IM Yearbook 2020/21

ADVERTORIAL
5 Questions with ANNA GRIGORIEVA, Managing Partner of AG ADVOCATES
EXPLAINED: PERMANENT
RESIDENCY PERMIT IN CYPRUS
While Cyprus has suspended its citizenship-by-investment
programme, the country continues to offer non-EU
citizens the opportunity to become permanent residence.
Anna Grigorieva outlines the main conditions.
What’s the permanent residence
permit and who’s eligible for it?
The Cyprus permanence residency permit
(PRP) is attractive to anyone wanting
to invest in property and permanently
reside in Cyprus but will not work in the
country. This means applicants need
to have an annual income of at least
€30.000 from abroad, so that they don’t
need to engage in any form of business,
trade, profession or employment. An
investment of at least €300,000 in a
brand-new house or apartment in
Cyprus is required to qualify for the
Cyprus residency permit. In addition,
the applicant must deposit a minimum
capital of €30.000 into an account of a
Bank in Cyprus, which shall be pledged
for at least three years. The applicant
must also prove that the funds come from
abroad and from legitimate sources.
How long does it take to
obtain such a permit?
It usually takes around two to three
months from the submission of the
application, but it depends a bit on
the workload of the department.
Typically, it takes a month or so to
complete the property purchase and
to collect all relevant documentation.
It takes another two or three weeks
to get an appointment to submit the
application, and once submitted, the
Civil Registry and Migration Department
reserves the right to request additional
information and/or documentation.
Are investors required to live
in Cyprus to maintain their
permanent residence status?
To maintain the permanent residence
status, investors cannot be absent
from Cyprus for more than two
years. If they are, their permits will
be automatically cancelled.
Can you give us a brief introduction
to AG ADVOCATES and tell
us a bit about yourself?
AG ADVOCATES is the distinctive
name of Anna Grigorieva & Co. LLC,
a reputable boutique law firm, which
I founded in 2012. I am qualified to
practice law in Russia and Cyprus and
have a strong legal background in areas
such as corporate and commercial
matters, insolvency and restructurings,
international tax matters, immigration,
real estate, intellectual property, M&A
and trusts. Today, the firm’s team
consists of experienced qualified
lawyers, insolvency practitioners,
accountants and other professionally
qualified administration staff.
Can you please explain how
you got involved in the field of
residency by investment?
We were looking for new opportunities
to expand our services in 2013, and we
decided to expand our immigration
department. We saw this as a natural
extension of our services and as a good
way to attract new clients and to offer
legal advice on all matters relating
to immigration law. Since then, we
have been providing non-EU clients
with advice on all legal and practical
matters of taking up residency in
Cyprus under Regulation 6(2) of the
Aliens and Immigration Regulations
or otherwise known as Fast Track
procedure – Category 6(2).
We are checking whether the
client fulfils the required financial
criteria, and we conduct an indepth
examination of the specific
circumstances of each client. We assist
our clients with the preparation and
submission of the relevant application,
and upon the submission of the
same, we constantly follow up with
the Civil Registry and Migration
Department for feedback on its status.
Do you have a final message
for potential investors wanting
to obtain a PRP in Cyprus?
Cyprus is not only a popular tourist
destination but also a top spot for
globetrotting professionals and retirees
looking for a safe living environment in
a Mediterranean island setting. Cyprus
is an attractive financial centre due to
its fiscally attractive tax system and
strategic position at the crossroads of
three continents. Besides, the island
offers a high standard of living, modern
transport and infrastructure, excellent
academic institutions, access to quality
medical services, a stable government
and a robust legal framework which
is based on British law and fully
harmonized with EU directives. In my
opinion, Cyprus offers the right mix of
economic opportunities and a stress-free
lifestyle – and this makes it an attractive
destination to live and invest in.
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Investment Migration Yearbook 2O2O/2O21