Throughout the world, capital is becoming ever more mobile and responsive to changes in economic and social conditions. Barriers to capital movements are fast disappearing this is why property investment in Cyprus is succeeding. Cyprus has differentiated itself from other financial centers due to the fact that it has an excellent infrastructure in place.
The geographical position of Cyprus makes it the most Middle East, European country. The island is located in the north eastern basis of the Mediterranean Sea at the crossroads of Europe, Asia and Africa. The strategic location of the island has played an important role in its continuing development as a financial center.
Investors are still eager to invest in Cyprus properties due to the fact that the Cyprus house prices have remained steady and have not slumped in value unlike other European countries. There are spacious seafront villas for sale in Cyprus in prime locations overlooking the Mediterranean Sea. We have an exciting and excellent investment opportunity that should not be missed. The front line project is located in the picturesque Cape Greko area. The exquisite, luxurious and very airy villas also offer very spacious plots.
The Minister of the Interior has adopted favorable treatment of the immigration permit applications to Non European Citizens who acquire a private Cyprus home for their own residence in Cyprus. This measure is part of the effort which the Government is applying for the confrontation of the international economic crisis and especially for the strengthening of the purchase of immovable property in Cyprus, by means of the increase of incentives for the purchase of a Cyprus home by citizens of Non EU Countries.
1. In accordance with the provisions of Article 6 (2) regarding Alien Immigration Regulations, and after informing the Council of Ministers accordingly, the Cyprus Minister of Interior has decided to grant Immigration Visas to applicants from non-EU countries who fulfill the following requirements:
(a) The applicant must be able to provide evidence of a secure and disposable annual income of at least €30.000. This amount increases by €5.000 for every dependent. It may be derived from a salary earned overseas, pension, investment dividends, fixed deposits, rental income, etc.
(b) To support his application, the applicant must provide either title deeds or a contract of sale submitted to the Land Department for residential or other property with a minimum value of €300.000, together with official receipts confirming settlement of at least €200.000.
(c) The applicant must submit a certificate from a Cyprus bank confirming that he has deposited at least €30.000 in an account which is blocked for a minimum period of three years.
It is understood that the funds described in paragraphs (b) and (c) above must be accompanied by the necessary documents to prove that they were transferred to Cyprus from overseas.
(d) The applicant must provide a clean criminal record from his home country and in general must not, in any way, be deemed to pose a threat to public order or security.
(e) The applicant must confirm that he has no intentions to work in any direct or indirect form in Cyprus.
(f) The applicant must visit Cyprus at least once every two years.
APPLICATION SUBMISSION AND EXAMINATION PROCEDURES
(a) The applicant must submit his application directly to the Department of Civil Registration and Migration (DCRM) and/or to the District Office, either personally, or by mail, or through a representative. It must be noted that applications received by the District Office will simply be forwarded as they are to the DCRM, without being processed in any way.
(b) Applications that are filed in Cyprus, whether personally or through a representative or by mail, must be submitted in a regular envelope (the applicant must ensure that each document of the application is punched and inserted in the envelope and numbered with blue ink from the first to the last page of the application).
The envelope must also include a list of all the documents that accompany the application, as well as any other supporting forms which must be completed by or on behalf of the applicant.
(c) The application will be promptly processed by the DCRM and submitted to the Ministry of Interior, via the Ministry's Director General. For the purpose of this particular type of Immigration Visa, a personal interview with the applicant will be scheduled only in certain cases at the discretion of the Ministry of Interior's Director General.
(d) The Ministry of Interior will inform the applicant or his representative, as well as the DCRM, of the Ministry's decision.
(e) The Immigration Visa is valid indefinitely provided the applicant visits Cyprus at least once every two years.
3. Any non-EU citizen who has submitted an application for a Category F Immigration Visa prior to this latest Announcement may, if he so wishes, submit additional information to the DCRM to meet the criteria as listed in paragraph 1 of the current Announcement, in order for his application to be examined as per the provisions of Article 6 (2) regarding Alien Immigration Regulations based on the above criteria and applicable procedures.
4. Provided that all the criteria of paragraph 1 of the current Announcement are met, and provided that there are no counter reasons related to either public order or security, it is worth noting that applications will be considered favorably by the Ministry of Interior and the Immigration Visa will be issued.
5. By implementing the procedures described in the current Announcement, the time required for examining and processing applications is expected to be around 1-2 months from the date of submission.
6. The following required application forms are available online:
Application form (Μ.67).
List of documents to support the application (in English and Greek).
Affidavit stating the applicant's annual income, together with supporting documents (English and Greek).
Statutory declaration confirming that the applicant is not working in Cyprus.
7. Any questions or requests for further information should be addressed to My Property Cyprus and sent by email to: info@mypropertycyprus.com
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