Immigration for Wealthy individuals
Immigration Permit to third country nationals (Regulation 6(2) of the Aliens and Immigration Regulations)(CATEGORY F)
- The immigration permit, under category F, obtained by a third country national exempts the holder from immigration formalities normally required (e.g. consular visa, residence permit renewals, re- entry permits etc.)
- Also it enables the holder to enter and stay for up to 3 months to some countries of the European Union without entry visa.
The Immigration for Wealthy individuals
1. IMMIGRATION PERMIT APPLICANTS, WHO ARE THIRD COUNTRY NATIONALS, NEED TO FULFILL THE FOLLOWING CRITERIA:
(a) secured minimum annual income of €30.000, from sources other than employment in Cyprus.
- Derived from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. , and
- Is increased by €5.000 for each dependent person.
(b) 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 for at least €200,000.
- The contract of sale should already have been submitted to the Department of Lands and Surveys.
(c) 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 at least for a three year period.
- It is noted that the amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus from abroad.
(d) 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.
(e) a Statement that he does not intent to work or be engaged in any form of business in Cyprus.
(f) The applicants should visit Cyprus at least once every two years.
2. PROCEDURE FOR THE SUBMISSION AND EXAMINATION OF AN APPLICATION.
(a) The applications can be submitted through a representative.
(b) no personal interviews are necessary, except when the Permanent Secretary decides that an interview is necessary.
(c) The Ministry of the Interior shall inform the applicant or the representative of the about its decision
(d) The Immigration Permit shall not be cancelled, provided that the applicant will visit Cyprus one time at least, every two years period.
(e) It is estimated that the period for the examination of the application, shall not exceed a period of 1-2 months.