On April 7, 2021, the Republic of Cyprus has announced amendments to the eligible criteria for the Cyprus Permanent Residency Programme. In pursuance of the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of Interior, having notified the Council of Ministers, has decided to issue an Immigration Permit to third country applicants, in cases of investments that meet the requirements of this policy. The amendment shall have a backdated effect from 24/03/2021.
The Cyprus Permanent Residency Programme has allowed Non- EU nationals to apply in order to acquire a Permanent Residency Permit by investing in Cyprus a minimum of €300,000 (+VAT if applicable). Acquiring real estate property in Cyprus is considered an eligible investment type. The main amendment is that the investment, now includes, apart from residential, commercial properties as well. Therefore, the applicant now has the option to purchase one or two new residential properties with a cumulative value of at least €300,000 from a single developer, OR
Purchase commercial property as an investment such as an office, shop, hotel or any other commercial real estate and/or development. Contrary to the residential properties, the investment purchases may be on either new or resale.
We also note that the Permanent Residency Programme covers the applicant’s relatives such as parents, dependent children up to the age of 25, spouse, as well as the spouse’s parents.
The Permanent Residency permit usually takes up to two months.
For further information relating to the new amendments as well as the Residency Programme, please contact Constantinos Pavlou, Advocate/Legal Consultant.
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