Lebanese Nationals: Live & Invest in Cyprus

For many years Cyprus has been a popular destination for Lebanese investors who are seeking to pursue business opportunities and/or set up a second home for their families due to the geographical and cultural proximity of Lebanon and Cyprus, as well as the island’s popularity as a close-to home safe getaway. Due to the constant political instability, the impact of COVID-19 and the economic downturn that Lebanon is facing, Cyprus is experiencing a considerable increase in enquiries from Lebanese nationals in relation to the Cyprus’s Permanent Residency Programs.
In addition to Cyprus’s competitive legal and tax framework, Cyprus Permanent Residency programs, allows non-European Citizens to legally reside in the Republic and provide their families with stability, safety and higher quality of life.

 

Two Types of Permanent Residency Programs

 

Permanent Residency Category (6.(2)) (Fast Track)

 

Investment Criteria:

1. The Investor must purchase a house or apartment from a development company, which should concern a first sale of at least €300,000 (plus VAT).
2. The Investment can be for any 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.
3. The Investment of €300,000 can be 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.
4. The Investment of €300,000 can be in units of the Cyprus Investment Organization of Collective Investments (forms of AIF, AIFLNP, RAIF)
5. The Investor must be able to prove that he/she has at his/her disposal a secured minimum annual income amounting to 30.000 euro, which will be increased with 5.000 euro for each dependent family member and to 8.000 euro for each dependent parent (of the applicant and/or his spouse). In calculating the total amount of income, the spouse’s income may also be taken into account.
6. Evidence must be provided that the investment money for a house/apartment has derived from abroad.

 

• Examination Procedure:

1. The applications, accompanied with the required documents, are submitted to the Civil Registry and Migration Department and the Minister of Interior will grant the final approval.
2. The examination period of the application from the date of submission will be approximately two (2) months (fast-track).

 

• Dependent Persons:

1. The Permanent Residency Permit issued to the applicant covers as dependents persons the spouse and children under the age of 18.
2. Unmarried children between the ages of 18-25 and who are financially dependent on the applicant, can submit their own application for the Permit.
3. The Permit may also be granted to the children of the applicant over the age of 18 who are not financially dependent on the applicant, on a higher value investment.
4. Additionally, the applicant’s parents and parents-in law can proceed with the submission of separate applications.

 

• Conditions and Specifications:

1. Employment in Cyprus is strictly prohibited; the annual income must be derived from sources abroad. (Pensions, dividends, employment income)
2. The applicant and/or spouse may be a shareholder(s) in a company incorporated under the laws of Cyprus. Income deriving from the Company in the form of dividends is not deemed an impediment for the purpose of obtaining an Immigration Permit
3. The investor must visit the Republic of Cyprus at least once every two years (and all the family members that are included in the applicant’s permit)
4. The applicant’s presence in Cyprus is not necessary during the examination of this application.

 

Permanent Residency Category (F)

 

Criteria:

1. The applicant must possess and have fully and freely at their disposal a secured annual income of at least €20,000, without having to be engaged in any business, trade or profession during their stay in Cyprus. For every dependent person this amount must be increased for at least €5.000 more.
2. The purchase of a property can be of any value and the rental of a property can be an option as well.
3. Under this Category, the applicant and his spouse are not allowed to engage in any form of business or employment in Cyprus.

Examination Procedure:

1. The processing time for this type of application can take approximately 18 months from the submission date.
2. The applications, accompanied with the required documents, are submitted to the Civil Registry and Migration Department and the Minister of Interior will grant the final approval.

 

Dependent Persons:

1. An application consists of the applicant, his spouse and children under 18 years old. Any children who are 18 years old and over must submit a separate application.
2. Persons who are 18 years old and above cannot apply for PR if they are studying at an educational institution in Cyprus.

 

Conditions and Specifications

1. If, at the time of applying for Permanent Residency in Cyprus, the applicant and/or his spouse have Permanent Residency in a country other than their country of origin then their application in Cyprus may be rejected.
2. Once the Permanent Residency is granted, the applicant and his family must visit Cyprus at least once every two years in order for their status to remain valid.
3. The Permit will be automatically cancelled if the applicant fails to acquire residence in Cyprus within one year from the approval of the application, in case he/she is residing outside Cyprus. It will also be cancelled if he/she acquires permanent residence abroad or be absent from Cyprus for a period of two years.
4. The applicant’s presence in Cyprus is not necessary during the examination of this application. If the applicant and his family wish to stay in Cyprus until their application is examined, then they must make another application for a Temporary Residence Permit as a ‘Visitor’.

Our firm provides extensive consultation to its clients in relation to the Immigration law requirements of each Permanent Residency program, and fully undertakes the procedure of obtaining the relevant permits.