There is some confusion about the new measures that the government has decided to grant to foreigners (not members of the European Union) to obtain a residence permit and even Cypriot (European Union) nationality through the use of real estate. Residents of third countries (i.e. non-EU countries, such as Russians, Ukrainians, Iranians, etc.) who have expressed interest in acquiring property in Cyprus now benefit from an additional bonus. A similar article was published two months ago, but after discussing it with the Interior Ministry, we think we now have the right information.
Immigration permits – the equivalent of a permanent residence permit – can be obtained by people from third countries, who buy a residence in Cyprus for a value of at least 300,000 euros. These people are exempt from the lengthy procedures that apply to citizens of Third World countries who now need consular visas, renewal of residence permits and return permits, and applicants are considered positive if they buy a house. , etc. It is clear that these permits will be granted by the Minister of the Interior, provided that the applicant has no criminal record and has an insured annual income at an appropriate value (around 20,000 euros/spouse/year) and obtained from abroad and no work or self-employment in Cyprus. This category of applicants is not fully entitled to apply for a Cypriot passport, but they can apply for a Cypriot passport/citizenship after 7 years of residence by submitting an application. A permanent residence permit will be granted to qualified persons to prove their desire to emigrate to Cyprus. For this reason, although the request may be made after the purchase of the property, the authorities should be “convinced” that the applicant / or his family has lived in Cyprus for at least 6 months (eg 185 days/year). , but this may not apply strictly (therefore, we understand the need for further investigation/clarification). The applicant can travel abroad and so on for work, but in reality. For example, he cannot buy a house and then live abroad, for a total of more than 185 days per year. If the applicant takes his family and minor children (under the age of 21) who live here permanently to Cyprus, this is good evidence (the children attend local foreign schools, etc.).
Other parameters include:
- People who intend to invest in agricultural business, fishing, and livestock, provided they have acquired similar land and have a capital of around 430,000 €.
- Mining works provided that it has available capital of 350,000 euros – subject to obtaining a mining permit.
- Any other company that plans to invest in Cyprus for 260,000 euros, provided that it can obtain a work permit from the authorities.
- Work or profession provided the applicant has sufficient private funds and provided such a need exists in Cyprus.
- Employees of any company provided they prove that their work will not be hostile conditions in the area of work they perform.
- These are foreigners who do not work in Cyprus, but who reside there as tourists and receive an annual income of 10,000 euros per person. This income can come from pensions, interest, deposits, etc.
- Any other applicant who decides on the Minister of the Interior and does not fall into the categories mentioned above provided that the granting of the permit does not harm Cypriot residents, for example. Parents of foreign residents, who may not have sufficient annual income.
For those who have been approved and live abroad, they must come to Cyprus within one year of the issue of the permit. If the applicant obtains a permit but has lived abroad for two consecutive years, he may lose his permanent resident status.
All dependents of the applicant (wife and minor children – that is to say, under the age of 21) can obtain a residence permit.
A permanent resident can apply for a Cypriot passport/citizenship after 7 years. In this case, he will be treated as a citizen without restrictions.
Getting a Cypriot Passport/Nationality – This proposal is now approved as follows under an exceptional procedure (naturalization) under economic criteria, but the general proposal suggests the following:
(I) The applicant must have a direct investment in Cyprus in an amount of not less than 25 million euros. (For example, real estate, factories, land, companies, etc.
(2) The applicant must establish a local Co / Cos with an annual turnover of at least 85 million euros. For the year before his request. or
(Iii) The applicant presents new innovative technology projects to Cyprus, including research centers. It must be demonstrated that the applicant provided such activities on a large scale and in vital areas of the Cyprus economy or that he established a large-scale research center for local research. or
(Iv) He maintains personal deposits with Cypriot banks (or joint cash deposits he controls) with an amount of 17 million euros. at least. or
(C) A mixture of direct investment, business operations and bank deposits. In this case, the claimant must prove the value of 26 million euros. In total.
(Vi) Other requirements include that the applicant must be over 30 years old. There is no criminal record.
(Vii) A permanent resident or person who has lawfully lived in Cyprus for 7 years can apply (i.e. by naturalization).
(Viii) A person married to a Cypriot after 3 years of residency (upon registration).
These financial measures are aimed at attracting wealthy individuals and companies, which is a measure to assist the Cyprus economy during this difficult period of recession. As such, it is not necessary to certify that it will last forever. This type of procedure (passports for cash) has been approved by many countries, the most famous of which is Canada, which provided Canadian passports for $ 500,000 in deposits/business creation by applicants.