NEW RESIDENCY REQUIRMENTS FROM THE 2ND MAY OF 2023 FOR ''FAST TRACK'' - NON EUROPEANS APPLICANTS
NEW RESIDENCY REQUIRMENTS FROM THE 2ND MAY OF 2023 FOR ''FAST TRACK'' - NON EUROPEANS APPLICANTS
Are you looking to move to Cyprus from another country? You might be interested in the expedited Immigration Permit process.
After receiving approval from the Council of Ministers, the Minister of Interior released its latest review of Immigration Permits to third-country national applicants in cases of investments that meet the policy requirements and will take effect on May 2, 2023.
Investment Criteria
For investors to qualify for the permit, the investment amount has to come from a bank account outside of Cyprus that belongs to the applicant or their spouse (if included in the application) and be at least €300,000.
The amount of the investment value should be paid from the applicant’s bank account to the seller’s account in a Cyprus financial institution.
Applicants could invest in a house or apartment or choose one of the following investment categories:
a) Investment in a house/apartment: A house or apartment purchase from a land development company should concern a first sale of at least €300,000 (plus VAT).
b) Investment in real estate (excluding houses/apartments): Purchase through 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. The properties in question may also be subject to resale.
c) Investment in the share capital of a Cypriot Company with activities and personnel in Cyprus: Initial investment in the share capital of a new company worth €300,000 or increase of share capital worth €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 employs at least five (5) people.
d) Investment in shares of a Cyprus Investment Organization for Collective Investments (type AIF, AIFLNP, RAIF):
Investment worth €300,000 in shares of a Cyprus Investment Organization for Collective Investments whose investments should be carried out in the Republic of Cyprus.
If the holder of an Immigration Permit sells their investment but does not replace it with another of an equal or higher value that meets the conditions mentioned above, their permit may be canceled as per Regulation 6 of the Aliens and Immigration Regulations.
In addition to the investment, applicants must have a personal insured annual income of €50,000 or more, which increases by €15,000 for their spouse and €10,000 for each minor child. The earnings can come from various sources. In cases where the applicant chooses to invest in the categories outlined above, the profits may also arise from taxable activities within the Republic.
Qualitative Criteria
1. Applicants and their spouses must submit certificates of clean criminal records from their country of origin and country of residence if they differ. In general, they must not pose a threat to public order or security.
2. The applicant and their family must possess a Health Insurance Certificate covering inpatient and outpatient medical care to be eligible.
3. The applicant and spouse will certify that they do not intend to be employed in the Republic except for their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.
4. If the investment is unrelated to a company’s share capital, the applicant and their spouse can own shares in companies registered in Cyprus without affecting their ability to obtain an Immigration Permit. They may also hold the position of Director in such companies without pay. Income earned from dividends in these companies will not be considered a hindrance to getting the Immigration permit.
5. In the cases where the applicant chooses to invest as Paragraphs 1(B), 1(C), or 1(D), he should present information about his place of residence and that of his family members in the Republic (e.g., a property title deed, sales document, rental document).
In cases where the applicant chooses to invest as per Paragraph 1(A), but the number of bedrooms of the investment property cannot satisfy the needs of his dependent family members, he should indicate another property or properties which he will constitute the place of residence of these persons (e.g., a property title deed, sales document, rental document).
Dependents of the Applicant
If applicants consider getting an Immigration Permit in Cyprus, it’s essential to understand the rules regarding dependents. The permit is issued to the applicant, which includes their spouse and minor children under 18. However, if the applicant and partner want separate permits, they can apply individually by submitting separate applications and paying the corresponding fees.
It’s worth noting that if an applicant’s permit is canceled for any reason, it also affects your partner’s permit, as per the regulations.
If you have unmarried children aged between 18 and 25 studying abroad and financially dependent on you, they can apply for their own Immigration Permits. However, you must show an additional annual income of €10,000 for each child.
If the applicant’s children study in Cyprus, they must obtain a temporary residence permit based on the EU Directive. Once they finish their studies, they can apply for their own Immigration Permit, and the applicant will need to show that extra annual income again. Even if your children are over 25 and unmarried and or students and or financially dependent on you, their permit will still be valid. However, your spouse and minor children can’t be included as dependents in their permit.
