In an effort to attract foreign investors the Republic of Cyprus has put in place new and accelerated procedures for granting Immigration Permits to applicants who are third party nationals and intend to invest in the Republic.
It is estimated that the examination process of the application shall not exceed one or two months.
Based on the new provisions the following criteria must be met:
- The applicant must prove that he has at his disposal a secured minimum annual income of €30.000 from sources other than employment in Cyprus. This income could be the result of employment abroad, pensions, rents, etc. The minimum annual income is increased by €5.000 for each dependent person
- Along with the Immigration Permit application form, the applicant must also submit a Title of ownership or contract of sale of a house, apartment or other building in Cyprus of a minimum market value of €300.000. This must also be accompanied by proof of payment for at least €200.000. The contract of sale should already have been submitted to the Department of Lands and Surveys.
- The applicant must submit a confirmation from a Cypriot bank that he has deposited a minimum of €30.000 in an account which will be pledged for a period of at least three years.
- It must be proven that the money for the purchase of the property as well as the money pledged in the bank has been transferred to Cyprus from abroad.
- The applicant must submit a Criminal Record Certificate which is issued by the Authorities of his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
- A statement that the applicant does not intend to work in Cyprus or be engaged in any form of business must be also submitted.
- The applicant should visit Cyprus at least once every two years.