The Ministry of Interior has decided to create a new procedure for the express granting of an immigration license to residents of third countries (other than EU) who would like invest into Cyprus. The express procedure is a welcomed step since it may reduce the time to receive the immigration license as much as 5 times.
In accordance with an announcement of the Ministry of Interior Affair and subject to the provisions of Regulation 6(2) of the Foreigners and Immigrants Regulations, the Ministry of Interior has decided to issue an Immigration License to residents of third countries (other than EU) on the understanding that certain criteria are satisfied.
Specifically the following:
- The applicants must have a yearly income of at least Euro 30.000 and which is increased by Euro 5,000 for each dependant;
- The applicant must submit along with his application a sale and purchase agreement submitted to the Department of Lands and Surveys in Cyprus or a title deed of immovable property situated in Cyprus with a minimum value of Euro 300.000. Furthermore invoices for the settlement of at least Euro 200.000 must be attached to the application;
- The applicant must then submit a bank declaration saying that the minimum of 30.000 has been deposit with a local bank and that such amounts will be placed in a fixed deposit for a period of 3 years;
- The applicant must provide a certificate of clean criminal record which will be issued from the appropriate authority of his country;
- The applicant must further declare that he will not directly or indirectly undertake any work in the Republic of Cyprus;
- The applicant must visit Cyprus once every two years.
The application will be submitted personally or via a representative at the department of Population and Immigration and through the director of the department it will be submitted to the Ministry of Internal Affairs. Following this procedure the Ministry of Internal Affairs will inform the applicant of its decision. It is anticipated that the entire application review process and the notification of the decision shall not exceed 1-2 months.
Upon the issue of the immigration license it cannot be cancelled but rather it will expire if the applicant does not visit Cyprus oncee every two years.
Persons who have applied under the previous regime may apply under the current regime and the application will be processed accordingly.
For any further clarifications or if you have any questions please contact us directly.
Thank you for your time