Lastly, if the applicant’s permit is canceled, it also affects the child’s permit, according to the Aliens and Immigration Regulations.
Highest value investments including adult children
Investors who want to bring their adult children can also apply for an Immigration Permit. However, they need to invest more money based on the number of adult children they have. For example, if the applicant has one adult child, they must make a €600,000 investment. If they have two adult children, the investment must be worth €900,000. If the investment is in real estate, they must submit a payment certificate of at least 66% of the market value with their application.
As outlined above, the adult child also needs to prove they have an annual income of at least €50,000, which increases by €15,000 and €10,000 for each dependent person. Applicants can invest jointly or solely in the applicant’s name.
If the property doesn’t have enough bedrooms to accommodate the family members, the investor should provide another property or property that can serve as their residence, such as a property title deed, purchase and sale document, or rental document.
Application submission and examination procedure
To apply for the Immigration Permit, you can submit your application to the Department of Population and Immigration Records (TAPM) in person or through a representative. Applicants need to book an appointment or arrange another way to submit it. A fee of €500 will apply, and an additional fee of €70 for each person included in the application for the Foreigner Registration Form (DEA) if it’s not already available.
If an applicant employs a representative to submit their application, obtaining written and certified authorization from the applicant is necessary. This authorization must include the representative’s complete details, address, and contact numbers.
TAPM will quickly process your application and send it to the Minister of the Interior through the Director General of the Ministry of the Interior.
Schedules
If the applicant satisfies all the policy requirements and has no criminal history or involvement in any public disturbance or security concerns, their application will be sent to the Minister of the Interior for review and final decision.
After submitting all the necessary documents, the application typically takes around (2) two months to be reviewed.
Application forms
You can get all the forms needed for the application on the website of the Department of Population and Immigration Records.
The forms include the following:
- Application Form (MIP1)
- List of documents submitted with the application
- Responsible Declaration of the applicant’s annual income,
- Responsible Declaration that certifies the non-employment of the applicant and their spouse in Cyprus except for their employment as Directors in a Company in which they have chosen to invest within the framework of this policy.
Control mechanism compliance with the criteria and maintenance of the imvestment
The applicant has to show evidence annually to the Department of Population and Immigration Records that they still maintain their investment, income, and health insurance.
The applicant and their adult family must also provide a clean criminal record certificate annually from their country of origin and residence. If they can’t prove the above, their permit will be canceled based on the provisions of Regulation 6 of the Aliens and Immigration Regulations.
Duration of License
Based on the provisions of Regulation 6 of the Aliens and Immigration Regulations, if the holder of the Immigration Permit fails to prove the above requirements annually, it may result in the cancellation of the permit for both the holder and their family members.
Additionally, accompanying documents for the application should be duly translated and certified. It is important to note that the right of residence granted upon approval of the application for the investor and their adult dependent family members is unlimited. Still, the residence permit (card) expires ten years after its issue and must be replaced upon expiry. The residence permit issued to minor dependent family members is valid until they reach the age of majority (18 years).
Conclusion
To summarize the above changes, here’s what applicants should know:
1. Applicants can no longer include parents and in-laws in the Immigration permit.
2. Increase of annual income: €50K for the primary application, €15k spouse & €10k dependent children
3. Applicants must declare income in the Tax declaration of the applicant from the country he is taxed
4. Applicant and spouse must provide a clean criminal record from the country of origin AND country of residence, if different.
5. All applicants must provide Medical Insurance Certificate for medical care covering inpatient and outpatient care.
6. Where the Applicant invests in a house or apartment, and the number of bedrooms of the investment property cannot satisfy the needs of the dependent members of his family, he should indicate another property or properties which will constitute the place of residence of these persons (e.g., a property title deed, purchase and sale document, rental document).
7. Applicant must pay at least €300k (without VAT) before applying for the immigration permit
8. Applicant must provide a Land registry search if he applies for the immigration permit one year after the purchase of the house/apartment
9. To maintain the immigration permit, the applicant must provide the following every year to the immigration department:
a) evidence that he maintains the investment
b) Evidence that he maintains the required income for himself and his dependants
Additionally, On an annual basis, all the Applicants must provide
– Medical insurance certificate, in case they do not continue to be registered with the Cyprus GHS
– All adult applicants must provide an annual basis certificate of a clean criminal record from their country of origin and their country of residence.