Cyprus

Initial Consultation: During the initial consultation for the Cyprus investment immigration program, it is essential to work with a reputable investment immigration lawyer or consultant. They will assess your eligibility for the program and help determine which investment option is most suitable for you. It’s important to note that the minimum income requirement for the principal applicant has increased from €30,000 per year to €50,000. Additionally, spouses must demonstrate an additional €15,000 of income, and an extra €10,000 is required for each minor dependent. These financial requirements need to be met to qualify for the program. Investors who have acquired Cypriot permanent residency through investment are also required to provide annual evidence to demonstrate that they continue to maintain their investment and that their income remains above the income threshold. Failure to provide such evidence can result in the termination of residency for both the applicant and their dependents. Furthermore, it’s important to note that parents, parents-in-law, and adult children no longer qualify as dependents for permanent residency applications under the Cyprus investment immigration program.

1. Investment: After selecting the investment option for the Cyprus investment immigration program, the next step is to make the required investment. The investment can be made in real estate, government bonds, or a combination of both, depending on the program requirements. If you choose to invest in real estate, the investment threshold is set at €300,000. It’s important to note that this amount must be paid in full before initiating the visa application, regardless of the delivery status of the real estate project. When making the investment, the principal applicant should deposit the funds directly from their own account. Alternatively, if the spouse is included as a dependent in the application, the funds can be deposited from their account. Once the investment has been made, you can proceed with the submission of your citizenship application. Along with the application form, you will need to submit all the necessary supporting documents. These documents may include proof of investment, such as property purchase or bond certificates, as well as criminal background checks and medical certificates. It’s important to ensure that all the required documents are provided accurately and completely to avoid any delays or complications in the application process.
2. Application Submission: After making the required investment in the Cyprus investment immigration program, the next step is to submit your residency application. This application must include all the necessary documents to support your eligibility and provide relevant information. Some of the essential documents typically required include:
   • Proof of Investment: You will need to include documentation that proves your investment in the chosen option, such as real estate purchase agreements, government bond certificates, or any other relevant investment documents. These documents should clearly demonstrate that you have met the investment threshold set by the program.
   • Criminal Background Check: You will be required to provide a criminal background check or police clearance certificate from your home country or any other countries where you have resided for a significant period. This check is conducted to ensure that you do not have any criminal records that may affect your eligibility for residency.
   • Medical Certificates: You may need to submit medical certificates to establish your good health. These certificates are typically obtained through a medical examination conducted by an authorized physician or medical facility. The examination may include a general health assessment and screening for specific communicable diseases.

      

     In addition to these primary documents, there may be other supporting documents required, such as a valid passport, birth certificate, marriage certificate (if applicable), and proof of financial resources. The exact document requirements may vary based on individual circumstances and the specific requirements of the Cyprus investment immigration program.

     It is crucial to ensure that all documents are accurately prepared, authenticated (if required), and translated into the appropriate language if not in English or Greek. Working with an experienced immigration lawyer or consultant can help you gather and organize the necessary documents to ensure a smooth application process.

3. Background Check and Due Diligence: Your application will undergo a thorough background check and due diligence process to ensure that you meet all the eligibility criteria and that your funds are from legal sources.
4. Recent Developments: There has been an amendment to the law regarding the Cyprus Permanent Residence Permit that expands the investment options for foreign investors. Here are the changes mentioned:
5. • Investment in Non-Residential Properties: Foreign investors are now allowed to invest in non-residential properties such as hotels, offices, shops, and other commercial properties. This provides investors with more flexibility in choosing their investment assets.
     Investment in Company Shares: The amendment allows foreign investors to invest in company shares, provided that the company maintains a physical presence in Cyprus and employs a minimum of five people. This opens up opportunities for investors to participate in the growth of Cypriot businesses and contribute to the local economy.
   • Investments in Compartments of Cypriot UCITS (AIF, AIFLNP, RAIF): Foreign investors can now invest in compartments of Cypriot Undertakings for Collective Investment in Transferable Securities (UCITS), including Alternative Investment Funds (AIF), Alternative Investment Funds with Limited Number of Persons (AIFLNP), and Registered Alternative Investment Funds (RAIF). This expansion allows investors to diversify their investment portfolio and potentially benefit from the performance of Cypriot investment vehicles.
     These amendments aim to attract more foreign investment and stimulate economic growth in Cyprus.
6. Another residency program: The Cyprus Startup Visa scheme allows individual or a team of investors to establish a business with high growth potential in Cyprus. Here are some key details about this program:
7. Eligibility: The Cyprus Startup Visa scheme is open to individuals or teams of investors who plan to establish a business in Cyprus. The business must demonstrate high growth potential and innovation.
8. Innovation Requirement: To meet the program’s criteria, the business must allocate at least 10% of its operating costs to research and development (R&D) activities in at least one out of three years preceding the application. This requirement aims to promote innovative and forward-thinking enterprises.
9. Evaluation of Business Plan: Since most startup ventures may not have an established financial history, their business plans are subjected to rigorous evaluation. The government provides a specific format for the business plan, including the required information it must contain. The evaluation process assesses the viability, potential for growth, and innovation of the proposed business.

It’s important to note that the Cyprus citizenship through investment program has been subject to frequent changes. Therefore, we advise you to work with an experienced professional to navigate the process and ensure you meet all the requirements.