Effective as of the 2nd of May 2023, significant amendments have been implemented to the criteria for granting Permanent Residence under Regulation 6(2) of the Aliens and Immigration Regulations. These amendments were approved by the Council of Ministries based on a proposal by the Ministry of Interior. The purpose of these amendments is to establish stricter criteria for granting permanent residency, address any distortions, and implement a monitoring mechanism for applicants’ compliance.
Applicants who have lodged Sale Agreements with the Department of Lands and Surveys Offices between the January 2nd,2023 and April 28th, 2023 are eligible to submit their applications to the Civil Registry and Migration Department (‘CRMD’). This submission falls under the criteria of the Cyprus Permanent Residence Scheme, as specified in Regulation 6(2) effective from March 24th, 2021.
The revised criteria include:
- Applicants must continue to invest a minimum amount of €300,000 (excluding VAT), regardless of the property’s delivery time, but must now provide upfront payment receipts along with the application.
- The main applicant must have a personal insured annual income of at least €50,000, with an additional income of €15,000 for the spouse, and €10,000 for each minor child of the applicant and/or their spouse.
- All investors and their adult family members must provide a Clean Criminal Record from both their country of origin and country of residence. Additionally, the investors and their dependents must have medical insurance covering inpatient and outpatient care.
- Parents, in-laws and adult children of investors – excluding unmarried university students up to the age of 25 who are financially dependent on the applicant – are no longer eligible as dependents.
The applicant is required to submit the aforementioned evidence annually to the CRMD from the date of obtaining the Immigration Permit. Failure to comply may lead to the cancellation of the Permanent Residence Permit.
At Christys & Co LLC, advocates and legal consultants, we can provide you with reliable advice regarding the Cyprus Permanent Residence Scheme. Our experienced team will guide you through the updated criteria, supporting you through the document preparation and application process.