Immigration Law

Our Lawyers have studied and examined in detail the new legislation regarding the Immigration law in general, thus we can offer you a great variety of services in this area of law.

Our office follows the new and accelerated procedure for granting Immigration Permit to applicants who are third country nationals who's intent is to invest in the Republic of Cyprus.

Below, you can find more information on the terms and conditions, application and review process:

1. According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided to issue Immigration Permit to applicants, who are third country nationals, provided that they fulfill the following criteria:

(α) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.

(b) The applicant must submit the application form accompanied with a Title of ownership or contract of sale, of a property in Cyprus, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.

(c) The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period. It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.

(d) The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.

(e) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.

(f) The applicants should visit Cyprus at least once every two years.

(α) The application should be submitted on Form (M.67) to the Civil Registry and Migration Department or to the District Offices personally or through post or through a representative. It is noted that the applications submitted to District Offices shall be transferred to the Civil Registry and Migration Department directly, without any processing.

(b) Applications which are submitted in Cyprus, personally or through a representative or by post, shall be filed in an ordinary file (the applicant should ensure that each relevant document of the application must be numbered with blue ink, from the first page to the last). Inside the file there shall be included a check list of all necessary documents, which must be submitted with the application form, which must be completed by the applicant or by a representative of the applicant.

(c) The application shall be examined by the Civil Registry and Migration Department and shall be submitted to the Minister of the Interior, through the Permanent Secretary of the Ministry, for a decision. For the purposes of the specific type of immigration permit, no personal interviews are necessary, except when the Permanent Secretary decides that an interview is necessary.

(d) The Ministry of the Interior shall inform the applicant or the representative of the applicant and the Civil Registry and Migration Department, about the decision of the Minister of the Interior.

(e) The Immigration Permit shall not be cancelled, provided that the applicant will visit Cyprus one time at least, every two years period.

After the publication of this Announcement, any third country national who has applied for an Immigration Permit for Category F, may submit additional documents to the Civil Registry and Migration Department, in order to meet the criteria of paragraph 1 and have the application examined according to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, regarding the above mentioned criteria and the relevant procedure.

Provided that the criteria described in paragraph 1 are fulfilled and no further questions arise with respect to the Criminal Record of the applicant, or Public Order, the application shall be examined by the Minister of the Interior in a positive spirit and the Immigration Permit shall be granted.

It is estimated that when applying the procedure described above, the period for the examination of the application, shall not exceed a period of 1-2 months.

Α.1 Investment in real estate, land development and infrastructure projects:

The applicant must have made an investment of at least €2,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

Note: Investment in land under development is included in this criterion, provided that an investment plan for the development of the purchased land will be included in the application. Investment in land that is situated in a building zone of zero development is excluded.

or Α.2 Investment in financial assets of Cypriot companies or Cypriot organizations:

The applicant must have made a purchase or should have participated in Cypriot companies or Cypriot organizations with investment cost of at least €2,0 million.

It is noted that such applications will be examined in a way to verify that the companies have proven physical presence in Cyprus, with significant activity and turnover and employ at least 5 Cypriot or citizen of European Union member states. The minimum number of employees shall increase, if more than one applicant invests simultaneously or almost simultaneously in the same business or company. In addition, the employees of the companies need to have legally and continuously resided in Cyprus during five years preceding the application submission date.
Note: The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on specific investment plan.

or Α.3 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 Ministers of Finance and Interior with reference to the value of the initial investment.
Note:

  • (a) 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.
  • (b) The purchase by an AIF of units of other AIFs is not considered eligible.

or Α.4 Combination of the aforementioned investments:

The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.
Note: The applicant within this criterion may purchase special government bonds of the Republic of Cyprus, up to €500.000, which will be issued by the Public Debt Management Office of the Ministry of Finance, on condition that the investor will retain these bonds for a three year period. The characteristics of these special bonds will be determined by the General and Special Issue Terms of the Government Bonds of the Republic of Cyprus. Investments in government bonds through the secondary market are not considered eligible.

  • 1. Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union.
  • 2. Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

    It is noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home- property covers the amount of € 500.000 per each applicant.

    In case that the purchase value of the permanent privately owned residence in Cyprus exceeds the amount of € 500.000, part of this additional amount can be used for purposes of supplementing the total amount of the investment made on the basis of the criteria of Part A above.

    Additionally, it is noted that if the applicant has invested in housing unit/units on the basis of the aforementioned criterion A.1, the purchase of another permanent residence in Cyprus will not be required, if at least one of these housing units is worth at least €500.000 plus VAT, provided that the applicant retains the possession of the residence for life.
  • 3. Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus.

    If the applicant does not already hold a residence permit, he/she may apply for an immigration permit on the basis of Regulation 6 (2) of the Aliens and Immigration Law, simultaneously with the application for naturalization. If the application for acquiring an immigration permit is made solely for purposes of acquiring the Cypriot citizenship in accordance with the provisions of this Scheme there are no other conditions than those stated in both Part A and Part B of this Scheme.

