Applications must be submitted directly to the Civil Registry and Migration Department (CRMD), personally or through an agent. A non-refundable fee of €500 is payable with the submission of the application.
The application is processed by the CRMD and submitted to the Minister of Interior, through the Permanent Secretary of the Ministry of Interior (MOI). An interview with the applicant is only required when deemed necessary by the Permanent Secretary of the MOI. The following criteria must be satisfied:
- Title of ownership or contract of sale of a built property in Cyprus with a minimum market value of €300.000 (original or true copy) must be submitted with the application form. 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 of at least €200,000.
- An official receipt for the payment of at least €200,000 (plus VAT) into an account in a Cypriot financial institution must be provided.
- The applicant must be able to prove that the amount mentioned above was received from a source outside Cyprus.
- The applicant must be able to prove joint annual income with his/her spouse of at least €30,000 and the income must be received from abroad. The income can be in the form of salary, dividends, income from a lease, interest from bank deposits, pension etc. For each additional dependent it is necessary to show an additional income of a minimum of €5,000 per year.
- An amount of at least €30,000 must be deposited in a Cypriot bank for a period of 3 years.
- Certificate of Clean Criminal Record, issued by country of Residency with Notary Certification must be provided.
The investment in Real Estate gives the applicant and his/her family members (spouse and children) the right to apply for and receive permanent residential permits. The permanent residential permit is valid for life.