Wednesday, 12 September 2012 09:22

Cyprus adopts faster procedures for granting Immigration Permits in order to further promote foreign investments into the island - September 2012

Permanent Resident Permit (PRP)

The Ministry of Interior decided to simplify the procedures for granting Immigration Permit to non-EU applicants, provided that they fulfill the criteria stated below. The announcement was published on 22 August 2012.

(a) The applicant must prove that he has at his disposal a secured minimum annual income of €30.000, from sources other than employment in Cyprus. The required income of €30.000 could derive from salaries of employment abroad and not in Cyprus, pensions, stock shares, rents, etc. The necessary minimum annual income is increased by €5.000 for each dependent person.

(b) The applicant must submit the application form accompanied with 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) The applicant must submit 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) The applicant must submit 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) The applicant should submit 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.

Services provided by HTT Audit Limited

HTT Audit Limited has extensive experience in immigration related services and can provide the following services:

  •  Assistance and guidance during the application preparation and submission
  •  Liaising with the relevant authorities during the examination process
  •  Drafting of rental, purchase and other related contracts, if needed