Fast track procedure
There is a fast track procedure provided by art. 6(2) of the Regulations, the requirements of which are:
- 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.
- Proof that the amount paid against the purchase price derived from abroad.
- It must not be a re-sale and the vendor must be a Developer.
- Contract of Sale must be deposited at the Land Registry.
- It is possible to buy two properties but they must be from the same developer.
- The property could be purchased in the name of the Company under certain conditions.
- 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.
- 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.
- A clean criminal record translated in Greek or English.
- Health Insurance for the applicant and any dependable person on the applicant.