IMMIGRATION/RESIDENCE PERMITS IN EUROPE

Presentation by Charis CharalambidesPartner at George Charalambides & Co

LLC

A. CYPRUS

The new procedure was introduced in August 2012 and revised in May 2013

1. Investment/Financial Criteriaa. PROPERTY

i. Value of the property must be at least €300.000 (V.A.T. is not included therein).

ii. At least €200.000 (excluding V.A.T.) must be paid before filing the application.

iii. Full payment shall be settled in an account in a financial institution in Cyprus.

iv. The amounts must be proven to have been transferred to Cyprus from abroad.

v. The applicant may purchase up to two housing units (apartments or houses).

vi. The said purchase must be in relation to a property sold for the first time by a development company.

b. DEPOSIT IN BANK ACCOUNT

i. A minimum capital of €30.000 must be deposited into a bank account in Cyprus and be pledged for a period of at least three years.

ii. It must be proved that the said amount has been transferred to Cyprus from abroad.

c. INCOME

i. The applicant should prove a secured annual income of at least €30.000.

ii. This annual income should increase by €5.000 for every dependant person

2. Applicant’s familya. The Immigration Permit issued to an

applicant covers his spouse and children under the age of 18.

b. Dependant children aged between 18 and 25

c. Not financially dependant children

3. Qualitative Criteriaa. Clean criminal record for the applicant and

his spouse.

b. Confirmation that they do not intend to be employed in Cyprus.

c. Must visit Cyprus at least once every two years.

Procedure for the Submission and Examination of an Applicationa. Applications must be submitted directly to

the Civil Registry and Migration Department (CRMD)

b. Time schedule for issuing an Immigration Permit

Scheme for Naturalisation of Investors in Cyprus by Exception

Announced by the Government on May 2013

A non-Cypriot citizen may by exception apply, if he/she meets one of the following criteria

Criteriaa. Mixed investments and a donation to a state fund:

€2,0 million Investment and €0,5 million donation

b. Direct Investments of at least €5,0 million c. Deposits in banks of at least €5,0 million for three

yearsd. A Combination of mixed Investments and a Donation to

a State Fund (a.) , Direct Investments (b.) and Deposits in Cypriot Banks (c.) of at least €5,0 million

e. Business Activitiesf. Persons whose deposits with the Bank of Cyprus or

Popular Bank have been impaired due to the measures implemented in both Banks after the 15th March 2013.

Terms and Conditionsa. Clean Criminal Record

b. Must hold a permanent privately-owned residence in the Republic of Cyprus, the market value of which must be at least €500.000, plus V.A.T.

B. GREECE

The Law was issued in April 2013.

The provisions of Article 6 relate to issues of immigration laws.

1. BeneficiariesThe Beneficiaries of the right of entry and residence for five years are:i. Citizens of Non-EU Member States who hold or intend

to, in a documented manner, acquire real estate in Greece, if at minimum the property amounts to two hundred and fifty thousand (250,000) euros;

ii. Citizens of Non-EU Member States which have entered into at least ten-year lease of hotel accommodation or tourist furnished houses in tourist accommodation complex if the lease, at minimum, amounts to two hundred fifty thousand (250,000) euros;

iii. Members of the families of those aforementioned citizens of Non-EU Member States

The right of residence applies in cases where the applicant is the owner, either personally or

via a legal entity, of more than one property, with a total value of at least two hundred fifty

(250,000) thousand euros.

2. Entry and ResidenceIn order to be granted a residence permit for

this purpose, the applicant must reside legally in Greece.

A person, which fulfills the requirements of Part 1 (Beneficiaries), shall apply for a residence permit, after the entry into the country and before the expiry of the visa.Applications for the granting of residence

permits can be submitted personally or by proxy.

If the required documents are complete, a confirmation of submission of the application, the duration of which is annual will be issued.

The applicant is then considered as lawfully residing in the country and has the possibility to conduct any transaction concerning the execution of the investment and to deal with all the competent services.

