Janna Fachiridou LLC has a wide experience with immigration law, we can offer you our services in regard to immigration law for EU citizens as well as non-EU citizens wishing to reside or obtain a property in Cyprus. We will provide you with a swift and reliable service and deal with all the procedures required.

Cyprus Investment Programme

One of the main objectives of the economic policy of the Republic of Cyprus is to further encourage foreign direct investment and to attract high net worth individuals to settle and conduct their business in Cyprus.

Key factors that make Cyprus an attractive destination for investment, is the highly specialized human capital, the reliable legislative and regulatory framework, the stable tax system and the safety and stability conditions prevailing in the country.

Within this framework and taking into account the strong investor interest, the Government of Cyprus has established and revised the "Cyprus Investment Programme” (Programme) on the basis of subsection (2) of section 111A of the Civil Registry Laws of 2002-2019, with specific incentives, terms and conditions and control procedures which you can see below:

A.     Economic Criteria:

1.      The applicant should made a donation of at least € 75,000 to the Research and Innovation Foundation and € 75,000 to the Cyprus Land Development Corporation.

 

In addition to this, the applicant should also fulfill ONE of the following requirements:

·        An Investment at least € 2.0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector) or other infrastructure projects.

·        An investment at least €2,0 million for the purchase or participation in companies or organizations established and operating in the Republic of Cyprus with investment costs of. The invested funds shall be channeled towards the financing of the investment objectives of these companies exclusively in Cyprus, based on a specific investment plan.

·        The applicant should have bought units of at least €2,0 million from alternative investment funds (AIF) or Registered Alternative Investment Funds (RAIF) established in the Republic of Cyprus, licensed/registered and supervised by the Cyprus Securities and Exchange Commission (CySec) and whose investments are made exclusively in the Republic of Cyprus, in investments that meet the criteria of this Programme or in areas approved by the Minister of Finance.

 

Combination of the aforementioned investments: The applicant may proceed with a combination of the above investments, provided that the total investment will amount up to at least €2,0 million.

B.      Terms and Conditions:

1.      Schengen Visa: The applicant must hold a valid Schengen visa. Third-Country nationals that do not require an entry visa for travelling in European Union member-states, as well as citizens of European Union Member States are excluded from this obligation.

2.      Residence in the Republic of Cyprus: In all cases listed in Part A, the applicant must possess a permanent privately owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T.

3.      Residence Permit in Cyprus: The applicant, prior to his/her naturalization as a Cypriot citizen must hold a residence permit in Cyprus for a period of at least 6 (six) months.

 

Professional advisory services relating to the Cyprus Investment Programme

‘’Janna Fachiridou LLC’’ is a registered Service Provider of the Cyprus Investment Programme, keeping in line with the high standards set up by the  Republic of Cyprus.

Our Law Firm provides advisory services relating to the Cyprus Investment Programme with professionalism and compliance with the Code of Conduct of the Programme as well as with the Laws of the Republic of Cyprus and any other regulations related to the Programme including instructions for the promotion of the Programme.

Among other services, we provide:

• Immigration permits: Temporary and Permanent Residence permits, Immigration permits Categories A to F, Regulation 6.2. permits.
• Working and residence permits either temporary or permanent.
• Cyprus citizenship
• Visas

Temporary Residence Permit

The category is covered by the article 20 of the Law on Foreigners and Immigration no.105.

Document, which provide temporary residence permit in “Visitor” status, also known as “pink slip” (from now on it contains biometric data), has been a hackneyed subject for Russian-speaking population of Cyprus for many years.

On September 29th 2014 came into force the Paragraph 18ΦΖ(7) of the Law on Foreigners and Immigration (Chapter 105) and the Paragraph 4 of the Law on Foreigners and Immigration (amended) (Chapter  2) from 2014 (N129(I)2014, E.E Par.I(I) Par. 4456) for category of non-EU citizens, whom arrive to Cyprus and wish to obtain Visitor status, that is temporary residence permit. In terms of above-mentioned amendments in the Law, application procedure for this status has been changed as well.

Old application forms have been replaced with new ones named MVISP, which can be found online on http://moi.gov.cy .

The next change occurred due to amendment in the Law is an obtainment of biometricdata on an applicant. Photo, signature and fingerprints of forefingers of both hands now collected in Immigration Office Department in every city. Notice that this biometric data collected from kids as well. Children from the age of 6 and above shall put their signature or write their full name, providing that they able to do it considering their age and abilities. In order to provide biometric data, applicant and his family members shall arrive to Immigration Office in person (or accompanied by the lawyer). Collected biometric fingerprint will not be used for any other purposes then issuance of temporary residence permit and will be deleted from records within 48 hours after issuance of this document.

 

Who is entitled to apply for this status?

It is citizens of non-EU countries, or Third World countries. Citizens of 18 years old and above, who arrived to Cyprus with proper single-entry pro-visa or multiple entry visa (multi-visa), or Schengen visa, and wish to stay longer than 90 days.

