The application form must be accompanied by a title deed or a property contract of sale that has already been submitted to the Department of Lands and Surveys, for the acquisition of a house, apartment or any other building situated in Cyprus, of a minimum market value of €300.000 (excluding VAT).
The applicant must prove a secured minimum annual income amounting to €30.000 (employment in Cyprus is prohibited). The minimum annual income is increased by €5.000 for each dependent person. The annual income must be derived from sources abroad and can include overseas employment income, pensions, dividends etc.
Further, the applicant must submit proof of payment for at least €200.000 (excluding VAT) in respect of the above mentioned property. It should be noted that the Civil Registry and Migration Department will only accept applications for granting immigration permits under the fast track route provided that the above mentioned property is being sold for the first time.
The applicant must submit a confirmation letter from a Cyprus Banking Institution of a minimum deposit amount of €30.000 which will be pledged for a minimum period of three years. Please note that all amounts mentioned in previous paragraphs should be proven to have been transferred to Cyprus legally from abroad.
The applicant must have a clean criminal record and a statement confirming no intention to work or be engaged in any form of active business in Cyprus;
The applicant is required to visit Cyprus at least once every two years. Provided that the financial criteria and conditions described above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the immigration permit should be granted within a 2 month period.