The Ministry of Interior has recently announced a more efficient procedure for granting an Immigration Permit to third country nationals that intend to invest in Cyprus.

According to the provisions of Regulation 6(2) of the “Aliens and Immigration” Regulations, Third country applicants must fulfill the following criteria:

a) The applicant must prove that he/she has at his/her disposal a secured minimum annual income of €30.000 from sources other than employment in Cyprus. The income is increased by €5.000 for each dependant person.

b) The application form (M. 67) must be accompanied by a title deed or a contract of sale that has already been submitted to the Lands and Survey Department, for the acquisition of immovable property in Cyprus of minimum value of €300.000 together with a proof of payment for the 2/3 (excluding VAT) in respect of the property.

As from 7 May 2013, the Immigration Authorities will only accept applications for granting immigration permits provided that the property is being sold for the first time (i.e. applications regarding resale properties will not be permitted).

c) The applicant must provide a letter issued from a bank in Cyprus confirming deposit of a minimum capital of €30.000 pledged for a minimum 3 year period, together with proof of payment of the amount.

d) The applicant must provide a clean criminal record certificate issued in his country, duly stamped and notarized. Must also provide copies of a valid passport, CV, marriage certificate and children’s birth certificates if any, duly notarized.

e) The applicant must provide a statement confirming that he/she has no intention to work or be involved in any form of business in Cyprus.

f) The applicant is required to visit Cyprus at least once every two years in order to avoid the cancellation of the immigration permit.

The period of examining the application under the new procedure shall not exceed the period of 1-2 months.