 

When does this 90 days period starts and ends?

It begins from the moment of entering to the territory of the Republic of Cyprus.

Pro-visa is valid only for single entry.

Within 180 days from the moment of your first entry you can enter and exit from Cyprus, but your period of stay shall not extend 90 days in total. Temporary residence permit grant you right to stay in Cyprus for more than 90 days, which is no doubt makes life easier for those, who wish to live on our beautiful island. But it only applies to citizens of age, arrived to Cyprus with above-mentioned types of entry visas. 

A family in terms of Immigration Law is only spouses and underage children. Children of age, grand-parents and other relatives, that we consider our family members, according to the Law should apply for temporary residence permit separately with their own set of essential documents.

 

Application procedure

You arrived to Cyprus with any type of above mentioned entry visa. And you decided to stay here for period longer than 90 days.

Then you have to arrive to your local Immigration Office Department in order to make an appointment. I would recommend doing it at least one month in advance before expiry date of your visa, due it is almost impossible to make an appointment for shortly upcoming dates.

On appointed date you have to attend with set of documents, listed by me. If you provide full set of correct documents, your application will be accepted and you will receive a payment receipt for immigration fee. From this moment your stay in Cyprus is completely legal. After amendments in the Law, pink-slips will not be issued anymore, now biometric cards will be delivered to the Immigration Office where you applied. You will receive notification by post, on address that you provided in application form, that your card is ready. You will be able to collect this card by yourself, or your lawyer entitled by the power of attorney can do it for you.

 

Is it allowed to stay in Cyprus while waiting for biometric card?

Of course you can stay in Cyprus while you waiting for your biometric card. From the moment of application until the moment of receiving of your card or official letter on rejection, your stay in Cyprus is fully legal.

If it will be necessary to submit any additional documents, or any confirmations of previously applied data, you shall receive official notification letter or a phone call from Immigration Office.

 

Is it allowed to exit from Cyprus while waiting for biometric card?

It is preferable not to exit from the Cyprus’ territory until you receive your card. If you still have to exit from Cyprus before you receive your card, it is possible that your application will be rejected. For this status it is essential to stay in Cyprus during application processing.

Obviously, there can be a situation when you must exit from Cyprus due to the circumstances. In this case you can leave Cyprus with document on payment of immigration fee issued by Immigration Office, but on your way back to Cyprus, if you stay out of the Country for more than 3 months your application for temporary residence permit will be rejected during your absence, and you will have to reapply.

 

When you have to apply to extend your temporary residence permit (biometric card)?

As we all know, temporary residence permit can be issued for period up to one year.

According to the Law, you have to arrive to Immigration Office and make an appointment a month in advance before your biometric card will be expired. From my experience it is better to do it even earlier, two months in advance.

The set of documents is identical to the one that you submit on your first application.

How much you’ll have to pay?

Upon your first application you will have to pay 140 EUR fee and 70 EUR fee when you extend for each family member.

 

Janna Fachiridou and the Company will gladly provide consultation regarding any legal question; will undertake formalization of any immigration status of any difficulty. 

 

Long-term residence permit 'Category F» and the category of Rule 6 (2) differences

What is the difference and what is common between these the two statuses, I have to note that these statuses give practically the same rights to their owners, but there are slight differences.

What they have in common: a status allowing legal residence of citizens of third countries on the territory of the Republic of Cyprus. The so-called long-term residence permit gives the right to enter and leave the country without the need to issue visas.

A corresponding mark is issued once in the passport. After it expires, you will need to rearrange for a new stamp in your passport.

While this is only the internal status of the country that do not allow its holders to travel to other EU countries.

 

Differences in the process

When you apply for a category of Rule 6 (2) the term of consideration will be from 2 to 4 months, and for a category F- from 8 to 12 months.

The package of documents is almost identical, but for the category of Rule 6 (2) the cost of the acquired property must be at least 300 thousand euros. Moreover, the V.A.T. in the cost of the project is excluded. Also be sure to provide receipts for payment of the cost of most (not less than 200 thousand euros) and, finally, the acquisition of real estate should take place directly from the developer, it only offers "primary market".

When you bought the object "secondary" property of any value, we can safely apply for a category F.

For applying for a category of Rule 6 (2) the sum of at least 30 thousand euros must be deposited in a Cyprus bank which will be frozen for a period of three years.

This is not required for applicants of category F. And, previously (a year ago)  for an application of category F it was necessary to have an amount of about 100 thousand Euros in a personal bank account, but now this is no longer required.

Now it is enough to have 30 thousand Euro in a bank account and, if the other conditions are fulfilled, and a complete set of documents are handed over, you can obtain a category F permit.

I base my point of view on many examples in my professional career, I can say that in recent years the members of the Department of Immigration of Cyprus, examine the applicants for Category F loyal and many applications are accepted and approved, even with low amounts in deposit accounts. Of course, it is necessary to consider the fact that it is more and more popular now to buy the  properties offered in the "secondary market" because prices have recently strongly decreased.

