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New criteria in obtaining a Permanent Residence Permit by Investment in Cyprus
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On the 24th March 2021 the Cyprus government announced additional investment criteria. The applicant must invest the amount of at least €300,000 (not including VAT) in one of the following categories:
1A: Purchase of a residential property (house or apartment) from a developer. The purchase must be a first sale unless the purchase took place before the 07/05/2013. At the time of the application, at least €200,000 (not including VAT) must be paid. Also, it is possible to purchase up to 2 properties for the total investment amount of €300,000. It is also noted that in case 2 properties are purchased, these do not have to be bought from the same developer.
1B: Investment in immovable property (except houses/apartments) such as offices, shops, hotels etc or a combination of these of the total amount of at least €300,000. The investment can be resale.
1C: Investment in the capital of a Cyprus company with activities in Cyprus and at least 5 employees.
1D: Investment in funds (AIFS, AIFLNP, RAIF)
Note: It is noted that the real estate purchase may be accepted even when made in the name of a legal person, provided that the applicant and/or his/her spouse are the sole shareholders or the ultimate beneficial owners of it, and that this legal person is legally established in the Republic or other member state of the European Union or European Economic Area.
In addition to the above, the applicant must illustrate that he/she has an annual income of at least €30,000 (plus €5,000 for every dependent person, plus €8,000 for each parent). The income may derive from salary, pension, dividends, deposits, rental income etc.
The applicant must prove that the income is derived from abroad in case the investment is according to 1A above. In addition, the annual income of the spouse of the applicant can be combined with the income of the applicant.
In case the investment is according to paragraphs 1B, 1c or 1D above, the annual income of the applicant or part of it can be derived from within the Republic of Cyprus.
The Investor and his/her spouse must submit a confirmation of a clean criminal record from their country of origin.
The Investor and his/her spouse shall confirm that they do not intend to be employed in Cyprus in any direct or indirect manner except in the position of Directors in a company which they intend to invest under 1C above.
The investor and his/her spouse may be shareholders in companies registered in Cyprus and receive dividends. They can also be director (without salary) in such companies.
In case the investor will invest under 1B, 1C or 1D, he/she must present evidence of residence in Cyprus such as title deed or rental agreement.
Dependent Family members
Single children between 18-25 years old which are students and which are financially dependent on their parents, may apply, without fulfilling any personal financial requirements. In this case the parents will need to prove additional income of at least 5,000EUR for each dependent child.
The permit will remain valid even after the holder has exceeded the age of 25 and even if he/she is no longer single and/or financially dependent on his/her parents. It is however noted, that their future spouse and/or children will not be entitled to obtain the Permanent Residency Permit.
The parents of the couple are also eligible to acquire the Permanent Residency Permit, without any further investments. However, the couple must prove additional income of at least 8,000EUR for each parent.
Permit may be granted to adult children who are not financially dependent provided that the investment amount will be higher: If there is only one adult child, the investment should be doubled (i.e. €600,000) if two children, €900,000 etc. In addition, the adult child must show evidence that she/he has an annual income of €30,000.
Feod Group has been providing a full range of services in obtaining permanent residence in Cyprus, both at the stage of selecting and buying real estate, and at the stage of applying and receiving a residence permit in Cyprus.
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Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London i...
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London immigration law firms. Is a regular participant in seminars and trainings on immigration, corporate and private law of the European Union. Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA advising HNWIs and their families on:
consultations on obtaining alternative (second) citizenship;
Residency and Citizenship by Investment;
preparation of appeals, working with complex immigration cases.
She advises individuals and corporate clients for wealth/business structuring and assets protection. Central to her Managerial role in the company she initiated and united high level lawyers and other top professionals around the word in order to provide Feod Group clients with bespoke level of legal and business services word wide, keeping the staff focused on the opportunities and challenges faced by each individual client. Speaks Russian, Ukrainian, English.