Fast track procedure for obtaining Immigration Permit in the Republic of Cyprus
“Fast track” procedure for obtaining Immigration Permit in the Republic of Cyprus
A fast track procedure has been introduced by the Minister 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 Minister of the Interior decided to issue Immigration Permit to applicants, who are third country nationals, (non- EU) provided that they fulfill the following Investment/financial criteria:
- 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. The necessary minimum annual income is increased by €5.000 for each dependent person.
- 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.
- 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.
- 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.
- The applicant should submit a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
- The applicants should visit Cyprus at least once every 2 years.
2. Procedure for submission and examination of an application
- The application should be submitted on Form (M.67) to the Civil Registry and Migration Department or to the District Offices personally or through post or through a representative.
- Applications which are submitted in Cyprus, personally or through a representative or by post, shall be filed in an ordinary file (the applicant should ensure that each relevant document of the application must be numbered with blue ink, from the first page to the last). Inside the file there shall be included a check list of all necessary documents, which must be submitted with the application form, which must be completed by the applicant or by a representative of the applicant.
- 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.
- 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.
- The Immigration Permit shall not be cancelled, provided that the applicant will visit Cyprus one time at least, every 2 years period.
3. Provided that the criteria described above are fulfilled and no further questions arise in regards to any of the certificates or documents submitted (e.g the criminal record of the applicant, receipts/proof of payment) the application shall be examined by the Minister of the Interior in a positive spirit and the Immigration Permit shall be granted.
4. It is estimated that when applying the procedure described above, the period for the examination of the application, shall not exceed a period of 3 months.
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