KPMG Cyprus has a dedicated immigration team and can provide specialised assistance for obtaining the Immigration Permit offered to third country nationals
The latest developments in respect of the fast-track procedure for granting an Immigration Permit to third country nationals which results in a wider interpretation of the term ‘dependent persons’.
According to the revised criteria of the “Aliens and Immigration” Regulations, in force as from 22nd February 2016, the term ‘dependent persons’ who are allowed to be granted an Immigration Permit, now includes the parents of the third country applicant and/or his/her spouse.
In line with the above change, the minimum secured annual income of €30.000 which must be proven to be at the disposal of the applicant, is increased by €8.000 for each dependent parent.
The provisions of the “Aliens and Immigration” Regulations under the fast-track procedure which need to be fulfilled by a third country main applicant are the following:
A. Financial Criteria
1) The main applicant must prove that s/he has at his/her disposal a secured minimum annual income amounting to €30.000 (employment in Cyprus is strictly prohibited). The minimum annual income is increased by €5.000 for each dependent family member (i.e. spouse, children under the age of 18 and unmarried children aged 18 to 25) and by €8.000 for each dependent parent (either the applicant’s parents and/or his/her spouse). The annual income must be derived from sources abroad and can include overseas employment income, pensions, dividends etc. In calculating the annual income, the applicant’s spouse's income can also be taken into consideration.
2) The main applicant must submit a title deed or a contract of sale that has already been submitted to the Department of Lands and Surveys, for the acquisition of a house, apartment or any other building situated in Cyprus, of a minimum market value of €300.000 (excluding VAT) in respect of property that is being sold for the first time. Any contracts officially submitted to the Department of Lands and Surveys prior to 07/05/2013 in respect of a re-sale of property, will also be acceptable. Further, the applicant must submit proof of payment for at least €200.000 (excluding VAT).
3) The applicant must submit a confirmation letter from a Cyprus Banking Institution that s/he has deposited a minimum amount of €30.000 which will be pledged for a minimum period of three years.Please note that the amounts mentioned in paragraphs (2) and (3) should be proven to have been transferred to Cyprus legally from abroad.
B. Other criteria
1) Various documentation in respect of the main applicant and the dependent persons applying, e.g. clean Criminal Record Certificate issued by the country of residence, statement confirming that there is no intention to work or be engaged in any form of business in Cyprus. It is noted that the applicant and/or his spouse may be a shareholder(s) in a Company registered in Cyprus and the income from the dividends of such a company in Cyprus are not deemed an impediment for the purpose of obtaining an immigration permit.
2) The applicant and the dependent persons must visit Cyprus within one year from the date the Immigration Permit is granted. In addition, they are all required to visit Cyprus at least once every two years.
C. Dependent Persons
1) Dependent persons who can be granted an Immigration Permit are (i) the applicant’s spouse, (ii) the applicant’s children under the age of 18, (iii) the applicant’s unmarried children aged 18 to 25 and (iv) the applicant’s and/or his/her spouse’s parents.
2) With respect to the applicant’s unmarried children aged 18 to 25 it is noted that they must be students abroad with a remaining study period of at least 6 months from the application’s submission date and are financially dependent on the main applicant. It is noted that their Immigration Permit will be valid even after they reach the age of 25.
Provided that the criteria described above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the Immigration Permit shall be granted.It is estimated that the period for examining the application under the new procedure shall not exceed 2 months.
KPMG Cyprus has a dedicated immigration team and can provide specialised assistance for obtaining the Immigration Permit offered to third country nationals.
Please do not hesitate to contact us if you require any further clarifications.