Permanent Residence 6.2 – A new Investments era in Cyprus

A new era for the investments and immigration sector in the Republic of Cyprus is about to begin.

As of the 24th of March 2021, the well-known Permanent Residence 6.2 (hereinafter “P.R 6.2”) permit, which allows for a third-country national to reside in the Republic of Cyprus with his/her family without the need of acquisition of a Cyprus Temporary Residence Permit or even a Shengen Visa, has met significant changes after the reviewing of the scheme by the Council of Ministers.

The P.R 6.2 scheme has been revised to include a broader range of investment choices while quite crucial is the fact that the requirement of the fixed deposit – block of the amount €30.000 for three years in the bank account of the applicant, has been abolished.

With that said, the Cyprus government has made the P.R 6.2 a more attractive scheme to investors intending to reside in Cyprus with their families or at least for those investors who intend to visit Cyprus regularly without having to be concerned with acquiring a Cyprus Temporary Residence Permit or a Shengen Visa.

The revised P.R 6.2 scheme as amended is analysed in detail below.

Investment Criteria and information:

The amended P.R 6.2 scheme now provides for 4 categories of investments one of which the interested applicant may proceed with in order to invest for the purposes of the scheme. The investment in either of the 4 categories must be of at least €300.000 plus VAT. The categories are the following:

A. Investment in a house or apartment:

Purchase of a brand-new house or apartment from a registered developing company in Cyprus. The purchase price of the house or apartment must be at least €300.000 plus VAT.

Further information:

  1. The title deed or the sale agreement to the investment property must be in the name of the applicant or his/her spouse.
  2. An initial amount of at least €200.000 plus VAT for the purchase of the property must be paid and documentation proving the payment must be provided to the authorities upon the submission of the application of P.R 6.2.
  3. Documentation proving that the payment funds came from sources abroad must be provided to the authorities upon the submission of the application of P.R 6.2.
  4. The applicant may purchase up to two (2) housing units (houses and/or apartments), given that the total purchase amount of the investment properties is at least €300.000 plus VAT. In case of a couple, the present condition applies in total for the couple.
  5. The purchase of a house or apartment refers to properties sold by developing companies in Cyprus for the first time unless the purchase of the properties was executed before 07/05/2013. In the latter case, sale agreements of resold properties which were filed at the Land Registry before 07/05/2013, will also be accepted for the purposes of the present section.

B. Investment in immovable property other than a house or apartment:

Purchase of immovable property such as offices, shops, hotels or property investments of the same nature or a combination for the total purchase value of at least €300.000 plus VAT. The said property investments include resold properties.

C. Investment in the share capital of a Cypriot Company conducting its main business activities within the Republic of Cyprus:

Investment of a value of at least €300.000 into the share capital of a company duly registered in the Republic of Cyprus and which is factually based and operates its business within the Republic of Cyprus and has a proven physical presence in Cyprus. The company must be employing at least five (5) individuals.

Further information:

  1. Sales agreement must be provided as proof of the investment.
  2. The Certificates of Shareholders and Incorporation of the company must be provided.
  3. The company must provide its business profile which includes its business objectives and operations.
  4. Proof of payment for the investment from the funds of the applicant from abroad.
  5. Documentation proving the employment of individuals by the company issued by the Social Security Department.

D. Investment in alternative Funds in shares of the Cyprus Investment Organisation of Collective Investments (AIF, AIFLNP, RAIF):

Investment of total value of at least €300.000 into investment shares which must be supported by the following documentation:

  1. Title or other confirmation for the units purchased.
  2. Proof of payment for the investment from the funds of the applicant from abroad.
  3. Confirmation by the Cyprus Securities and Exchange Commission (CySec) for the incorporation of the Fund.
  4. Memorandum of the Fund or of the Investment plan.
  1. Financial Criteria and other requirements:

(a) Annual Income: the applicant must prove to have a secured legal annual income of at least €30.000. The said amount is increased by an additional amount of €5.000 for each child dependant and €8.000 for each dependant parent of the application (and his/her spouse’s parent).

  • The required amount of annual income may be derived sources which include, but are not limited to, employment salary, pension, dividends, savings and rent.
  • The required amount of income must be derived from sources from abroad.
  • The applicant’s spouse annual income can be considered in the calculation of the annual income for the purposes of the P.R 6.2 application.
  • For investment in categories 1B, 1C and 1D as mentioned above, the required annual income or part of may derive from sources from business conducted within the Republic of Cyprus.

(b) Clean Criminal Record Report from the country of residence of the applicant and his/her spouse and adult dependants of the applicant which will be included in the P.R 6.2 application.

(c) Declaration not to work in Cyprus: A declaration must be made by the applicant and his/her spouse of his/her intention not to undertake any sort of employment in Cyprus, with the exception of the employment as a Director in a Cyprus Company in which he/she has invested in according to the provisions of the P.R 6.2 scheme. The present requirement applies to all adult dependants who will be included in the application.

(d) *Proof or residence: the requirement applies in cases where the applicant has chosen to invest in categories 1B, 1C and 1D as mentioned above.

2. Other Information:

  • Adult children dependants age 18-25 may apply together with the main applicant given that they are students abroad. Students registered in Education Institutions in the Republic of Cyprus may apply to acquire a P.R 6.2 under the approved P.R 6.2 permit of their parent given that the latter proves an additional annual income of €5.000.
  • Where the applicant chooses to invest in either of categories 1A, 1B and 1D, therefore excluding category 1C – investment in the share capital of a Cypriot Company, the latter and his/her spouse are allowed to be shareholders in registered companies in the Republic of Cyprus and the income from the dividends of such companies will not pose a hurdle for the purposes of the application for the acquisition of the P.R 6.2. In addition, they are allowed to hold the unpaid position of a Director of such company.
  • The fixed deposit requirement – block of €30.000 for three years in the bank account of the applicant has been abolished.
  • The Medical Insurance Scheme requirement for each applicant has been abolished.

For our services and further information in relation to the P.R 6.2 permit you may contact us here.

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