Immigration - Maria Chr. Marinou Law Firm

IMMIGRATION LAW

Our firm provides immigration assistance and advice in dealing with all immigration matters and tailored assistance across all areas of Cyprus and Greece immigration, both to Companies and individuals.

Our Immigration Department has years of experience in immigration Law and provides accurate advice with pleasing results, in obtaining successfully all types of immigration Permits and Visas.

Cyprus immigration law is increasingly complex with ever more stringent requirements being imposed on applicants.

We greatly understand the importance of seeking reliable help and services when it comes to immigration and migration issues which is the reason why our team takes every effort to listen to clients’ predicaments.

An immigration application, can be stressful but we are committed in providing a full review of all your immigration matters at whatever stage.

We ensure that you, your family or your employees receive an expert and detailed advice on all your future options and support from the outset.

Your immigration matters will be dealt from the start until the issuance of the permits and/or Visas.

Working together, along our experience a solution that matches your needs will always be the case.

We handle all matters relating to immigration law such as:

I. Permanent Residence Permit;
II. Temporary Residence Permit (Pink Slip);
III. Yellow slip;
IV. Employment permits and visas;
V. Assistance with Tax Residency applications;
VI. Cyprus Investment Program;
VII. Other Permits and Visas;
VIII. Greece Golden Visa.

I. Permanent Residence Permit

Important general information for each residency application:

Category F

Cyprus Permanent Residency is a legal status which entitles Non-EU citizens and qualifying dependents to enter and stay as permanent residents in Cyprus with no limitations.

Property

The applicant has to provide at the Civil Registry and Migration Depart a title of ownership or contract of sale or rental agreement (original or true copy).

If the title of ownership has not been obtained yet, the applicant must submit the duly stamp deed of Sale and proof of payment.

The purchase Price of the Property can be any amount less than €300.000.- (Three Hundred Thousand Euros).

Income

The minimum amount of annual income which is accepted by the Migration Department is €10.000 (Ten Thousand Euros) for the applicant, and a further €5.000 (Five Thousand Euros) for each member of the family e.g. children, wife/husband.

This income may consist of salaries, pensions, dividends from shares, fixed deposits, rents, etc. derived from abroad and without having to engage in any business, trade or profession in Cyprus.

Bank accounts

The applicant has to provide Bank accounts statements from a bank in Cyprus Republic and from the country of the applicant.

It is advised that the applicant to have more than €10,000. – (Ten Thousand Euros) deposited in the Cypriot Bank.

Further Information:

• the children of the applicant under the age of 18 can apply in the same application.

• The length needed to obtain the permanent residency when applying for Category F is approximately 12-18 months, depending on the workload of the Migration Department.

Category 6.2:

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 below requirements:

INVESTMENT CRITERIA

The applicant must invest at least €300,000 in one of the following investment categories:

(A) Investment in a house/apartment: Purchase of a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).

(B) Investment in real estate (excluding houses/apartments): Purchase of other types of real estate such as offices, shops, hotels or related estate developments or a combination of these with a total value of €300,000. The purchase of interest can be the result of a resale.

(C) Investment in Cyprus Company’s share capital, with business activities and personnel in the Republic: Investment worth €300,000 in the share capital of a company registered in the Republic of Cyprus, based and operating in the Republic of Cyprus and having a proven physical presence in Cyprus and employing at least five (5) people.

(D) Investment in units of Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF): Investment worth €300,000 in units of Cyprus Investment Organization Collective Investments.

Income

The minimum amount of annual income which is accepted by the Migration Department is €30.000 (Thirty Thousand Euros) for the applicant, and a further €5.000 (Five Thousand Euros) for each member of the family e.g. children, wife/husband and €8,000 for each dependent parent (of the applicant and/or his spouse).

This income should derive from abroad and may consist of salaries, pensions, dividends from shares, fixed deposits, rents.

Bank accounts

The applicant has to provide Bank accounts statements from a bank in the Cyprus Republic and from a bank based in the residency country of the applicant.

It is also required by the applicant to file an Original Letter from a Banking institution in Cyprus of a deposit of €30.000, pledged for three years.

Further information:

• Under this category and under the applicant’s application the financially dependent children up to 25 years old and the parents of the applicant can obtain the Permanent residency.

• The length needed to obtain the permanent residency when applying for Category 6.2 is approximately 2-4 months, depending on the workload of the Migration Department.

ii. Temporary Residence Permit (Pink Slip)

This category allows Non-European Union passport holders to extend their stay in Cyprus for more than 3 months (90 days). It also enables tourists and visitors to extend their stay with no consideration to the duration of their initial visa.

But application should be submitted promptly before the current visa expires.

iii. Yellow slip:

It is available to European (EU and EEA) citizens who wish to stay and work in the Republic of Cyprus.

EU citizens may enter the Republic without an employment contract and search for work for a period up to 4 months before applying for a Registration Certificate for EU citizens at the Civil Registry and Migration Department.

iv. Employment permits Work in a Cypriot Company of Foreign interest

When you own a company in Cyprus and would like to employee a third country National, it is required that you give priority in employment recruitment to Cypriots and EU nationals.

There was an exception in the Cyprus law for the Cypriot Companies of foreign interest (a Company with a Third Country National Shareholder owning the majority of shares) therefore the following important requirements should be bared in mind:

The third Country National must be a Shareholder in the Cypriot company and have over 50% of the total share capital and under this Scheme the third Country Directors or shareholder of the Cypriot company will obtain the Visa and Work Permit.
Minimum investment of €200.000. We provide advise on how this can be accomplished.

The third country national can be employed under the following categories, and it is required that he first obtains temporary residence and employment permits that we have expertise in.

I. Executive Directors such as Consulting Directors or Partners, General Managers of branches and subsidiary foreign companies and Departmental Managers.

The minimum acceptable gross monthly salary for Director is €4.000.
Maximum number of 5 persons for this category

II. Middle-management staff, executive staff and any other key personnel

The annual salary under these positions is from €1936 – €3871 per month.
Maximum number of Ten (10) persons for this category

III. Supporting Staff

Under this position, it is required by the Companies to employ Cypriots or European citizens.
If there are no available Cypriots or other European citizens that fulfil the required qualifications, a company can employ third country nationals in positions of this category, by following the procedure and submitting the certificates, documents and supporting documents given that the necessary approvals from the Department of Labour have been obtained.
There is no maximum number for the employment of third country nationals under this category, given that the necessary approvals from the Department of Labour have been obtained.

vii. Greece Golden Visa

The Greece Golden Visa Program grants Permanent Residence permits to foreign investors through the purchasing of a property in Greece worth at least 250,000 euros.

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