Immigration services - Effort to attract foreign investments

The Cyprus government, in its continuous effort to attract foreign investments, has adopted a range of policies that allow third country/ non - EU individuals to obtain an (E.U.) Cyprus Passport. In addition to that, the Ministry of Interior has decided to simplify the procedures for granting Immigration Permit to non-EU applicants, provided that they fulfill the criteria stated below. 

1. Cyprus (E.U.) Passport/Nationality - Obtaining a Passport by Investing in Cyprus 

An individual from a non-EU country can obtain a Cyprus passport through a procedure called naturalization, based on his/her financial affairs and investments in Cyprus. The investment thresholds set for obtaining a Cyprus passport are as follows (either one option): 

• Direct investment in Cyprus of €10 million (e.g. immovable property, factories, land, business, shares, financial assets). 
• The applicant must set up a Cyprus company/ group of companies with an annual turnover of at least €10 million, for the last 3 years preceding the year of application, and at least 1/3 of the applicant’s employees are citizens of the Republic of Cyprus. 
• The applicant is introducing new innovative technological projects within Cyprus, including research centers, subject to conditions. 
• The applicant has personal deposits with Cypriot Banks (or cash deposits of a company which he controls or a Trust) for an amount of €15 million, spanning a five year fixed period. 
• A combination of direct investment, business operations and bank deposits. In such a case the applicant must prove an investment value of €15 million in total. 
• The applicant should have established a Cyprus company/group of companies that contributed to the Cyprus economy, through taxes and/or professional fees (legal, accounting, audit) the amount of €500,000 in the last 3 years preceding the year of the application. 
• Other considerations relating to Cyprus passports: 
• The applicant must be over 30 years of age with a clear criminal record. 
• A permanent resident or a person, who lives legally in Cyprus for 7 years, may apply for a Cyprus passport.
• A person married to a Cypriot after 3 years of stay in Cyprus. 
• The applicant is required to have a permanent privately-owned residence in the Republic of Cyprus, valued at €500,000 at least. 

Cyprus adopts faster procedures for granting Immigration Permits in order to further promote foreign investments into the island. 

2. Permanent Resident Permit (PRP) 

Simplified criteria that must be fulfilled before applying for PRP: 

a.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. 

1. 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. 
2. 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. 

4. 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. 
5. The applicant should submit a Statement that he does not intend to work or be engaged in any form of business in Cyprus. 
6. The applicant should visit Cyprus at least once every two years. 

Services provided by ΗΤΤ Audit Limited for obtaining Passport and/or PRP HTT Audit Limited has extensive experience in immigration related services and can provide the following services: 

• Assistance and guidance during the application preparation and submission
• Liaising with the relevant authorities during the examination process 
• Drafting of rental, purchase and other related contracts, if needed 
• Planning and cash flow management to limit the amount of actual investment required for passports (e.g. back to back loans arrangements)
• Assistance and guidance during the application preparation and submission 
• Liaising with the relevant authorities during the examination process 
• Drafting of rental, purchase and other related contracts, if needed 
• Planning and cash flow management to limit the amount of actual investment required for passports (e.g. back to back loans arrangements)

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