If the conditions are fulfilled, a five-year residence permit will be issued.

3. Entry and Residence of Family MembersThe applicant may be accompanied by his/her

family members.

The members of the family concerned are granted residence permits of the same duration as the applicant.

4. Renewal of the Residence PermitResidence permits are renewed for an equal

period, provided that the real estate remains, in the ownership, allocation and possession of the person concerned.

Any periods of absence from the country are not a hindrance to the renewal of the residence permit.

5. Other ClarificationsInsurance issuesThe residence permit does not establish any

right of access to any form of work The period that the person is residing in

Greece may not be added to the period counted for granting nationality to third country nationals.

C. PORTUGAL

GOLDEN RESIDENCE PERMIT

The Golden Residence Permit Programme (“GRPP”) was published in January 2013.

1. Investment a. QUANTITATIVE REQUIREMENTS There are three non-cumulative requirements to grant a residence permit by investing in Portugal:

i. Transfer of capital in an amount equal to or greater than EUR 1 000 000

ii. Creation of at least 10 jobs; or

iii. Acquisition of real estate in a value equal to or greater than EUR 500 000.

b. TEMPORAL REQUIREMENTS

i. The investment must have been made prior to application for the residence permit

ii. Must be maintained for a minimum period of five years from the date the residence permit is granted.

c. MORTGAGE – LEASE

i. Properties acquired for the purposes of obtaining a residence permit may be mortgaged or charged on any part of their value over and above the required minimum of EUR 500 000

ii. May also be leased or assigned for commercial, agricultural or tourism purposes.

d. APPLICANT’S DECLARATION

The residence permit application must be accompanied by an affidavit signed by the

applicant, who undertakes to comply with the minimum quantitative requirements and with

the minimum investment time of the investment activity.

e. VALIDITY PERIOD OF RESIDENCE PERMIT

i. The temporary residence permit is valid for a period of one year

ii. Is renewable for successive periods of two years

iii. May become permanent after five years

f. RENEWAL

Applicants must demonstrate that they have stayed in Portugal for at least 7 days in the first year and 14 days in each subsequent period of

two years.

2. Qualification Criteria, RestrictionsThe general conditions for granting a temporary residence permit which applies to investors are the following: a. Inexistence of any fact that are known to the competent

authorities that should be an obstacle to granting the permit;

b. Not having been convicted for any crime punishable with prison sentence greater than one year;

c. Not being subject to an order to leave the country after a measure prohibiting the reentry into Portuguese territory;

d. Absence of any alert in the Schengen Information System for purposes of refusing the entry;

e. Absence of any alert in SEF’s (Portuguese Immigration and Borders Service) Integrated Information System for purposes of refusing the entry.

3. The Application Process For Residence Permit a. APPLICATION STEPS

i. Foreign nationals must regularize their stay in Portugal within 90 days as of their first entry into the country.

ii. Direct or indirect participation of the Investor in the application process

iii. Term for the approval of the application

4. Family Reuniona. The applicant may be accompanied by

his/her family members.

  

 CYPRUS

 

 GREECE

 PORTUGAL

 Minimum

Investment 

 €300.000

 €250.000

 €500.000

 Number of Properties

 Up to 2

Properties 

 ANY

 ANY

 Time for

examining the application

 

 

Up to 2 months

 

60 – 90 days

 

30 – 60 days

 Able to work

 

 NO

 NO

 YES

 Schengen Visa

 Not automatically 

 YES

 YES

 Validity period of residence

permit

 Indefinite as long as you visit once

every 2 years

 5 years

renewablefor equal periods

 One year and renewable for

successive periods of 2 years

and then permanent

  

Qualify for citizenship if

residing in the Country

permanently 

  

YES

  

NO

  

YES

 Need to visit

after residence permit is granted

 

  

Once every 2 years

  

NO

 7 days the first

year and 14 days in each

subsequent period of 2 years

  

Approved Applications until end of August 2013

 

  

More than 1000

  

Approximately 150

  

First one on August 2013