Revised eligibility criteria for investor immigration permits

Pursuant to regulation 6(2) of the Aliens and Immigration Regulations, the minister of interior of the Republic of Cyprus, having notified the council of ministers, has decided to revise the immigration permit criteria for third-country eligible applicants, publishing same on 7 May 2013.

A potential applicant should:

• submit a confirmation letter from a financial institution in Cyprus that he or she has transferred from abroad and deposited a minimum capital of €30,000 (US$40,000) into a three-year, fixed-term bank account; and
• prove, together with his or her spouse, that they have at their disposal a secured annual income of at least €30,000. This income shall increase by €5,000 for every dependent person and may derive from a variety of sources abroad including, inter alia, salaries from employment, pensions, dividends, fixed deposits and rents.

The application should be supported by title deeds or a contract of sale, which has been officially deposited with the Department of Lands and Surveys, for the purchase of a dwelling or other building in Cyprus with total market value of at least €300,000, and official receipts for payment of at least €200,000, irrespective of the date for the delivery of the dwelling.

Nick Tsilimidos is an associate at L Papaphilippou & Co in Cyprus