According by “Criteria for granting an Immigration Permit within the scope of the expedited procedure to applicants who are third country nationalities and invest in Cyprus”, issued by Ministry Interior, a non-Cypriot citizen who meet of the following criteria and terms may apply for the acquisition of an Immigration Permit:
1.1 Purchase residential real estate of total market value for at least €300.000 (+VAT) and submit official payment receipt of at least €200.000;
1.2 Deposit minimum capital of €30.000 into a bank account in Cyprus, which will be pledged for a period at least 3 years;
1.3 Provide evidence of a secure annual income of at least €30.000. This annual income should increase by €5.000 for every dependent person of his/her family and by € 8.000 for every dependent parent or parent -in-law.
Other terms and conditions
2.1 Applicant and his/her spouse must submit a confirmation of a clean criminal record from his/her country of residence ;
2.2 The applicant and his/her spouse shall confirm that they do not intend to undertake any sort of employment in Cyprus;
2.3 The holder of an Immigration Permit and his/her dependent persons who are included in his/her permit are obliged not to be absent from the Republic more than two years.
For the submission of the Immigration Permit application the following documents are required:
- Application Form MIP1.
- Copy of valid passport of the applicant and his/her dependant.
- Curriculum Vitae.
- Original letter from a financial institution in Cyprus of a deposit minimum capital of €30000 into a bank account in Cyprus, pledged for a period of at least 3 years.
- Declaration of a secured annual income from abroad of at least €30.000 (original documents and affidavit or declaration).
- Title of ownership or contract of sale real estate of total market value at least €300.000(+VAT). Payment receipts submitted with the application should amount to at least €200.000 (+VAT).
- The amounts paid for the property must be proven to have been transferred to Cyprus from abroad.
- Official statements by the applicant and his/her spouse that they do not intent to undertake any sort of employment in Cyprus.
- Health insurance Policy for the applicant and his/her dependants.
- Original Criminal Record Certificate duly certified for the applicant and his/her spouse.
- Marriage Certificate duly certified (official an certified translation).
- Children’s Birth Certificates duly certified (official an certified translation).
Applications accompanied with the required documents must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through an authorized representative.
A fee of €500 is payable with the submission of the application.
The application shall be processed by the CRMD and be submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior. An interview with the applicant shall take place only when deemed necessary by the Permanent Secretary of the Ministry of Interior.
The Ministry of Interior shall notify the applicant or his/her authorized representative and the CRMD as to the decision of the Minister of Interior.
Provided that criteria of this policy are satisfied the application shall be examined by the Minister of Interior in a positive manner and an Immigration Permit shall be issued.
It is estimated that the procedure described in this policy statement for the examination of the application shall not exceed two (2) months from the date of the submission of a complete application.
Immigration Permits are also issued:
- for the investor’s spouse and all financially dependent children up to 18 years old or between 18 and 25 provided that they are unmarried, students;
- applicant’s parents/parents in law;
- non-financially dependent children over the age 18, provided that the market value of the acquired real estate attributed to each child at least 300.000 (+VAT).
The immigration Permit does not allow the undertaking of any form of employment in Cyprus.