Immigration to CyprusUpdated on Tuesday 22nd September 2015
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Immigrating to Cyprus
Cyprus has aligned its legislation on immigration with EU directives regarding the entry, stay, self-employment and study of third country nationals. Third country nationals are the citizens of countries outside the European Union. Third country nationals are also allowed to apply for a long-term residence permit after living in Cyprus for at least five uninterrupted years. Cyprus has also signed the Schengen agreement and is in the pre-implementation evaluation process. Also, all other visa requirements are aligned with all EU requirements.
Immigrating to Cyprus by making investments
In May 2013, the Ministry of Interior in Cyprus announced that immigration permits for third country nationals are available provided that they meet certain requirements. Among these requirements are:
- - the investment criteria that stipulates a foreign citizen must deposit at least 30,000 euros in a reserve account in a Cypriot bank for at least 3 years,
- - the applicant must demonstrate he or she has an annual income of at least 30,000 euros, plus 5,000 euros for each dependent, if any,
- - the applicant must also buy a property in Cyprus worth at least 300,000 euros (VAT excluded).
All amounts of money must be deposited from abroad.
For immigrants purchasing property in the name of a company they own, the foreign company is allowed to buy two housing units, or a housing unit and storage facility with an 100 square meters area, or a housing unit and an office space with a 250 square meters area. However, for complete details about the requirements for foreign legal persons purchasing real estate please contact our lawyers in Cyprus.
Quality criteria for foreign individuals immigrating to Cyprus
Cypriot immigrants must also meet certain quality criteria when applying for a residence permit. These criteria are:
- - the applicant must have a clean criminal record,
- - the applicant must submit proof that he or she has never worked in Cyprus,
- - the applicant must come to Cyprus at least once every two years.
Foreign citizens immigrating to the country may be shareholders in a Cypriot company.
Documents to be submitted with the Immigration Department in Cyprus
Foreign citizens must submit the following documents with the Immigration Department in Cyprus when applying for a residence permit:
- - a prescribed application form,
- - birth certificate,
- - copy after the passport,
- - the clean criminal record,
- - the sale agreement of the purchased property in Cyprus,
- - a bank account statement,
- - 4 passport-sized photos,
- - a declaration of the annual income,
- - bank accounts statements as proof of self-sustenance,
- - a tax clearance from the tax authorities in the applicant’s country of origin.
Considering that other additional documents may be required we invite you to contact our Cypriot lawyers in order to find out other requirements when immigrating to the country.