info@esergiou.com - tel.+357 99381118

PERMANENT RESIDENCE PERMIT (REGULATION 6.2) – ACCELERATED PROCEDURE

PERMANENT RESIDENCE PERMIT (REGULATION 6.2) – ACCELERATED PROCEDURE

April 2021

The accelerated procedure for the Permanent Residence Permit (PRP) applies to third country nationals and their family members who wish to have the option to permanently reside in Cyprus and even be able to apply for a Cyprus passport based on the years of stay.


The procedure of obtaining the PRP is simple and fast. The applicant should satisfy one the following investment options:


INVESTMENT OPTIONS:


Disposal of an investment without its immediate replacement shall result in the cancellation of the Permanent Residence Permit.


A. INVESTMENT IN A RESIDENTIAL PROPERTY

Purchase of a residential property of a minimum market value of €300.000 plus VAT and proof of payment of at least €200.000 plus VAT.

Additionally, the applicant must show a steady annual income of at least €30.000. This amount is increased by €5.000 for each family member and by €8.000 for each dependent parent of the applicant or applicant’s spouse. Such income must derive exclusively from abroad. Both applicant and applicant’s spouse income is taken into account. The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without remuneration.



B. INVESTMENT IN ANY OTHER KIND OF REAL ESTATE PROPERTY

Purchase of offices/shops/hotel or similar developments or combination of these with a total value of €300.000. These properties can be acquired through resale/repurchase.

Additionally, the applicant must show a steady annual income of at least €30.000. This amount is increased by €5.000 for each family member and by €8.000 for each dependent parent of the applicant or applicant’s spouse. Such income may derive both from abroad and Cyprus. Both applicant and applicant’s spouse income is taken into account.

The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).

The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without remuneration.

C. INVESTMENT IN THE SHARE CAPITAL OF A CYPRUS COMPANY


A minimum of €300.000 in a company registered in Cyprus. The company must operate in Cyprus, have physical office and employ at least five employees.

Additionally, the applicant must show a steady annual income of at least €30.000. This amount is increased by €5.000 for each family member and by €8.000 for each dependent parent of the applicant or applicant’s spouse. Such income may derive both from abroad and Cyprus. Both applicant and applicant’s spouse income is taken into account.

The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).

The applicant and/or their spouse can be directors (with remuneration) of the company they have invested.

D. INVESTMENT IN SHARES OF A CYPRUS MUTUAL FUND (AIF, AIFLNP, RAIF)


A minimum of €300.000 investment in Cyprus Mutual Fund.

Additionally, the applicant must show a steady annual income of at least €30.000. This amount is increased by €5.000 for each family member and by €8.000 for each dependent parent of the applicant or applicant’s spouse. Such income may derive both from abroad and Cyprus. Both applicant and applicant’s spouse income is taken into account.

The applicant must show proof of residence (i.e. title deed or contract of sale of a residential property or rental agreement).

The applicant and/or their spouse can be shareholders of a Cyprus company and receive dividends. They may also hold the position of Director in such company, without remuneration.

APPLICANTS MUST SUBMIT:

a) Criminal Record Certificate which must be issued by the Authorities in the country of origin.

b) Copy of valid passport.

c) Copy of valid temporary residence permit (if the applicant resides in Cyprus)

d) Curriculum Vitae (including academic qualifications)

OPTIONS FOR FAMILIES:

1. Spouse of the applicant is entitled to apply simultaneously with the applicant for the acquisition of the PRP.

2. Children

2.1 Under the age of eighteen are eligible to apply for PRP simultaneously with the applicant.

2.2 Over the age of eighteen.


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 a PRP. In such a case, the father or mother and/or both parents together must show an additional annual income of €5.000 for every such dependent child. The said permit is still valid even if the holders have exceeded the age of 25 years old and even if they do not remain unmarried and/or students and/or financially dependent on their parents. Future spouses or underage children cannot be included as dependent persons on this permit.


If children wish to study in an institution of tertiary education in the Republic, they have to submit through the institution an application for acquisition of a temporary residence permit in the Republic as students, according to the provisions of the relevant legislation (EU Directive). After the completion of their studies in the Republic, these children regardless of their age, will be able to submit their own application to obtain an Immigration Permit, with the condition that their parents show only an additional annual income of €5.000 for every such child.


2.3 Over the age of eighteen that are not financially dependent.

The market value of the €300.000 investment should be multiplied by the number of the adult children, who will invoke the same investment for the purpose of obtaining the PRP. For example, in case the applicant has an adult child he should make an investment worth € 600.000, if he has two adult children the value of the investment should amount to € 900.000, etc. In case the investment will concern the real estate market, i.e. where the applicant chooses to invest to Investment Option A or B, proof of payment of at least 66% of the market value must be submitted. It is understood that, in such a case, each adult child will be able to prove that he has at his disposal an insured annual income of at least € 30.000, which will increase by € 5.000 for each dependent. In addition, it is noted that the investment can be made jointly in the name of the applicant and the adult child or exclusively in the name of the applicant.


GENERAL NOTES:

The applicant and the family members should visit Cyprus at least once every two years.

The application can be submitted by a representative while the applicant and family members reside abroad.

The applicant and family members should visit Cyprus within the first year from the approval date for the provision of biometric data.

The anticipated processing time by the Civil Registry and Migration Department following submission of the application is two – three months.

en_USEnglish