Therefore, all those who want to obtain a permanent residence permit in the Republic of Cyprus, but are not ready to invest in expensive real estate from the developer, I recommend to apply for a category F permit.

In my opinion, everyone who wants to  obtain one or the other category, giving the right to them for legal residence in Cyprus, they should take advantage of today's changes in the legislation, making it possible for a more simple procedure for obtaining a permanent residence permit and making it financially less costly.

The members of my company and I will gladly assist you not only in obtaining a residence permit, but also in other matters and issues relating to your stay on the island. We are pleased to give advice on any legal issues, represent your interests in court proceedings, but also represent you in other official institutions of the Republic of Cyprus.

 

Immigration Permit according to Reg. 6(2)

According to the provisions of Reg. 6(2) of the Aliens and Immigration Regulations of 1972 there is a fast procedure of acquiring an Immigration Permit in Cyprus. Specifically the criteria for the acquisition of an Immigration permit in regards with Reg. 6(2) are:

1. The applicant has to provide a certification with his application from a bank in Cyprus that he has deposited in an account at least the amount of €30.000 (thirty thousand euro), which will be blocked for a period of at least three years.
2. The applicant with his wife has to be able to prove that they have a secured annual income of at least €30.000 (thirty thousand euro). The annual income will be increased by €5.000 for every depended person. This income can be from salary for work, pensions, shares in a company, permanent deposits in a bank, rents e.t.c.that come from abroad.
3. The applicant should deposit with his application a title Deed or a sales agreement in his name and/or his wife which was deposited in the Land Registry Department for a house or other structure which it’s sale price should exceed at least €300.000 (three hundred thousand euro) and which at least €200.000 (two hundred thousand euro) has been paid. The money for the purchase of the property must have been sent from abroad. It is noted that the purchase of the property can be made in the name of a Company and not in the name of the applicant, if of course the Company is registered in the name of the applicant. And should be a newly built building, not a resale.
4. Also the applicant and his wife must have a clean criminal record, which they must provide a certificate of.
5. The applicant and his wife must certify that they do not intent to work in Cyprus in any direct or indirect manner.
6. The applicant and his family that was included in the application should visit Cyprus at least once every two years.

If all the necessary documents have been provided and all the criteria have been met then the application will be examined within a period not exceeding two months. 

 

The Law on providing citizenship based on the right of place of the underage children does not apply in Cyprus. The fact that person was born in the territory of Cyprus does not grant him right for obtainment of citizenship, providing that neither of his parents has Cypriot citizenship.

The Law on Civil Migration from 2002 (141(1)2002) par. 109 states that any person, born after 1960 in Cyprus or outside of its borders is considered to be a citizen of Cyprus and has a right to obtain a Cypriot citizenship, providing that on the moment of birth one of his parents was a citizen of Cyprus. This rule applies to the citizen, who does not live in Cyprus permanently.

 

Underage children (up to 18 years old) may receive Cypriot citizenship in two cases:

The first case, when a child was born abroad after 16/08/1960 and his father is a citizen of Cyprus, or his birth was after 11/06/1999 and his mother is a citizen of Cyprus. In this case an application form M.121 shall be applied, with birth certificate of underage child, copies of passports and marriage certificate of his parents.

The second case, when underage children, born in the territory of Cyprus as well as abroad before 11/06/1999, and their mother is a citizen of Cyprus, and their father obtained Cypriot citizenship after child’s birth. In this case an application form M.126 shall be applied by their parent citizen of Cyprus, with 2 photos of child, copies of passports of parents and parental consent of a parent non-citizen of Cyprus.

 

Regarding children of age, who were born within territory of Cyprus and their parents or one of their parents is a citizen of Cyprus, they can obtain Cypriot citizenship in three cases:

The first case, when a person was born before 16/08/1960 and his father is a citizen of Cyprus. In order for him to receive a citizenship, an application form M.70 or 71 shall be applied with birth certificate and relevant documents from his parents.

The second case, when a child of age with maternal Cypriot origin, apart from his place of residence but born after 16/08/1960, also shall apply an application form M.123 in double with their birth certificate.

And the third case, apart from date of birth, when a person is a citizen of England or any other country of United Kingdom (Ireland, Scotland and others), and one of his parents is a citizen of Cyprus, who lived in the Republic of Cyprus within one year, can obtain a Cypriot citizenship by applying application form M.124 in double, birth certificates, certificate of no criminal record and copy of passport.

Obtainment of the Cypriot citizenship is possible by marriage with citizen of Cyprus for period of three years and up, by naturalization,in other words after 7 years of staying in Cyprus (it also applies to underage children) and by participation in investment projects.

Janna Fachiridou and the Company will gladly provide assistance in obtainment of residence permit, Cypriot citizenship, and in any other cases or problems that may occur during your staying in Cyprus.