The Cyprus Immigration Authorities have made an announcement regarding a new and accelerated procedure for the purpose of granting an Immigration Permit in Cyprus to applicants who are nationals of third countries (non EU Member States) and who intend to invest in Cyprus.
The first requirement is for an applicant to have a minimum annual income of 30,000 Euros, which income is derived from sources other than employment in the Republic of Cyprus. Such sources of income may be income from employment abroad, pension from abroad, shares received from a company, rental income from immovable property, interest received from bank deposits etc. Should an applicant have a dependant person, the annual income of 30,000 Euros will be increased by 5,000 Euros for each dependent person.
Owning immovable property in Cyprus with a value of 300,000 Euros or more is the second requirement. It is important to mention that proof of payment for at least 200,000 must submitted to the Immigration Authorities together with the application for an Immigration Permit, which must also be accompanies by a title deed for the immovable property or a contract of sale. Such contract of sale must have already been lodged at the Department of Lands and Surveys (Land Registry) prior to its submission to the Immigration Authorities.
The third requirement is for an applicant to have at least 30,000 Euros deposited in a bank account of a Cypriot bank. Such bank account ought to be pledged for at least a three year period. Additionally, it ought to be noted that the funds located in such bank account must have been transferred from abroad.
Finally the fourth, fifth and sixth requirements respectively, demand from the applicant to have a clean criminal record, to submit a statement that he/she does not intend to be employed or engage in any form of business in the Republic of Cyprus and to visit Cyprus at least once every two years.
The requirements mentioned in this article have been issued pursuant to Regulation 6(2) of the Aliens and Immigration Regulations. They intend to accelerate the procedure for the purpose of granting an immigration permit as well as assist the Cypriot economy during times of crisis.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
