Immigration Permits
From the 2nd of May 2023, changes have been made to the process for applying for Immigration Permits for Cyprus.
Criteria Overview
The applicants must meet ONE of the investment criteria listed below:
- Buy up to two properties from a developer with a total value of at least €300.000 +VAT. The funding must have come from outside Cyprus and be deposited directly into the developer’s bank account in Cyprus.
- Other forms of real estate qualify, including offices, shops, hotels or similar developments or a combination of these with a total value of at least €300,000 +VAT.
- Further Necessary Actions:
- The Residency Permit Holder must resubmit the information, providing proof and update their documentation annually.
- Proof of an annual income of at least €50,000 is required by submitting the previous year’s tax return. The annual income required rises by €15,000 for the spouse and €10,000 for each minor child of the applicant and/or his/her spouse. If a spouse has an income, this can be included in the calculations.
- Provision of a certificate of clear criminal record is required from the country of origin and the country of residence.
- A Health Insurance Certificate must be produced for all members covered by the permit.
- It is forbidden for applicants to take up employment in the Republic except as Directors of the company in which they make a direct investment or unless they are unremunerated Directors of a company in which they are shareholders.
- The immigration permit of the main applicant and his or her spouse covers children under the age of majority.
Procedure and Time Frame
All documentation needs to be submitted at the same time, via the Department of Population and Immigration Records. A fee of €500 is payable, as well as a fee of €70 for each additional person included in the application, upon submission of the application.
The estimated time for completion of the process is around two months. Once approval has been granted, the applicant and family members must collect the permit in person, within one year.
