Fast track procedure

There is a fast track procedure provided by art. 6(2) of the Regulations, the requirements of which are:

1. The purchase of a property in Cyprus of at least €300,000 (not including VAT) and at least 2/3 of the purchase price must have been paid ie. €200,000plus VAT.
2. Proof that the amount paid against the purchase price derived from abroad.
3. It must not be a re-sale and the vendor must be a Developer.
4. Contract of Sale must be deposited at the Land Registry.
5. It is possible to buy two properties but they must be from the same developer.
6. The property could be purchased in the name of the Company under certain conditions.
7. The applicant should prove at least €30,000 of income for himself and plus 5,000 Euro for each dependent on him family member which is derived from abroad and not Cyprus. The amount of €30,000 should be deposited in a Cypriot Bank and blocked for 3 years. Proof that the €30,000 was transferred from abroad must be provided.
8. An affidavit of the applicants that they will not engage in any professional activity in Cyprus. Income from dividends from a Cyprus Company of the applicants is not considered as a violation of the said requirement.
9. A clean criminal record translated in Greek or English.
10. Health Insurance for the applicant and any dependable person on the applicant.