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Legislation

Cyprus has recently introduced new legislation, offering Cyprus residency permit eligibility, to non-EU nationals who purchase a property. It’s a straightforward process that can commence immediately on purchasing. Residency permits are generally unlimited in duration. Applications can follow the standard Immigration permit process (criteria detailed in section A) or the recently announced ‘category F’ expedited process (criteria detailed in section B) which requires additional criteria to be fulfilled.  Minthis Hills will gladly assist you with the process & can also refer you to independent lawyers.


Section A

  • Acquisition of an immovable property with a value of over €300,000
  • The purchaser must visit the property at least once every 2 years
  • Non-European citizens should possess an annual income from a legitimate source, deriving from outside of Cyprus, which is sufficient to support their family
  • Minimum annual income: €30,000 per couple & €5,000 per dependent is usually acceptable. Additional funds deposited in a Cyprus bank account are considered favorably


Section B

  • The applicant must prove that she/he has at his/her disposal a secured minimum annual income of €30,000, from sources other than employment in Cyprus. The required income of €30,000 can derive from salaries, stocks shares, rents etc from outside of 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, a house, apartment or other building, of a minimum market value of €300,000 and proof of payment of at least €200,000. The contract of sale should have already 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 for at least a three year period. It is noted that the amounts mentioned in paragraphs (1.2) and (1.3) should be proven to have been transferred to Cyprus from abroad.
  • The applicant must submit a Criminal Record Certificate (if the applicant resides abroad), which must be issued by the Authorities in his country of origin, and he should not constitute in general any threat against public order or security in Cyprus.
  • The applicant should submit a statement that he does not intend to work or be engaged in any form of business in Cyprus.
  • The applicants should visit Cyprus at least once every two years.

 

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