Immigration Permit in Cyprus

1. New and accelerated procedure for granting Immigration Permit to applicants who are third country nationals and intent to 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 of the Republic of Cyprus decided to issue Immigration Permit to applicants, who are third country nationals, provided that they fulfill the following criteria:

a) 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. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary 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, a house, apartment or other building, of a minimum market value of €300.000 and proof of payment for at least €200,000. The contract of sale should already have been submitted to the Department of Lands and Surveys.

c) The applicant must submit a confirmation letter from a Cypriot Bank stating that he has deposited a minimum capital of €30.000 in an account, which will be pledged at least for a three year period.

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 Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
e) The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.

f) The applicants should visit Cyprus at least once every two years.

 Regulation 6 (2) refers to persons who are citizens of a third country and who rightfully hold and have at their disposal a guaranteed income of an appropriate sum, which is not derived from employment or self-employment in Cyprus but comes from overseas.

The immigration permit under Regulation 6 (2), is equivalent to a permanent residence permit in Cyprus and the holders are exempt from the time consuming immigration procedures which exist for other categories of third country citizens who enter Cyprus (e.g. consular visa, renewals of residence permit, re-entry permits etc.).

An Immigration Permit is granted for an indefinite duration to Non-EU nationals who invest in Cyprus.

Applications are reviewed by the Civil Registry and Migration Department and the Minister of Interior grants final approval.

Why apply for it?

• The Immigration Permit gives you, a Non-EU national, the right to
permanently reside in Cyprus

• Exempts you from immigration entry procedures (i.e. Visitor’s Visa)

• Your family can also obtain it (spouse and children under 18 years old)

 
2. Timing

It is estimated that when applying the procedure described above, the period for the examination of the application shall not exceed a period of 1-2 months

3. Our services

We can assist you in the activities listed below:

i. Review and assistance in the execution of the contract of sale of the house, apartment or other building (see paragraph 1(b) above)

ii. Stamp and filing of the contract of sale with the Department of Land and Surveys

iii. Assistance in the procedures related to the issuance of licenses from the relevant authorities in Cyprus in order to transfer the immovable under the name of the company or person who acted as purchaser

iv. Incorporation of a Cyprus company to be used as a vehicle for the purchase of the immovable (recommended)

v. Assistance in the whole procedure for the granting of the Immigration Permit including among others:

• Consult on the requirements of the application process
• Advise on questions / issues that need to be clarified
• Assist in drafting relevant required documents
• Continuous review of the application documentation to ensure required quality standards
• Submit the complete application to the authorities on client’s behalf
• Monitor the status of the review by the authorities and debrief the client
• Act as a liaison with authorities during the examination of the application

Should you have any questions or comments, please do not hesitate to contact us at [email protected]