The Accelerated Procedure
The provisions of Regulation 6(2) of the Aliens and Immigration Regulations allow third-country nationals to apply for a Cyprus immigration permit (Category F) under an accelerated procedure, provided that they satisfy a defined set of financial and documentary criteria.
Income Requirement
The applicant must have at their disposal a secured minimum annual income of €30,000 derived from sources other than employment in Cyprus. Such income may derive from salaries earned outside the Republic of Cyprus, pensions, shareholdings, rental income, and similar sources. The minimum annual income requirement is increased by €5,000 for each dependent person.
Property and Financial Criteria
Alongside the income requirement, the applicant must demonstrate a qualifying investment in Cyprus real estate and evidence of the required funds:
- The application must be accompanied by a title deed or contract of sale for immovable property in Cyprus with a minimum market value of €300,000, together with proof of payment of at least €200,000
- The contract of sale must be submitted to the Department of Lands and Surveys before the immigration permit application is lodged
- A confirmation from a Cyprus bank must accompany the application, stating that the applicant has deposited the minimum annual income of €30,000 in an account pledged for at least a three-year period
Additional Conditions
The applicant must also satisfy a number of further conditions to obtain and retain the permit:
- Submission of a clean criminal record issued by the authorities of the applicant’s country
- A statement that the applicant does not intend to work or engage in any form of business in Cyprus
- A commitment to visit Cyprus at least once every two years
Timeframe
Provided that all of the above criteria are met, the examination of the application should not exceed one to two months, making this one of the most efficient routes to Cyprus residency for qualifying third-country nationals.
How ASC Can Help
ASC’s team assists clients in preparing all the supporting documents required to meet the criteria of the accelerated procedure, advises and guides them throughout the process, liaises with the local authorities on the client’s behalf, submits the application, and monitors its progress to completion. Contact us to begin your Cyprus relocation.