Amendments in permanent residence application procedure in Cyprus



Giorgos Landas LLC (www.landaslaw.com) is a legal firm in Cyprus and a proud member of Delphi Alliance.


On 24/03/2021 a new amendment of the criteria for the permanent residence under Regulation 6(2) (fast track – examined within the period of 2 months) of the immigration and migration Regulations have passed.


Investment criteria

The applicant shall invest at least €300.000 as follows:

  • Investment in residential house/apartment: the applicant shall purchase from a land development company, a new house/apartment of at least €300.000 (plus VAT), or

  • Investment in properties (other than residential house/apartment): the applicant shall purchase commercial property such as (office, shop, hotel or other similar property) unit or combination of units of total amount of €300.000. In this situation, resales are allowed.

Documents related to the investment:

  1. Title deed or contract of sale

  2. Proof of payment of at least €200.000+VAT, to the bank account of the seller in Cyprus.

  3. Proof that funds are from abroad

Notes:

  • The applicant is allowed to purchase the property on his/her name or on his/her spouse name or on the name of the company he/she and/or his/her spouse are the sole beneficiaries

  • It is possible to purchase up to 2 properties of total amount of 300.000+VAT, from 2 developers.

  • Investment in the share capital of a Cyprus Company with activities and personnel in Cyprus: the applicant shall invest at least €300.000 in the share capital of a company registered in the Republic of Cyprus, which is based and operates in the Republic of Cyprus, is active and has a proven physical presence in Cyprus and employs at least five (5) people.

Read the full announcement here