the properties can be:

(a)        two (2) residences, or

(b)        one (1) residence  and one (1) office

(c)        one (1) residence and one (1) shop

Must provide proof of payment of at least €200.000 (excluding V.A.T.) of the purchase price of the property. *** This funds must be proven to be transferred from abroad.

For a full list of the documents required for the permanent residence application under regulation 6(2) please click on the below link:

PERMANENT RESIDENCE – REGULATION 6(2) – DOCUMENT LIST

EU CITIZENSHIP THROUGH INVESTMENT IN CYPRUS

Legal Outline


In accordance to the decision of Council of Ministers’ Decision dated 13/09/2016, third country nationals can acquire Cyprus Citizenship by Naturalization based on their investment through the following revised criteria.

On the basis of the Scheme, a non-Cypriot citizen, who meets one of the following economic criteria (referred to below) may either:

  • personally or
  • through a company/ companies in which he/ she participates as a shareholder – in proportion to his holding percentage, or
  • through investments done by his/her spouse or
  • jointly with the spouse or
  • even as a high-ranking senior manager of a company/ companies that meets one of the economic criteria (referred to below)

apply for the acquisition of the Cypriot citizenship through naturalization by exception

*** A high-ranking senior manager may apply, provided that he/she receives  such a remuneration that generates for the Republic tax revenues of at  least €100,000 over a three year period and provided that this tax has  already been paid or prepaid.

Main Benefits


Individuals who obtain Cyprus Citizenship (EU Passport) can enjoy a number of advantages some of which a listed below:

  • By this method of obtaining Cypriot citizenship, the applicant can obtain Cyprus citizenship for him/herself, thier spouse, children under 18 years old and dependent children who are between the ages of 18 until 28 years old, as for their parents.
  • By obtaining an EU Passport the holder of the passport can travel within the EU without any restrictions.
  • Holders of EU Passports can live and work in Cyprus and in the EU.
  • Generally, holders of EU passports can benefit from advantages that Cyprus and EU Members benefit from, such as easier transferring of money and purchasing property within EU Member states.

 

Economic criteria required for the application


1. Investment in real estate, land development and infrastructure projects:


Investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

Land under development is also included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application.

Investment in land that is situated in a building zone of 0 development, is excluded.


2.Purchase or Establishment or Participation in Cypriot Companies or Businesses:


Purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of at least €2,0 million.

The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

The applications shall be evaluated to verify that the companies or organizations have proven physical presence in Cyprus, with significant activity and turnover and employ at least five (5) Cypriot or citizens of European Union member-states.

The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company.

In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date.


3.Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec :


The investor must buy units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance.

To confirm that this investment will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment.

The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion. It is noted that the purchase by an AIF of units of other AIFs is not considered eligible.


4.Combination of the aforementioned investments:


The investor may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

Within this criterion (combination of investments) the investor may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics and the terms of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus.

Investments in government bonds through the secondary market are not considered eligible.

Additional criteria required for the application


In addition to the criteria mentioned above, the applicant must fulfill amongst others the following conditions:

  1. Have a Clear Criminal Record.
  2. His name must not be included in the list of persons whose assets, within the boundaries of the European Union, have been frozen as the result of sanctions.
  3. Own residence in Cyprus, the cost of which must be at least €500.000 (Euro Five Hundred Thousand) excluding VAT.

Members of the same family, who apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of €500.000 per each applicant.

In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of €500,000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the investment criteria mentioned above.

If the applicant has invested in housing unit/units on the basis of the aforementioned criterion A, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500,000, plus VAT, provided that the applicant retains the possession of the residence for life.

  1. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus. If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization.

 In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

  1. The investor should have made the necessary investments during the three years preceding the date of the application and must retain the said investments for a period of at least three years as from the date of the naturalization.

For a full list of the main documents which are required for the submission of the application of both the Investor and his family in English, please click on the below link.

CITIZENSHIP APPLICATION DOCUMENT LIST – IN ENGLISH. doc

For a list of the out of main government fees payable for the submission of the Citizenship Application and the receipt of the approval, please click on the below link.

REAL EXPENSES

Legal Advice


Our firm can provide full legal assistance, advice and support during all stages of the application process. Our firm’s services and legal support includes amongst others:

  • Legal advice on the fulfillment of the economic criteria and conditions as well as the required steps for the submission and approval of the application for both the applicant and his family.
  • Legal advice in relation to the applicant’s investment option and as well as assisting the applicant in determining the most effective way to meet the criteria.
  • Assist with the legal review of the transaction documents for the investment.
  • Check the citizenship application packs prepared to ensure they are within the required quality standard.
  • Monitoring the status of the application and follow up.

 

We would be glad to provide more information in relation to the above upon request.