In line with the Cyprus Government’s intent to increase foreign investment, and to help its economic development, Regulation 6(2) of the Aliens and Immigration Regulations has recently been simplified by the Ministry of Interior in order to issue Residence Permits to applicants from non-European countries, provided that the following requirements are met:
1. The main requirement is the purchase of new immovable property of a total market value of at least EUR 300,000 plus VAT.
The applicant must submit the application form accompanied by a contract of sale and proof of payment of at least EUR 200,000 plus VAT.
The contract of sale must have been submitted to the Cyprus Department of Land and Surveys.
The property can also be bought by a company provided that the company is registered in the name of the applicant or the applicant and spouse, and they are sole shareholders.
2. The applicant must submit a confirmation letter from a Cyprus bank that they have deposited a minimum capital of EUR 30,000 from abroad into an account which will be locked for three years. After the expiration of this period, the money will be released without restrictions.
3. The applicant must provide supporting evidence of a secured annual income of at least EUR 30,000 deriving from abroad. This income must increase by EUR 5,000 for every additional child and EUR 8,000 for each dependent parent. This income may include salaries from employment, rents, pensions, and dividends from shares, etc.