This type permanent residence permit is addressed to individuals who are not going to be employed or work in the Republic of Cyprus but they will stay in Cyprus as permanent visitors (subject to exceptions based on the type of investment).
Following the recent changes announced by the Civil Registry and Migration Department and which are applicable from 02/05/2023, the following criteria apply to this type permanent residence permit.
DOCUMENTS AND CRITERIA
This permit is the improvement of the Category F as, inter alia, is faster than the procedure described in category F. According to the official announcement, the examination period of the application is estimated to be approximately 2 months). However, this permit requires additional criteria to be satisfied. The individual should provide the following documentation:
1. Copy of valid passport;
2. Curriculum Vitae;
3. Declaration of a secured annual income from abroad (supported by original documents and affidavit or declaration). The secured annual income must be at least €50.000 and the criterion is increased by €15,000 for a dependant spouse and €10,000 for each dependent minor child (or adult child depending on certain other criteria). In the calculation of the above minimum criteria the income of the spouse can also be taken into account. It is noted that the secured annual income of the main applicant can only be proved through salary from employment, pensions, stock dividends, interest on deposits, rents, etc. coming from abroad (subject to exceptions below), and the annual income shall only be proved through the main applicant’s tax return from the country in which he/she declares to be a tax resident. In the cases where the applicant has invested either in real estate (excluding houses/apartments), or in the share capital of a Cyprus Company with activities and staff in Cyprus, or in units of a Cyprus Collective Investment Organization (type AIF, AIFLNP, RAIF), the total annual income or part of this can also arise from sources originating from activities in the Republic of Cyprus, provided that the applicant is taxable in Cyprus.
4. The applicant must present documentation which prove an investment in Cyprus of at least €300,000 deriving from abroad.
4.1. The investment might be in one of the following categories:
4.1.1. House/apartment: Purchase of a house/apartment sold for the first time (not a resale) by land development company of a minimum value of €300,000 (plus VAT).
18.104.22.168. In this case the application needs to contain:
22.214.171.124.1. the contract of sale or title deed in the name of the applicant and/or the spouse and
126.96.36.199.2. proof that the contract of sale was filed with the Land Registry and
188.8.131.52.3. official receipts for the payment of at least €300,000 (excluding VAT), regardless of the date of delivery of the property.
184.108.40.206.4. Search from the Land Registry in the event that the contract of sale has been signed or the title deed has been transferred more than 1 (one) year before the filing of the application.
220.127.116.11. In case of investment in house/apartment, the applicant may purchase up to two (2) residential units (apartments or houses), provided that the total market value meets the above criteria. The said purchase must be properties sold by the developer for the first time, unless the purchase of the houses took place before May 7, 2013.
4.1.2. Other real estate (excluding houses/apartments): Purchase of another form of real estate such as offices, shops, hotels or similar developments, or a combination of these, with a total value of €300,000. These properties may also be resale properties. The same documents as with the paragraph 4.1 need to be provided.
4.1.3. Share capital of a Cypriot company with activities and personnel in Cyprus: Investment worth €300,000 in the share capital of a new company or an existing company which is registered, based and operates in Cyprus with a proven physical presence and employs at least five (5) people.
4.1.4. Shares of a Cyprus Investment Organisation for Collective Investments (type AIF, AIFLNP, RAIF): Investment worth €300,000 in shares of a Cyprus Investment Organisation for Collective Investments whose investments need to be carried out in Cyprus.
4.2. In any of the above investments, evidence must be provided that the funds invested have come from abroad and are not a product of internal borrowing.
4.3. In the event that the applicant invests in immovable properties:
4.3.1. the entire investment (not only the 300.000 euro) must be paid into the seller’s account at a Cypriot financial institution;
4.3.2. it is acceptable for the funds invested to be in the name of a legal person in which the applicant and/or the spouse are the sole shareholders or ultimate beneficial owners, provided that the legal person is established in Cyprus, the EU or the EEA; and
4.3.3. if the applicant ceases to hold the investment without immediately replacing it with another of the same or greater value, which should meet the conditions set in this procedure, then the permit will be cancelled.
5. Where applicants do not invest in a house/apartment, they must present information regarding their place of residence in Cyprus (e.g. the property title deed, sales agreement, rental agreement).
6. Where the applicant proceeds with the investment in a house/apartment, but the number of bedrooms of the property cannot satisfy the needs of the dependent members of the applicant’s family members, the applicant shall indicate another property or properties which will constitute the place of residence of these persons, along with documentation evidencing this.
7. Official Statements by the applicant and his/her spouse that they do not intent to undertake any sort of employment in Cyprus. The following exceptions apply:
7.1. Applicant may act as directors in a company in which they have chosen to invest within the framework of this policy.
7.2. In case that the investment of the applicant was not in the share capital of a Cyprus Company, the applicant and/or his spouse can be shareholders in Cyprus Companies and they can receive income from dividends from those Companies. They are also able to act as directors for those Companies without remuneration.
8. Original Criminal Record Certificates duly certified and translated for the applicant and his/her spouse. Criminal Record Certificates from both the country of origin and from the country of residence in the event that these countries differ.
9. Health insurance policy
10. Marriage Certificate duly certified (if applicable)
11. Children's birth Certificates dully certified (official and certified translation)
12. Duly certified authorisation where the application is filed by a representative.
All the documents originating from abroad need to be provided in Apostille (save for countries with which Cyprus has a bilateral agreement excepting the need for Apostille) and official translation.
The following family members may also obtain permanent residence permit provided that the aforementioned minimum annual income criteria and accommodation space criteria are met:
2. Minor children (under 18);
3. Adult unmarried children from 18 to 25 years old who are evidently studying in tertiary education abroad and who are financially dependent on the applicant. If the children study in Cyprus, they must obtain temporary residence permit first as students and after the completion of their studies they are allowed to file an application for permanent residence permit irrespective of their age. Such permits continue to apply after the completion of the 25th year of age even if the child is no longer a student or unmarried or financially dependent on his parents, however the spouse or children of the child may not apply for permanent residence on the basis of the latter’s permit.
Cancellation of the permit of the applicant will automatically lead to the cancellation of the permits of his/her dependents.
ANNUAL REQUIREMENTS FOLLOWING APPROVAL
Once the application is approved, the applicant is required to submit on an annual basis from the date of obtaining the permit the following:
1. evidence that he/she maintains the initial investment,
2. evidence that that he/she maintains the required income determined for him and his/her family members and
3. health insurance policy for the applicant and the family members, in case they do not continue to be beneficiaries of the General Healthcare System (GESY).
4. the applicant and his/her adult family members are required to provide an updated Clean Criminal Record from country of origin, as well as from country of residence.
Ιn case the applicant fails to prove the above, this will entail activation of the process of cancellation of the permit.
DURATION AND MINIMUM STAY REQUIREMENTS
Although the residence rights provided to the applicant, the adult member of his/her family have unlimited duration but the permit card expires in 10 years from its issuance and with its expiration needs to be renewed. Minor members of the applicant’s family have a duration up to the age of 18.
It is a requirement that within the period of 2 (two) years, the Individual will come to Cyprus at least for 48 hours.
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