IMMIGRATION
Third Country Nationals
Permanent Residence
Fast-Track PR6(2) by Investment
We assist our Third Country National clients with securing their PR6 (2) Permanent Residence Permit, so that they will carefreely, safely and legally stay and reside in Cyprus.
Our Services
- Provision of a detailed and comprehensive legal advice on eligibility.
- Liaising with Cyprus Authorities and Institutions securing the investment and collecting the required documentation (e.g., Land Registry, Banks).
- Reviewing, Preparation, Drafting and Submission of all required documentation with the Migration Department.
- Scheduling an appointment with the District Immigration Department.
- Accompany the Applicant, with physical presence, at the District Immigration Department.
- Follow up of the procedure until finalization.
Benefits
• Lifetime Residency‒No Visa Requirements
Renewed upon expiration of the 10 years duration of the PR6 (2) permit for adults, and, valid until reaching 18 years old for minor dependents.
• Eligible Adult Family Members depending on the main Applicant/s,
Such as Adult children (18–25) who are unmarried and financially dependent, in some cases, parents and in-laws and even financially independent Adults, provided investment criteria are met.
• Fast-Track Process
Decision typically issued within 2 months from submission. One of the fastest permanent residency programs in Europe for investors.
• Business in Cyprus
Applicant/s are allowed to own a business in Cyprus, hold shares in Cyprus companies, earn income from dividends, rentals, or under certain circumstances been appointed as Directors in companies.
• Gesy
Eligible to register with GESY, the public healthcare system.
• Investment Usage
Personal living, Vacation home or Future Retirement Home, or generating income from renting or distributing dividends.
• Business-friendly tax regime
• Investments in an EU based Global Business environment
• Legal Residency Status
Assists Third Country Nationals for the purposes of a future a Citizenship. After seven (7) years of legal residence, they may apply for citizenship by naturalization. Time spent under PR 6(2) counts toward this period.
• Education
Children and spouse can Study in Cyprus.
Schedule Your Free Consultation – in person, phone or video
Criteria
Investment at least €300,000 in one of the following inv categories:
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- House or Apartment purchase from a development company, which must be a first sale.VAT will be added on the investment, OR,
- Offices, Shops, Hotels or related commercial estate developments purchase. These purchases may result from a resale, OR,
- Registered Company’s Share Capital. The company shall be based, operating and having a proven physical presence in Cyprus, employing at least five (5) people:
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- By an Initial investment in the share capital of a newly registered company, OR,
- By an increase in the share capital of an existing company, OR,
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- Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF).
*The funds used for the investment must be proved to have been transferred to Cyprus from abroad.
Secure Annual Income from abroad**of at least €50,000. The income increases by €15,000 for the spouse and by €10,000 for each of the Applicant’s or the Applicant’s spouse’s dependent minor child.
**In cases where the Applicant invests in any other category other than residential property, his total income or part of it may also come from sources coming from activities within Cyprus.
Applicant/s and their Dependents Not allowed to work in Cyprus.
Documentation & Information
- Application Form.
- Identification Documents: Valid Passport.
- Curriculum Vitae.
- Original Clear Criminal Record Certificate.
- Family Status:Marriage or Divorce Certificate, Children’s Birth Certificate
- Investment Verification:
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- Real Estate Properties:Deposited with the Land Registry Sales Agreement, Payment Receipts for the full payment of the purchase price, proof of funds emerging from abroad.
- Company’s Share capital:Companies Registrar Certificates, proof of payments of the investment, Company’s business profile, proof of personnel’s employment from the Social Insurance Services.
- Cyprus Investment Organization of Collective Investments:Titles of the purchased units, Proof of payment, Confirmation by the CySEC on the setup of the Fund, Memorandum of the Fund or Investment Fund.
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- Financial Status:Tax return declaration from the country the applicant declares tax resident for the proof of the annual income (original documents and affidavit or declaration).
- Residential Status:When the investment does not include a house or an apartment, title deed or rental agreement are needed.
- Employment Status:Official Statements by the Applicant and the spouse of no intention to undertake any sort of employment in Cyprus, with the exception of Director in Company they have invested.
- Health Insurance.
- Biometrics Data (Photographs and Fingerprints) and Signature will be collected by the Immigration Department.
* Supporting Documentation issued by competent authorities in countries, other than Cyprus, will need to be officially translated (if needed) and also usually duly certified, depending on which is the issuing country.
** The above consist a brief, not exhaustive, list of the main documentation requested by the Immigration Department for the obtaining of Fast-Track PR 6(2) by Investment permit. The Immigration Department might request further supplementary supporting documentation, which will correspondent to each Applicant’s specific personal circumstances.
FAQ
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.
*The above constitute general information and does not substitute professional legal advice or consultation, which shall be sought prior of taking any action.