New accelerated procedure for granting an Immigration Permit to applicants who are third country nationals and invest in the Republic of Cyprus
According to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the Minister of the Interior decided that Immigration Permits (that is Residence Permits) may be issued to applicants, who are non-EU country nationals, provided that they fulfil the following criteria:
(a) The applicant must prove that he/she has at his/her disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 may be derived from salary from employment abroad, pensions, stock shares, rents, etc. This minimum annual income is increased by €5.000 for each dependent person.
(b) The applicant must submit the application form, accompanied with a Title of Ownership or contract of sale of a property in Cyprus, and submitted to the Department of Lands and Surveys, of a minimum market value of €300.000 and proof of payment of at least €200,000.
(c) The applicant must submit a confirmation letter from a Cypriot Bank for deposit of a minimum capital of €30.000 in an account, pledged for a three year period at least.
It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
(d) The applicant must submit a clean Criminal Record Certificate, issued by the Authorities in his/her country of origin, and should not constitute a threat against public order or security in Cyprus.
(e) The applicant should submit a Statement that he/she does not intend to work or be engaged in any form of business in Cyprus.
(f) The applicant must visit Cyprus at least once every two years.