FAQ IMMIGRATION THIRD COUNTRY NATIONALS
Permanent Residence – Fast-track – PR6(2) by Investment
1. What is GESY?
GeSY stands for the General Healthcare System of Cyprus and, is the Cyprus universal health insurance system, which aims at meeting the expectations of Cypriot citizens and eligible residents for equal access to treatment and provision of high-quality healthcare, by using, in the best possible way, all available resources.
2. What should a health insurance cover?
The health insurance should be covering inpatient, outpatient and body transport costs.
3. Which Documentation needs to be Officially Translated?
Documentation which is in any other language other than Greek or English, needs to be officially translated.
4. Which Documentation need to be Duly Certified?
Public Documents issued in other countries, other than Cyprus, such as marriage certificate or children’s birth certificate, need to be duly certified.
5. Which certifications are concerned as Duly Certifications by the Migration Department?
Certification by a Cyprus Embassy or Consulate in the issuing country will suffice.
Otherwise, Apostille certification, where the issuing country has signed the Apostille Convention, will also suffice.
6. In which form should the income be?
The income may include salaries, pensions, dividends from shares, bank deposits interest, rents, etc. For the purposes of calculating the income, the spouse’s income may also be taken into account.
7. How long does the examination of the application take?
The examination of the application usually takes place 2 months from submission.
8. How much are the application fees payable to the Migration Department?
The application fees payable to the Migration Department is usually €570 per person.
9. Are there any conditions for the lifetime residency under PR6(2)?
-It is valid for life as long as the applicant visits Cyprus at least once every two (2) years.
-If the Applicant and his/her dependents fail to acquire residence in Cyprus within one (1) year from the approval of the application, the permit ceased to be valid.
-If the investment is been withdrawn the PR6(2) will be cancelled.
10. What happens if the Applicant would like to replace his investment with another?
It is possible for the Applicant to replace his investment with another.
However, the replacement of the investment will need to be made immediately with an investment of the same or greater value which must meet the conditions of the PR6(2) permit. Otherwise, it might lead to the cancellation of the PR6 (2) permit.
11. Is possible for an Applicant to be a Shareholder in a Cyprus company?
Under certain conditions, it possible for the Applicant and/or the Applicant’s spouse to be Shareholders in Cyprus companies. In such companies they might have also the position of an unpaid Director.
12. Is there any restriction as to residential status of the Applicant?
The residential property should be considered to have a number of bedrooms which will satisfy the needs of the dependent members of the Applicant. Otherwise, the Applicant will need to indicate another property or properties which will serve as the needs of his/her dependents.
13. Which permit can an 18 years old Family Member of a main Applicant of PR(6)2 application obtain?
–Financially Dependent Student abroad, 18 to 25 years old, unmarried is able to submit their own, separate PR6(2) application and in such a case, the Applicant’s income shall present an additional annual of €10,000 for each such dependent child.
–Financially Dependent Student in Cyprus, 18 to 25 years old, unmarried, will need to submit an application for a temporary residence permit in the Cyprus as Students. After the completion of their studies in Cyprus, they will be entitled to submit their own PR6(2), regardless of their age, provided that the parents will present an additional annual income of €10,000 for every such child.
–Financially Independent over 18 years old can apply for PR6(2) provided that the €300,000 investment is multiplied by the number of adult children involved, e.g., one such adult child involved, the investment worth should increase to €600,000. Also, each adult child will need to prove that they have a secured annual income of at least €50,000. Further conditions might also be applied in such case.
* Please note that such adult children might also be eligible to other temporary and/or permanent residence permits according to their other specific personal circumstances.