Cyprus Permanent Residence and Citizenship.

30/07/2015
Cyprus Permanent Residence Permit
(Immigration Permit in Cyprus)
Revision of the criteria for granting an Immigration Permit within the scope of the new, expedited procedure to applicants who are third country nationals and invest in Cyprus
1. Legal Framework
1.1 In pursuance of 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 country, in cases where the following conditions are satisfied:
2. Investment / Financial Criteria
2.1 The applicant should submit a confirmation letter from a financial institution in Cyprus that he has deposited a minimum capital of €30.000 into an account, which will be pledged for a period of at least three years. It must be proved that the said amount has been transferred to Cyprus from abroad.
2.2 The applicant, together with his spouse, should prove that they have at their disposal a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person. This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o. .
2.3 The applicant should submit, with the application, title deeds or a contract of sale in his name and/or his spouse, which has been officially deposited with the Department of Lands and Surveys, for a dwelling or other building, of a total market value of at least €300.000 (V.A.T. is not included therein) and official receipts for the payment of at least €200.000 (excluding V.A.T.), irrespective of the date for the delivery of the
dwelling. It should be stressed that the full payment of the value for the dwelling shall be settled in an account in a financial institution in Cyprus.

The abovementioned amounts must be proven to have been transferred to Cyprus from abroad.

It is noted that the purchase of a dwelling may be accepted even when made in the name of a Company and not in the name of the applicant, provided that the Company is registered in the name of the applicant and/or in the name of the applicant and his spouse and he/they are the sole shareholders. In the event that the shareholder of the company is another legal entity, it must be proven that the sole shareholder of the
said legal entity is the applicant and/or the applicant and his spouse.

2.4 For the purpose of implementing this policy, the applicant may purchase up to two housing units (apartments or houses) which might be independent, or one housing unit and a shop of a surface of up to 100 sq.m., or a housing unit and an office of a surface of up to 250 sq.m., provided that the total market value satisfies the conditions in paragraph 2.3. In the case of a couple, these restrictions apply for the couple and
not for each of the persons involved.

The said purchase must be in relation to a dwelling (and the combinations described above) sold for the first time by a development company. In the case of acquiring two dwellings, both must be sold by the same company. As from 7/05/2013, for the purpose of this policy, applications in relation to the re-sale of dwellings will not be accepted. It should be stressed that contracts of sale in relation to a re-sale of dwellings
that have been officially deposited with the Lands and Surveys Department prior to 07/05/2013 (the date of depositing the contracts of sale is to be confirmed by the Department of Lands and Surveys), shall be accepted for the purpose of implementing this policy.

2.5 The Immigration Permit issued to an applicant cover his spouse and children under the age of 18. Unmarried children aged between 18 and 25, who may prove that they are students or undergraduates and are financially dependent on the applicant, may submit a separate application to obtain an Immigration Permit. In such a case, the father or mother and/or both parents together must present an additional annual income of €5.000 for every such dependent child. It is noted that every such dependent child, shall submit  with his application, all the documentation defined in para. 7.

The said permit is still valid even if the holder has exceeded the age of 25 years old.

2.6 An immigration 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 market value of the acquired property attributed to each such child is at least €300.000 (excluding V.A.T.), as described in para. 2.3 hereinabove, (e.g. in the event the applicant has a child that is 30 years old and wishes to obtain an immigration permit, the applicant must purchase a dwelling valued at €600.000, if the applicant has 2 adult children, financially independent, he must purchase a dwelling valued at €900.000 etc). In such an event a confirmation of payment for the 66% of the market value of the dwelling must be submitted with the application (e.g. €400.000 for a dwelling of a market value of €600.000).

Provided that in such an event each child shall submit the necessary documentation with his application (e.g. secured annual income of €30.000, a deposit in a financial institution in Cyprus amounting to €30.000, which is bound for 3 years).

3. Qualitative Criteria:
3.1 The applicant and his spouse must submit a confirmation of a clean criminal record from their country of residence and generally they should not be considered as a threat in any way to the public order or public security in Cyprus.
3.2 The applicant and his spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner.
It is to be noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
3.3 The applicant and his family included in the Immigration Permit, must visit Cyprus at least once every
two years.
3.4 All the necessary documentation, that is attached to the application for an immigration permit, including the translation of the same into the Greek or English language, must be duly certified.

