A faster procedure has been introduced by the Ministry of Interior 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 Immigrations Regulations, the Ministry of Interior decided to issue Immigration Permit to applicants, who are third country nationals, (non- EU) and wish to reside in Cyprus without working for an unlimited period. The Immigration Permit is issued provided that an applicant fulfills 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. (e.g rent, dividends, bank accounts). 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, of a minimum market value of €300.000. – and a 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 resided abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any treat 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 applicant should have a medical insurance for him and his family for at least a year.
2. Procedure for submission and examination of an application
i. The application should be submitted on Form MIP1 to the Civil Registry and Migration Department through a representative along with the relevant documents.
ii. Applications which are submitted in the Republic of Cyprus, personally or through a representative must include a letter or a check list of all necessary documents, which must be submitted along with the application form.
iii. The application shall be examined by the Civil Registry and Migration Department and shall be later on submitted to the Minister of the Interior, to issue a decision.
iv. The Ministry of the interior shall inform the applicant or the representative of the applicant , as well as the Civil Registry and Migration Department, about the decision of the Minister of the Interior.
v. The applicant should proceed with to Civil Registry and Migration Department to give fingerprints and take photos, either upon submission of his application or after the approval of his application, in order for the immigration permit to be issued.
3. Time Frame
Provided that the criteria described above are fulfilled, the time frame of the Ministry of the Interior for the examination and approval of an application for Immigration permit in the Republic of Cyprus is two to three months.
4.Cancellation of Permit
The Immigration Permit shall not be cancelled, provided that the applicant who obtain the Immigration Permit, will visit Cyprus one time at least, every 2 years period.
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Note: The above article does not constitute a legal advice and may not be relied upon for such purposes. Readers are recommended to take appropriate legal advice on the above subject matter.