On the basis of Regulation 6.2 of the Aliens and Immigration Regulations, following the decision of the Council of Ministers of 22nd February 2016 and as amended on the 24th March 2021, third country nationals who have fulfilled certain conditions are granted an Immigration Permit through an expedited procedure.
This scheme enables foreign investors to obtain a Cypriot permanent residence permit (PRP) when they have fulfilled the following 3 requirements:
- Purchase of a residence/other immovable property/investment in a Cypriot Company/investment in shares of a Cyprus Investment Organization Collective Investments (type AIF, AIFLNP, RAIF), in the Republic of Cyprus (Cyprus) for an amount of at least EUR 300,000 excluding VAT. The investor, in the event that he/she has not purchased a residence should also proceed to rent a residence in the Republic. The investor is obligated to retain this investment for life. This does not prohibit the investor from selling the investment/property and immediately purchasing another property/investing in another investment which meets the relevant criteria.
- Proof of a secure annual income from abroad of at least EUR 30,000. For every dependant (spouse, minor or adult child) added to the application an additional amount of EUR 5,000 should be proven. For every parent or parent-in-law added to the application an additional amount of EUR 8,000 should be proven. In the event that the investor has proceeded in other than residences, the entire secure annual income or part thereof may also come from sources derived from activities within Cyprus.
- Provision of amongst others the following documents by the investor and spouse:
- Translated and original duly legalized clean criminal record from the country of residence. This document should not be older than 6 months at the time of filing the application;
- Affidavit that the investor and the spouse do not intent to work in Cyprus (this form will be provided to you by your law firm).
The documents should be legalized by Apostille, in the event that the issuing country has signed The Hague Convention. In the event that the issuing country has not signed The Hague Convention, the documents should be duly legalized by the Ministry of Foreign Affairs of the issuing country and the Embassy of Cyprus in the issuing country.
The first requirement may be fulfilled either personally by the investor or through a company of which the investor is the sole ultimate beneficial owner. This company should be legally established in Cyprus, the EU or the EEA.
Eligible persons for PRP are:
- The investor, whose name is not included in the list of persons whose property is ordered to be frozen by the European Union;
- The investor’s spouse;
- The investor’s minor children;
- The investor’s unmarried and financially depedant adult children up to the age of 25 provided that these children are financially dependent on the investor and are students enrolled abroad in a first bachelor, first master or first diploma and have a remaining study period of at least six months;
- The investor’s parents and parents-in-law.
Government fees for the PRP application are approximately EUR 500 and EUR 70 for each PRP card issued.
The entire PRP procedure from filling the application until receipt of the PRP will take approximately 2 months.
Lastly, it is important to note that:
- The PRP may be revoked if permanent residency is acquired in another country;
- The PRP may be revoked if the PRP holder does not visit Cyprus for two years consecutively.
For more information on the PRP, please contact us.