Permanent Residence Permit (Regulation 6.2) – Accelerated Procedure

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 must meet one of the investment criteria in Point 1 below , as well as the quality criteria in Point 2. It is noted that the money that will be used for the investment must be proven to have been transferred to Cyprus from abroad.

INVESTMENT CRITERIA

The applicant must invest at least €300,000 in one of the following investment categories:

(A) Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT) and a proof of payment of at least €200.000 plus VAT.

(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. These properties can be acquired through resale/repurchase.

(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.

(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.

QUALITY CRITERIA

2. The applicant should, in addition to the investment under Point 1 above, be able to prove that he has at his disposal a secure annual income of at least €30,000. This annual income increases by €5,000 for each dependent family member and €8,000 for each dependent parent (of the applicant and/or his spouse). This income should derive from abroad and may include salaries or wages, pensions, dividends from shares, fixed deposits, rents, etc. 

a. The applicant and his spouse must submit a clean criminal record certificate from their country of residence or from the Republic in case they reside in Cyprus and generally they should not be considered as a threat in any way to public order or public security in Cyprus. 

b. The applicant and his spouse shall confirm that they do not intend to undertake any sort of employment in the Republic with the exception of their employment as Directors in a Company in which they have chosen to invest under this policy. 

c. In cases where the investment does not concern the company’s share capital, the applicant and/or his spouse are allowed to be shareholders in companies registered in Cyprus and the income from the dividends derived from such companies may not be considered as an obstacle for the purposes of obtaining the Immigration Permit. In such companies, they may also hold the position of an unpaid Director. 

d. In cases where the applicant chooses investment category (B),(C) or (D), he should provide evidence regarding his accommodation in the Republic (e.g. title of ownership or contract of sale and proof of payment for the property or rental agreement).

DEPENDENT PERSONS

The Immigration Permit is issued to the applicant and it covers as dependent persons his spouse and children under the age of 18. Unmarried children between the ages of 18 and 25, who proved that they are students of tertiary education abroad on the date of the submission of the application and who are financially dependent on the applicant, can submit their own, separate application for an Immigration Permit with the payment of the relevant fee. In such a case the father or mother and/or both parents together must present an additional annual income of €5,000 for each such dependent child.

If the children wish to study in any 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 completing their studies in the Republic, they will be able to submit their own application for an Immigration Permit, as mentioned above with the payment of the relevant fee, regardless of their age and with the condition that the parents will present an additional annual income of €5,000 for every such child.

HIGHER VALUE INVESTMENT FOR ADULT CHILDREN

An Immigration Permit may also be granted to children of the applicant over the age of 18, who are not financially dependent on the applicant, on a higher value investment. The market value of the €300,000 investment should be multiplied by the number of adult children, who will invoke the same investment for the purpose of obtaining an Immigration Permit. For example, in case the applicant has one 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 purchase of real estate, i.e., where the applicant chooses Investment Category (A) and (B), a proof of payment of at least 66% of the market value of the real estate must be submitted upon application. In such a case, each adult child will be able to prove that they have at their disposal a secured annual income of at least €30,000, which will increase by €5,000 for each dependent person. 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.

  1. APPLICATION AND EXAMINATION PROCEDURE. The applications, accompanied with the required documents, must be submitted to the Civil Registry and Migration Department (CRMD) in person or through an authorized representative. Applications submitted through authorised representatives must be accompanied by an authorisation letter signed by the applicant and stating the particulars, full address and contact number of the representative. The application will be handled under an expedited procedure by the CRMD and will be submitted to the Minister of Interior, through the General Director of the Ministry of Interior.
  2. TIME SCHEDULE If all the criteria are met and if there are no reasons with regard to either the applicant’s criminal record or to public order and public security issues, the application will be forwarded for examination and decision by the Minister of Interior. It is estimated that the examination period of the application from the date of submission of the completed application will be approximately two (2) months.
  3. FURTHER INFORMATION: According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, within one (1) year from the date of the approval of the application, the holder of an Immigration Permit, is obliged to become a permanent resident in Cyprus. At the same time, the holder of such a permit, as well as his dependent persons are obliged not to be absent from the Republic for more than two (2) years. Otherwise, the Immigration Permit is automatically cancelled.

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