4. PROCEDURE FOR THE SUBMISSION AND EXAMINATION OF AN APPLICATION

4.1 Applications must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through an agent (relevant telephone numbers are 22-403921 and 22-403943). A fee of €500 is payable with the submission of the application.
4.2 Applications that are submitted in Cyprus, either personally or through an agent, shall be submitted in a standard envelope (every document of the application shall be punctured and inserted in the envelope and numbered in blue ink from the first page of the application to the last page, at the responsibility of the person submitting the application). The envelope shall also include a list of the documents submitted with the application, including any other supplementary documents, to be completed by or on behalf of the applicant.
4.3 The application shall be processed by the CRMD and be submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior (MOI). An interview with the applicant shall take place only in when it is deemed necessary by the Permanent Secretary of the MOI.
4.4 The Ministry of Interior shall notify the applicant or his agent and the CRMD as to the decision of the
Minister of Interior.

5. Transitional Provisions

Upon publication of the present policy, any third country national who has submitted an application for a category F Immigration Permit may, if he so wishes, submit to the CRMD supplementary details proving that the criteria in paragraphs 1 to 4 in the present policy are satisfied in a new application, so that the application will be processed in accordance with the provisions of Regulation 6(2) of the Aliens and Immigration Regulations and on the basis of the above criteria and the relevant procedure.

6. Time schedule for issuing an Immigration Permit

It should be stressed that, provided the criteria of this policy are satisfied and there are no reasons with regard to either the criminal record of the applicant or to public order and public security issues, the application shall be examined by the Minister of Interior in a positive manner and an immigration permit shall be issued.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed 2 months from the date of the submission of the application,.

7. Application Forms
The following forms are available electronically:
· Application form (M. 67)
· Checklist of the documents submitted with the application (in Greek and English)
· Checklist of the documents submitted with the application (in Greek and English) for adult children in accordance with para. 2.5
· Affidavit as to the annual income of the applicant, with other supporting evidence (in Greek and English)
· Official declaration as to the confirmation of non-employment of the applicant in Cyprus
(in Greek and English)nation of the application shall not exceed 2 months from the date of the submission of the application.
8. Further Information:
- 4 -
Competent Officer:
E-mail:
Telephone:
Facsimile:
Website of Ministry of Interior:
Mrs. Panayiota Nathanael – CRMD Administrative Officer
Mrs. Elena Pieri - CRMD Administrative Officer
pnathanael@crmd.moi.gov.cy
22 804496 / 22 804495
22 804491
www.moi.gov.cy
MINISTRY OF INTERIOR
14 January, 2014

SCHEME FOR NATURALISATION OF INVESTORS IN CYPRUS BY EXCEPTION
on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2013
Council of Ministers Decision dated 19.3.2014

A non-Cypriot citizen, who meets one of the following economic criteria (A), either personally or through a company/ companies in which he/ she participates as a shareholder - proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria (A), may 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 revenue of at least €100,000 for a three year period and provided that this tax has already been paid or prepaid. The applicant should have concluded 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 since the date of the
Naturalization.
In addition, the applicant must fulfill the Terms and Conditions set out in Part B.
In the case where, following a periodic inspection, it has been ascertained that any condition is being circumvented, the Naturalization may be revoked.
Α. CRITERIA
Α.1 Investment in government bonds:
The applicant must have purchased state bonds of the Republic of Cyprus of at least €5,0 million.
or
Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:
The applicant must have purchased financial assets of Cypriot companies or Cypriot organizations (bonds/securities/ debentures registered and issued in the Republic of Cyprus) of at least €5,0 million. It is noted that these financial assets can be purchased either at issuance, or  ubsequently by the market.
or
Α.3 Investment in real estate, land development and infrastructure projects:
The applicant must have made an investment of at least € 5,0 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).
or
Α.4 Purchase or creation or participation in Cypriot businesses or companies:
The applicant must have made an investment of at least € 5,0 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens.
It is noted that the mandatory conversion of deposits into shares is included in this criterion.
or
Α.5 Deposits in Cypriot banks:
The applicant must have personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0 million.

