The amount of 30,000 euros must be kept blocked for three years. No further deposits need to be made during the three years or any other period.
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How long do I need to keep the deposit in a Cyprus bank for its RBI program?
I understand that an applicant of Cyprus’ RBI program must make a deposit of at least 30,000 euros in a Cyprus bank when submitting the application. How long do I need to keep this money in the bank? Is this money enough for the entire permanent residency period or do I have to make such a deposit every year?
Answers
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The period of keeping this money in the bank is three years. No further deposit is needed for keeping your residency status.
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The total amount of 30,000 euros is pledged only once for the applicant and his family members. The money is pledged for three years. After this period, this amount will be returned back to the applicant, plus any interest.
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The deposit needs to be maintained throughout the residency period and is actually increased, depending on the number of dependent persons, i.e., children, parents who are covered in the residency application.
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The applicant must submit a confirmation letter from a Cyprus banking institution that he/she has deposited the minimum amount of 30,000 euros, which needs to be pledged for a minimum period of three years. The funds should be proven to have been transferred to Cyprus legally from abroad.
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The amount of 30,000 is fixed for three years, which must be deposited in a Cyprus bank transferred from abroad. It is possible for the amount to be in a currency which is not euros, provided that the total value of the deposit is the equivalent of 30,000 at all times during the three-year lock-in period. At the expiration of the three-year lock-in period, the amount can be freely transferred to the person, including any interest. The interest rate applied to the fixed deposit depends on the terms of offer of each eligible bank.
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You should submit a confirmation letter from a financial institution in Cyprus that you have deposited a minimum capital of 30,000 euros into an account, which will be pledged for a period of at least three years. It must be proven that the said amount has been transferred to Cyprus from abroad. There is no additional requirement after the three years, which means that you will be able to withdraw and or use the initial deposit for any other purpose.
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