Amendments to the Cyprus Permanent Residence Program (Further Updates)

Further to our newsletter published on 26 April 2023, which summarized the revised criteria for the granting of permanent residence permits to third-country nationals under Regulation 6(2), we wish to update you on some additional amendments which we have outlined below. 

General Requirements
Under the previous regime, applicants could only submit tax returns as proof of their annual income1 . Following the latest revision, which was introduced on the 17th of May 2023, applicants may also submit official certifications from an independent chartered accountant as evidence. 

Further, the funds used to obtain the relevant investment can now derive from a company bank account of which the applicant is the sole shareholder, instead of the applicant’s personal account.

Annual Reporting Requirements
The requirement to annually submit evidence relating to the maintenance of the required annual income has been removed. However, all permit holders will need to verify on an annual basis maintenance of the relevant investment and the required health insurance2 . 

In addition, the requirement to submit criminal record certificates from the country of origin and countries of residence (as applicable) of all permit holders has been amended from an annual requirement to once every three years. 

It is noted that residence permits issued to the minor dependent members of the applicant’s family will only be valid until they reach 18 years of age.

Finally, no minimum stay requirements have been imposed as of the date of this newsletter. 

* This publication has been prepared as a general guide and for information purposes only. It does not purport to be comprehensive or to render professional advice. Before making any decision or taking any action that may affect you and/or your business, bespoke advice should be obtained.

• 1As of 2 May 2023, the minimum required annual income for the applicant was increased to EUR 50,000, as well as EUR 15,000 for the dependent spouse and EUR 10,000 for each minor child. You may refer to our newsletter dated 26 April 2023 for further information.
• 2Health insurance covering inpatient and outpatient care must be obtained for the applicant and his dependents. You may refer to our newsletter dated 26 April 2023 for further information.