According to the provisions of Regulation 6(2) of the “Aliens and Immigration” Regulations, third country applicants must fulfil the following criteria in order to be able to apply for such immigration permit:
a) The applicant must prove that he/she has at his/her disposal a secured minimum annual income (employment in Cyprus is strictly prohibited) amounting to €30.000. The minimum annual income is increased by €5.000 for each dependent person. The annual income should be derived from abroad and can include overseas employment income, pensions, rental income etc.
b) The application form must be accompanied by 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). Further, the applicant must submit proof of payment of at least €200.000 (excluding VAT) in respect of the above mentioned property.
As from 2013, the Immigration Authorities will only accept applications for granting immigration permits under Regulation 6(2), provided that the above mentioned property is being sold for the first time (i.e. applications regarding resale properties are not permitted).
c) The applicant must submit a confirmation letter from a Cyprus Banking Institution that he/she has deposited a minimum amount of €30.000 which will be pledged for a minimum period of three years.
The amounts mentioned in paragraphs (b) and (c) should be proven to have been transferred to Cyprus legally from abroad.
d) The applicant must submit a Clean Criminal Record Certificate, issued by the relevant authorities in his/her country of origin and in general, he/she should not constitute a threat against public order in Cyprus.
e) The applicant must submit a statement confirming that he/she has no intention to work or be engaged in any form of business in Cyprus.
f) The applicant in required to visit Cyprus at least once every 2 years.
Provided that the criteria above are fulfilled, the application shall be examined by the Minister of Interior in a positive spirit and the permit shall be granted. The period for examining the application under the new procedure shall not exceed 1-2 months.