Fast track procedure for granting a residence permit in Cyprus

The Ministry of Interior has announced on 7th of May 2013 a new and more efficient procedure for granting an Immigration Permit to Third county nationals that intend to invest in Cyprus, provided that they fulfill certain criteria.

Criteria for granting the Immigration permit are the below:

According to the provisions of Regulation 6(2) of the "Aliens and Immigration" Regulations, Third country applicants must fulfill the following criteria:

Investment/Economic Criteria

1) The applicant must prove that s/he has at his/her disposal a secured minimum annual income (employment in Cyprus is strictly prohibited) amounting to €30.000. The minimum annual income is increased by €5.000 for each dependent person. The annual income should be derived from abroad and can include overseas employment income, pensions, rental income etc.

2) The application form (M.67) must be accompanied by a title deed or a contract of sale that has already been submitted to the Department of Lands and Surveys, for the acquisition of a house, apartment or any other building situated in Cyprus, of a minimum market value of €300.000 (excluding VAT). Further, the applicant must submit proof of payment for at least €200.000 (excluding VAT) in respect of the above mentioned property.

As from 7th of May 2013, the Immigration Authorities will only accept applications for granting immigration permits under Regulation 6(2), provided that the above mentioned property is being sold for the first time (i.e. applications regarding resale properties will not be permitted).

3) The applicant must submit a confirmation letter from a Cyprus Banking Institution that s/he has deposited a minimum amount of €30.000 which will be pledged for a minimum period of three years.

Please note that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus legally from abroad.

4) The applicant must submit a clean Criminal Record Certificate, issued by the relevant authorities in his/her country of origin and in general, s/he should not constitute a threat against public order in Cyprus.

5) The applicant must submit a statement confirming that s/he has no intention to work or be engaged in any form of business in Cyprus.

6) The applicant is required to visit Cyprus at least once every two years.

Provided that the criteria described above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit shall be granted.

It is estimated that the period for examining the application under the new procedure shall not exceed 1-2 months.

 

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