In their continual efforts to attract foreign investment into Cyprus, the Cypriot government has amended Regulation 6(2) of the Aliens and Immigration Regulations so that Residence Permits can be issued to non-European applicants.
The approval rate of relevant residence applications is high if all criteria are met, with fast track applications taking only 2 months to be processed. Residence applies to the entire family, i.e. the applicant, their spouse, parents of the applicant, and any dependent children up to the age of 25.
For a residence permit to be issued, the following criteria must be met:
- The purchase of new immovable property with a market value of no less than €300,000 plus VAT. The property can be purchased by a company if that company is registered in the name of the applicant (alone or together with spouse), and if they are the sole shareholders. An application form must be submitted by the applicant, together with a sale’s contract and proof of payment of at least €200,000, plus Vat. The sale contract also requires to have been submitted to the Cyprus Department of Land and Surveys.
- A minimum capital of €30,000 deposited into a Cyprus account from abroad, which will be locked for a three year period. Proof thereof, i.e. a letter of confirmation issued by the Cyprus bank, needs to be submitted. The money will be released after the expiration of the three year period without restrictions.
- The applicant requires to prove that he or she is earning an annual income of at least €30,000 originating from abroad. For every additional child, the income needs to increase by €5,000 and €8,000 for each dependent parent. The source of income may include, among others, salaries from employment, pensions, rents, dividends from shares.