Accelerated Procedure for Obtaining Cypriot Permanent Residency  
1. In May, 2013, the Ministry of Interior of the Republic of Cyprus (“Cyprus”) revised the criteria (which were first introduced in September 2012), for providing permanent residence for high-net worth third country nationals. The eligibility criteria are summarised as follows:

(a) the applicant must prove that she or he has an annual income of at least EUR €30,000. The annual income threshold is increased by EUR €5,000 for each dependant person. The source of this income may be wages earned outside Cyprus, pensions, dividends, deposits, rent income etc; and

(b) the applicant must own a residence or other immovable property in Cyprus worth at least €300,000, noting that the applicant must have paid off at least EUR €200,000 of its total value. Please note that:

i. the applicant will have to show that the funds for the purchase of the immovable property have been transferred to Cyprus from abroad; and

ii. the applicant may purchase up to two real-estate units. In this respect, the applicant may either purchase a flat/house and a shop (up to a total area of 100 s.q.) or a flat/house and office premises (up to a total area of 250 s.q.) provided that the aggregate value of the immovable properties to be purchased are at least €300,000; and

iii. as of 07 May 2013, the Cypriot authorities only accept applications for granting immigration permits where the property is being sold for the first time (i.e. applications regarding resale properties are not permitted); and

(c) the applicant must have personal deposits in Cypriot banks of at least EUR €30,000 which will be blocked for a period of 3 years at least. The applicant will have to show that the funds deposited have been transferred to Cyprus from abroad; and

(d) the applicant must have clean criminal record and must not pose a threat to public security or public order; and

(e) the applicant must confirm that she or he does not intend to work or be engaged in any form of business in Cyprus; and

(f) the applicant must visit Cyprus at least once every 2 years. Failure to do so may result in the invalidation of the permanent residence; and

(g) the applicant must have a medical insurance policy.

2. The application together with all the relevant supporting documents may be lodged on behalf of the applicant, in advance of the applicant's arrival in Cyprus.