Regarding the 4th revision entered into force on 02/05/2023 concerning of the criteria for granting an immigration permit within the scope of the expedited procedure to applicants who are third-country nationals and invest in Cyprus the below was clarified by the relevant authorities:

REMITTANCE/ TRANSFER FROM ABROAD FOR THE INVESTMENT

The money from abroad that will be used for the investment can also be transferred to Cyprus from a company’s bank account, in which the applicant and/or his/her spouse are the sole shareholders, provided that the shareholder is included in the application. The same applies to the amount of the investment’s value to be paid into the seller’s account at a Cypriot financial institution.

EVIDENCE FOR THE SECURED ANNUAL INCOME

The annual income of the applicant can be proven either through his/her tax return declaration from the country where he/she declares tax resident or through official certificates from an independent Certified Accountant.

MONITORING MECHANISM

A) Regarding the monitoring mechanism for the adherence to the criteria and maintaining the investment, the requirement for annual submission of proof that the applicant maintains the income determined for him/herself and his/her family members is abolished.

B) The applicant and the adult members of his/her family are obliged to submit a clean criminal record certificate from their country of origin and their country of residence every three years, instead of annually.

C) The requirement for the applicant to provide evidence of maintaining the investment on an annual basis, as well as the fact that the applicant and his/her family members are holders of a health insurance certificate in case they no longer continue to be beneficiaries of GESY, remains valid.

Following a decision by the Minister of the Interior, applicants who have proven that Purchase Agreement/ Contract of Sale has been lodged at the Land Registry from 02/01/2022 to 28/04/2023 will be able to submit applications with the previous criteria valid from 24/03/2021.

It is clarified that regarding the inclusion in applications of dependents (either parents, students, or spouses and minor children), the above applies only when these applications are submitted simultaneously with the main applicant’s application. In cases where dependents’ applications are submitted in a different period, the new criteria will apply.

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