    It is noted that all of the above also apply for the adult members of the family of the investor, who will apply for naturalization.

    In case the application for naturalization is rejected for any reason, the immigration permit, obtained in accordance with the provisions of this Decision, will be canceled immediately.

The Application (M127) is submitted at the Ministry of Interior with the original supportive documents, where the amount of €2.000 is paid as fees. The following documents are considered necessary for the submission of the application:

The original application (M127) and all the required documents original documents are to be submitted at the Ministry of Interior. Along with the original application and documents, an additional photocopy of the application and all the documents should also be submitted.

  • Clean Criminal Record
    • Certificate of Clean Criminal Record from the country of origin, as well as the country of residence (if it differs) of the applicant
  • Permanent privately owned residence
    • (a) Contract of Sale
    • (b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
    • (c) Receipts for paying the agreed purchase price
    • (d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller’s company
    • (e) Property assessment certificate by an independent certified surveyor upon the Ministry’s of Interior or the Ministry’s of Finance demand.
  • Financial Criteria
    • (a) Certificate of Registration of the company/ companies by the Registrar of Companies
    • (b) Certificate of shareholders by the Registrar of Companies or certificates evidencing that the applicant is the beneficiary owner of the company/ companies
    • (c) Audited Accounts of the company (or companies) for the last three years preceding the year of the application
    • (d) If the applicant is a high-ranking senior manager, a copy of the employment contract and a copy of the receipt by the Inland Revenue Department should be submitted.
    • (e) In case the investment is made by the spouse of the applicant or jointly with him/her, a marriage certificate should be submitted.

Furthermore, the following are required, depending on the situation:

  • Investment in real estate, land development and infrastructure projects:
    • (a) Contract of Sale
    • (b) Title Deeds/ Receipt for lodging the contract with the Lands and Surveys Department
    • (c) Receipts for paying the agreed purchase price
    • (d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller’s company
    • (e) Property assessment certificate by an independent certified surveyor upon the Ministry’s of Interior or the Ministry’s of Finance demand.
    • (f) Investment Plan for land development.
  • Purchase or establishment or participation in Cypriot businesses and companies:
    • (a) Contract of Sale
    • (b) Receipts for paying the agreed purchase price
    • (c) Certificate of shareholders by the Registrar of Companies
    • (d) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the seller or the seller’s company.
    • (e) Specific Investment Plan.
    • (f) Copy of the employment contracts of Cypriot citizens and EU citizens employed in the company the applicant invested.
    • (g) Confirmation of the Social Securities Department for the insurable earnings of the employees in the company the applicant invested.
    • (h) Copy of the insurance account of the Social Securities Department for each Cypriot or EU citizen.
    • (i) Confirmation of the registration of the Union citizenship (MEU1) or Certificate of Permanent Residence (MEU3) for employees that are citizens of EU Member States.
  • Investment in alternative investment funds or financial assets of Cypriot companies or Cypriot organizations that are licensed by CySec
    • (a) Title/Titles and other documents of the financial assets.
    • (b) Copy of the wire transfer in the Cypriot commercial banking institution in the name of the company or the organization.
    • (c) Specific Investment Plan.
    • (d) Confirmation from the Cyprus Securities Commission (CySec)
  • Investments Combination- Investment in government bonds
    • (a) Receipt from the Treasury of the Republic of Cyprus for the purchase of the government bonds
    • (b) Copy of the wire transfer in the Cyprus Government Treasury’s Account.

The original application (M127) and all the required documents original documents are to be submitted at the Ministry of Interior. Along with the original application and documents, an additional photocopy of the application and all the documents should also be submitted.

All the documents issued by a foreign authority should be translated to either Greek or English and be duly authenticated (They should bear the stamp «APOSTILE», if they are issued by countries that have signed the Hague Convention, otherwise they should be sealed by the Ministry of Foreign Affairs of the issuing country and the diplomatic mission of the Republic of Cyprus in the issuing country).

Once an application is submitted the examination process begins. First of all, the documents relating to the business activities and investments of the applicant in Cyprus are sent to the Ministry of Finance for evaluation and views on whether the applicant indeed meets any of the criteria established by the Council of Ministers. Simultaneously, the Ministry of Interior investigates whether the applicant meets the other conditions of the abovementioned Decision of the Council of Ministers. If the applicant meets the Criteria and Conditions of the Decision, the Minister of Interior presents the case to the Council of Ministers for final decision. Once the application is approved, the Civil Registry and Migration Department issues the Certificate of Naturalization, following payment of the amount of €5.000 that constitutes the Naturalization Certificate issuing fee.

Provided that such an application is dully submitted and accompanied by all the necessary supporting documents and the investor meets the criteria and conditions of the Decision of the Council of Ministers, the time frame for the completion of the process is approximately 3 months. It should be noted that the application submission date is the date on which the submission fees were paid that is noted on the receipt issued by the Cashier’s Office of the Ministry.