New accelerated procedure for granting an Immigration Permit

2012-09-26

New accelerated procedure for granting an Immigration Permit to applicants who are third country nationals and intent to invest in Cyprus

 

cosma         

Maria Cosma

Senior Legal Advisor, Corporate Advisory Department
Elena Hajiroussou LLC

maria.cosma@consulco.com


According to the provisions of Regulation 6 (2) of the Aliens and Immigration Regulations of Cyprus, the Minister of Interior introduced a new accelerated procedure for granting an Immigration Permit to high net worth individuals provided they fulfill certain criteria.


• Eligibility

 
Persons who possess and have fully and freely at their disposal a secured annual income, high enough to provide them with a decent lifestyle in Cyprus, without having to engage in any business, trade or profession, may apply for an Immigration Permit under the new accelerated procedure.


In order to be eligible, the applicant must prove that he/she has at his/her disposal a secured minimum annual income of €30.000 from sources other than employment in Cyprus. This minimum annual income is increased by €5.000 for each dependent person. The applicant must submit a confirmation letter from a Cyprus bank for a deposit of a minimum capital of €30.000 in an account pledged for at least a three year period.


A secured annual income is any income which the beneficiary will automatically receive without having to make an extra effort, e.g. an old age pension, rental income from properties in Cyprus or abroad, interests from bank deposits or bonds issued by prime companies in Cyprus or abroad, dividends from shares in Cyprus or foreign companies of good standing and reputation, income from a trust.


The applicant must submit the application form, accompanied with a title of ownership or contract for the purchase of a property in Cyprus which should have already been submitted to the Department of Lands and Surveys, of a minimum market value of €300.000 and proof of payment of at least €200.000.


All amounts mentioned above must be proven to have been transferred to Cyprus from abroad.


The spouse and children under the age of 18 of the applicant, can obtain a similar Immigration Permit as long as they prove to be and continue to be dependants of the applicant.


•  Procedure

 
The applicant should submit the following: 

Documents:

 - Application form M67 completed and signed. A copy of form M67 is attached hereto and can be downloaded from webpage www.moi.gov.cy.
 - Copy of valid passport
- Copy of valid temporary residence permit (if the applicant resides in Cyprus).
- Curriculum Vitae (including academic qualifications).
- Statements of deposits in a Cypriot Bank account, of a minimum capital of €30.000 (original).
- Declaration of a secured annual income of a capital of €30.000 at least, from sources other than employment in Cyprus (original documents and affidavit). The necessary annual income is increased by €5.000 for each dependent person.
- Title of ownership or contract of sale of a built property in Cyprus of a minimum market value of €300.000 (original or true copy).  If the title of ownership has not been obtained yet, the applicant must submit the contract of sale duly stamped by the Stamps Commissioner and the Department of Lands & Surveys and proof of payment for at least €200,000.
 - Official Statement by the applicant that he/she does not intent to work or be engaged in any form of business in Cyprus.
- Health Insurance Policy.
- Criminal Record Certificate (if the applicant resides abroad, the certificate must be issued from his country of origin, and submitted with an official and certified translation into Greek).
- Marriage Certificate (official and certified translation) (if applicable).
- Children’s Birth Certificates (official and certified translation) (if applicable).

 Application Fee:

 - €119,60 (to be paid upon approval of the 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 a representative.


Provided that the criteria described above are fulfilled the application shall be examined by the Ministry of Interior and It is estimated that the period for such examination shall not exceed 1-2 months. 


• Nature of the Immigration Permit under Regulation 6(2)

 
The new procedure is valid for residence in the Republic of Cyprus only. However, holders of such a permit can easily obtain travel visa from the relevant consular services in Cyprus.

The Immigration Permit shall not be cancelled provided the applicant visits Cyprus at least once every two years.
 
Disclaimer: The information in this newsletter is provided for general information only and does not constitute legal or other professional advice. Neither Elena Hajiroussou LLC nor any of its partners or employees accept any responsibility for any loss which may arise from reliance on information in this newsletter.

Copyright © 2012 Elena Hajiroussou LLC