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GRANTING AN IMMIGRATION PERMIT TO APPLICANTS WHO ARE THIRD COUNTRY NATIONALS AND INVEST IN CYPRUS UNDER REG6(2) OF ALIENS AND IMMIGRATION REGULATIONS |
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FAST TRACK |
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REQUIREMENTS: |
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Fixed Deposit: § Fixed deposit €30.000 for a 3 year period in a Cyprus institution. § The amount of €30.000 must be transferred to Cyprus from abroad.
Income Requirements: § Secure annual income of at least €30.000. § This annual income should increase by €5.000 for every dependent person of the applicant’s family (spouse and children) and by €8.000 for every dependent parent or parent-in-law. § This income should derive from abroad, and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents etc. § The combined annual income of the couple (applicant and spouse) may be also taken into consideration.
Investment: § The applicant must purchase a new immovable property of total market value of at least €300.000 (V.A.T. is not included therein) and official payment receipts of at least €200.000 (excluding V.A.T.). § The abovementioned amounts must be proven to have been transferred to Cyprus from abroad. |
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§ The property can be purchased by 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. § It is possible to purchase two units of property instead of one. § The applicant may purchase up to two housing units (apartments or houses), which can be independent, but be purchased from the same development company, 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.. § The above combinations must have a total price of €300.000 plus VAT. § Each couple can only use one combination. § The said purchase must be in relation to a property (and the combinations described above) sold for the first time by a development company. § If the property is sold the applicant must purchase a new property of the same or higher value so as for the residency not to be revoked.
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BASIC DOCUMENTS (ORIGINALS, OFFICIALLY TRANSLATED AND CERTIFIED) |
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§ Copy of valid passport § A copy of a valid temporary residence permit (if the applicant lives in Cyprus) § Curriculum Vitae (CV) (including academic qualifications) § Status of Bank deposits in Cyprus and abroad § Proof of income from abroad § Contract of sale or title deed § Receipts of payments of the majority of the value of the property § Certificate of criminal record § Marriage certificate/Birth certificate
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LEGAL FEES AND REAL EXPENSES |
Legal Fees § Each application will cost €2.200, plus VAT and for each additional application of every dependent person of the applicant’s family (spouse and children) and parent or parent-in-law, will cost additionally €500, plus VAT. § Our firm provides also legal services in connection with the purchase of the immovable property and the drafting of the contract of sale at a fee that will be discussed.
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Real Expenses § €500 immigration fee § €70 registration fee § €50 land registry charges
The applicant will need a medical insurance in Cyprus. Our law firm can assist on this |
NATURALISATION OF INVESTORS IN CYPRUS BY INVESTMENT SCHEME |
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The Council of Ministers by virtue of the Article 111A(2) of the Civil Registry Law of 2002 set out the criteria and conditions for the Naturalisation by exception in Cyprus. The Scheme for Naturalisation of Investors in Cyprus by Exception has been amended with the decision of the Council of Ministers dated 13th of September 2016 and now either personally or through a company/companies in which the applicant participates as a shareholder – in proportion to his holding percentage, or through investments done by the applicant’s spouse or jointly with the spouse or even as a high-ranking senior manager of a company/companies that meets one of the economic criteria and the terms and conditions below, may apply for the acquisition of the Cypriot citizenship through naturalization by exception. |
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CRITERIA |
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A. Investment in real estate, land development and infrastructure projects: § Two million Euros (€2.000.000) investment in real estate, land development and infrastructure projects: The applicant must make an investment of at least €2m for the purchase or construction of buildings or for the construction of other land development projects· or B. Purchase or Establishment or Participation in Cypriot Companies or Businesses: § The applicant must be the shareholder or the ultimate beneficial owner of a company (or companies) based in Cyprus with investment costs of at least €2,0 million and the management of which must be situated in Cyprus. The company must employ at least 5 Cypriot or European citizens. The minimum number of employees shall increase, if more than one applicant invest simultaneously or almost simultaneously in the same business or company. |
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In addition, the employees of the companies need to have legally and continuously resided in Cyprus during the five years preceding the application submission date· or C. Investment in Alternative Investment Funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec: § The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) established in the Republic of Cyprus, licensed and supervised by the CySec and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Scheme or in areas approved by the Minister of Finance. In order to confirm that the investments that meet the criteria of the current Scheme will be kept for at least three years, the manager or the auditor of the Fund shall inform in writing and on an annual basis, the Ministries of Finance and Interior with reference to the value of the initial investment. § The purchase of financial assets of Cypriot companies or organizations of at least €2,0 million, such as bonds, bills and securities, issued with the approval of the CySec, by companies that have proven physical presence and substantial economic activity in the Republic of Cyprus, and have as a purpose the financing of the investment plans of these companies or organizations exclusively in Cyprus, based on an investment plan, fall under this criterion. It is noted that the purchase by an AIF of units of other AIFs is not considered eligible· or D. Combination of the aforementioned investments: § The applicant may proceed with a combination of the above investments (+Bonds), provided that the total investment will amount up to at least €2,0 million: The applicant must invest in a combination of the above options and in addition, under the combination option, may invest in government bonds for the amount up to €500,000.
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