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How do I prove an annual income of 30,000 euros as an applicant for the Cypriot CBI program?

I heard that investors who participate in the Cypriot CBI program must prove an annual foreign income of at least 30,000 euros in order to keep their eligibility for the program. Is that true? I have 3 million euros in my foreign savings account. How can I make this meet the requirements?

Answers
  • Demetris Demetriades
    Andreas Demetriades & Co LLC
    December 19, 2018

    Actually, the Cyprus Investment Programme does not provide for an annual income requirement as a condition for granting or maintaining Cyprus Citizenship. Do bear in mind, however, that proof of the source of your wealth would form part of the due diligence process. Application by the Service Provider as well as the Cyprus Banking institution accepting the investment funds. Nevertheless, the RBI (Permanent Residence) Programme of Cyprus does provide for a minimum annual income of €30,000 as one of the conditions for applying.

  • Chriso Savva
    CHRISO SAVVA LLC
    December 19, 2018

    Please note that the requirement of the amount of 30,000 euros as annual income is for eligibility for permanent residency not the Cyprus investment program.

  • Eleni Drakou
    Michael Kyprianou & Co. LLC
    December 19, 2018

    Please note that for the Citizenship scheme as per the Cyprus Investment Program (CIP), it is not required to show a secure annual income. The amount of 30,000 euros as an annual secure income is required to be presented for the Cyprus Residence Permit. The type of proved documentation depends on the source of income: for example a letter from the Employer/Company, or evidenced documentation on the distribution of dividends or receiving of pension funds. If your income is generated from interests on your savings/financial portfolio, then a document/letter from your banking institution showing the accrued interest every year is sufficient.

  • Yiannos Vasiliou
    Vasiliou Law
    January 12, 2019

    Please note that you should prove that you have at your disposal a secure annual income of at least 30,000 euros. This annual income should increase by 5,000 for every dependent person of your family (spouse and children) and by 8,000 for every dependent parent or in-law parent. This income should be derived from abroad and may include salaries from employment, pensions, dividends from shares, fixed deposits, rents a.s.o. For the calculation of the total amount of the annual income, the spouse’s income may be also taken into consideration. Since you have 3 million euros at your disposal, you can surely calculate the return of this amount. In any case, if you submit an application with that amount at your disposal, the authorities will not question your eligibility.

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