The applicant must make an investment of at least € 300,000 (excluding VAT) in one of the following investment Categories:
(A) Investment in a house / apartment.
Investment €300,000 +VAT which needs to be paid to the Seller/Developer company or companies, prior to the application. The investment amount must be transferred from abroad from the personal bank account of the main applicant or his/her spouse, provided that the spouse is included as a dependent in the main applicant’s application. It is noted that the purchase of real estate will be accepted even when it is made by a legal entity in which the applicant and/or his/her spouse are the only shareholders or final beneficiaries and which is legally established in the Republic or in another member state of the EU or of the EEA. The applicant has the right to purchase up to 2 properties to reach the amount of €300.000+VAT (even from different developers)
(B) Investment in other types of real estate (offices, shops, hotels or similar developments or a combination of these) with a total value of €300,000. The property can be either new or resale.
(C) Investment in share capital of a Cypriot Company with activities and staff in Cyprus: Initial investment in share capital of a new company of €300,000 or increase of share capital of €300,000 in an existing company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus and has a proven physical presence in Cyprus and has in its employment at least five (5) people.
(D) Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF): Investment of €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments should be carried out in the Republic of Cyprus.
In addition to the above-mentioned investments the applicant should prove that he/she has stable and secured personal annual income of at least €50,000. The annual income is increased by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse. The income can be proven only by tax declaration. The applicant can apply also for adult children up to 25 years old, provided they are students and financially dependent on their parents. With the amended criteria, the parents and parents in law of the applicant, are excluded. Adult children over 25 years old can apply, provided that the investment is for a higher amount (ie 600.000€), provided that the adult child has annual secured and stable annual income of €50.000, increased by €15,000 for the spouse and €10,000 for each minor child.
All adult applicants need to present clear criminal record from both their country of origin and their current country of residence, if different.
Provision of Health Insurance Certificate for medical treatment covering inpatient and outpatient care.
The number of bedrooms shall be consistent with the number of the members of the applicants’ family. If number of bedrooms is not sufficient, the applicant shall prove that she/he has another property in Cyprus, to Family Members
Note: The applicant is required to submit to the CRMD, on an annual basis from the date of obtaining the Immigration Permit, (a) evidence that he/she retains the investment, (b) that he/she retains the required income that has been determined for himself/herself and his/her family and that he/she and his/her family members are holders of a health insurance certificate, in the event that they do not continue to be beneficiaries of GESY. In addition to the above, the applicant and his/her adult family members are required to provide an annual certificate of a clean criminal record from their country of origin, as well as from their country of residence.
It is understood that, in case the holder of the Immigration Permit fails to prove the above, it will enact the procedure of cancelling the Permit of himself/herself and his/her family members based on the provisions of Regulation 6(2).
The applicant and his/her spouse will certify that they do not intend to work in Cyprus with the exception of their employment as Directors in a Company under investment category (C). In cases of investment in Categories (A), (B) and (D) the applicant and/or his/her spouse may be shareholders in companies registered in Cyprus. They may also hold the position of Director with no salary in such companies.
In cases where the applicant chooses to invest in Categories (B), (C) or (D), he/she must present information about his/her place of residence in Cyprus (eg title deed, real estate purchase document, rental document).
Relatives of Applicant also receiving PR Permits
Permanent residence permits are granted to the following applicant’s relatives.
Applicant’s spouse. In case they wish, two separate PR permits can be issued for each spouse without the requirement for the dependent spouse to purchase a property.
Independent minor children up to the age of 18 years of the applicant and his/her spouse.
Single children from 18-25 years old and financially dependent, who prove to be students for at least six more months from the date of the application. They may apply to obtain the “for so long” PR permit for themselves, without the need to invest in additional real estate. In this case the parents will need to prove additional income of at least €5,000 a year for each dependent child. The PR Permit will still remain valid even after the Permanent Residency holder turns 25 years and even if he/she is no longer single and/or a student and/or financially dependent on his/her parents. However, it is understood that their future spouse and children will not be entitled to obtain the PR permit.
The parents of a couple (of both husband or wife) who applied or they are already in possession of the Residence Permit, are also entitled to acquire the PR permit without investing in additional real estate. The applicant must prove additional income of at least €8,000 a year for each dependent parent. A separate application must be submitted for each dependent parent.
PR Permit for Two (Several) Families
Suppose an applicant who has adult financially independent children over 25 years old wishes to obtain permanent residence permit not only for his/her family but also for the families of his/her adult children. In case the applicant has one adult child he/she shall purchase property amounting to at least €600.000 (net of VAT). Property investment rises to €900.000 for two children.
In case the investment will be in Categories (A) and (B), a proof of payment of at least 2/3 of the contract amount for the real estate must be submitted.
Each family shall state annual income of at least €30.000 (plus €5.000/8.000 per each dependent family member) a year