Concerning the above criterion, it is often enquired whether the three-year fixed term deposits, which the investor has used in order to acquire the Cypriot citizenship by exception, can be used as collateral to secure a bank loan. Consequently, the Council of Ministers, at its meeting held on the 25th of June 2014, clarified the matter. Specifically, the Council decided that the investor may use the fixed term deposits as collateral for a loan, provided that the funds resulting from the loan agreement will be invested solely in the Republic. Therefore, if an investor moves forward with a loan agreement using the fixed term deposits as collateral, he/she is obliged to inform accordingly the Ministry of Interior and to provide information for the investments that will be concluded using these funds. If, for any reason, the investor fails to inform the Ministry of Interior, the Naturalization might be revoked.
or
Α.6 Combination of the aforementioned criteria Α.1 (Investment in government bonds), Α.2 (Investment
in financial assets of Cypriot companies or organizations), Α.3 (Investment in real estate, land development and infrastructure projects), Α.4 (Purchase or creation or participation in Cypriot businesses or companies) και Α.5 (Deposits in Cypriot banks):
The applicant is required to have a combination of the above amounting to at least €5,0 million.
or
Α.7 Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented aſter the 15th March 2013:
The applicant has incurred an impairment in deposits amounting to a total of at least €3,0 million. In the case where the applicant has incurred an impairment in his/her deposits under €3,0 million he/she may apply, having made an additional investment through the criteria A.1 (Investment in Government bonds), A.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), A3 (Investment in real estate, land development or infrastructure projects), A.4 (Purchase or creation or participation in Cypriot businesses and companies) and A.5 (Deposits in Cypriot Banks) for the balance of the required amount of the aforementioned criteria.
or
Α.8 Major Collective Investments:
The Council of Ministers shall have the right on special occasions, to reduce the above criteria (Α.1 (Investment in Government Bonds), Α.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), Α.3 (Investment in real estate, land development or infrastructure projects) and Α.4 (Purchase or creation or participation in Cypriot businesses and companies):

I. To €2,5 millions for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12,5 millions.

II. To €2,0 millions for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12.5 millions. It is noted that this present provision (I), will be in force until the 1st of June 2014.

In addition, it is noted that for the above mentioned provisions (Ι) and (ΙΙ), the investment for the Criteria Α1 until Α4 may be realized through a different salesman/ provider (physical or legal entity).
B. TERMS AND CONDITIONS
1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. 2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.
It is noted that members of the same family, which 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.
C. SUBMISSION OF DOCUMENTS
In order to examine any applications the submission of the form (M127) and of the following is required:
1. Clean Criminal Record:
Certificate of Clean Criminal Record from the country of origin and the country of residence (if it differs).
2. Residence in the Republic of Cyprus:
(a) Contract of Sale.
(b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
(c) Receipts for paying the agreed purchase price
(d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller's
company
As for the investment Criteria the following are required, depending on the case:
(a) Certificate of Registration of the company/ companies by the Registrar of Companies
(b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the
beneficiary owner of the company/ companies
(c) Audited Accounts of the company (or companies) for the last three years preceding the year of the application
(d) If the applicant is a high-ranking senior manager the submission of the employment contract and the receipt
from the Department of Inland Revenue is additionally required.
Any other document that might be requested either by the Ministry of Interior, or by the Ministry of Finance.
Furthermore, depending on the case, the following are required:
1. Investment in Government bonds
(a) Receipts from the Treasury of the Republic of Cyprus for the purchase of the Government bonds.
2. Investment in financial assets of Cypriot companies or Cypriot organizations
(a) Title/titles and other documents regarding the financial assets.
(b) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the company or the
organization
3. Investment in real estate, land development or infrastructure projects
(a) Contract of sale.
(b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
(c) Receipts for paying the agreed purchase price
(d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller's company
4. Purchase or creation or participation in Cypriot businesses and companies
(a) Contract of sale.
(b) Receipts for paying the agreed purchase price
(c) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies
(d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the company or the organization
(e) Confirmation from the Social Insurance Department as to the insurable income of the Cypriot employees in the company
(f) Confirmation from the Inland Revenues Department as to the taxable income of the Cypriot employees in the companies or businesses that the applicant invested in.
5. Deposits in Cypriot banks
(a) Confirmation from Cypriot banks as to the fixed term deposits for three years of the applicant or the companies in which he is the beneficiary owner or of the trust in which he is the beneficiary owner
(b) Copy of the wire transfer in the Cypriot commercial banking institution
6. Impairment of deposits in the Popular Bank
(a) Confirmation as to the level and the time of the impairment of the deposits
(b) In the case of deposits of companies of which the applicant is the beneficiary owner, the Certificate of Registration of the Company by the Registrar of Companies and/or any other evidence, along with a declaration from the trustee of the funds confirming the beneficial owner is to be attached

None of the above affect the absolute discretion of the Council of Ministers in taking a Decision.
19 March 2014



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