Residency permits for investing in Cyprus

A new process of issuing an immigration permit to nationals of third countries who invest in Cyprus has been approved.

1. Taking into account the provisions of the Alien and Immigration rules, the Minister of the Interior has decided, after informing the Council of Ministers, to issue an immigration permit to nationals who apply from third countries in cases where the following conditions are met:

(a) The applicant is in a position to show that he/she has a guaranteed annual income of at least €30.000. The annual income is increased by €5.000 for each dependent. This income can come from employment salaries outside of Cyprus, pensions, dividends from shares, interest from deposits, rents etc.

(b) The applicant must provide along with the application a title deed or property purchase agreement which has been deposited at the Land Registry in Cyprus, relating to a residential or other property which has a value of at least €300.000 and is accompanied by official receipts for payment for an amount of at least €200.000.

(c) The applicant must submit a confirmation from a Cypriot Bank that he/she has deposited an amount of at least €30.000, which should be in a Cyprus bank fixed deposit account for a period of at least three years.

It is understood that the amounts referred to in paragraphs (b) and (c) above relate to amounts which will be transferred from abroad to a bank in Cyprus.

(d) The applicant must submit a confirmation of a clean criminal record from his/her country and should not pose any threat to public order and safety.

(e) The applicant must confirm that he/she will not be engaged either directly or indirectly in any form of employment in Cyprus.

(f) The applicant must visit Cyprus at least once every two years.

The procedure for submitting and examining the application is:

(a) The applications should be submitted directly to the Civil Registry and Migration Department or the District Administration Offices personally, via mail or through a representative. The applications that are submitted via the District Administration Offices will be forwarded directly to the Civil Registry and Migration Department without any further processing by the District Offices.

(b) The applications that are submitted in Cyprus personally, via post or through a representative should be placed in a normal envelope (every document of the application should be punctured and numbered in blue ink from the first to the last page and is the sole responsibility of the applicant). An index listing all the documents which accompany the application should be included as well as any supplementary documentation which has been completed by or on behalf of the applicant.

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