Zoe Christodoulou
We wish to inform you that the criteria for the granting of permanent immigration permits to third-country nationals under Regulation 6(2) will change as of May 2, 2023 pursuant to a decision of the Council of Ministers. Below are the changes which have been published as of the date of this newsletter.
The required annual income of the applicant will increase from EUR 30,000 to EUR 50,000, and from EUR 5,000 for each dependent to EUR 15,000 for the dependent spouse and EUR 10,000 for each minor child. Tax returns must be submitted by the applicant as proof of the above. It is noted that the provisions for the granting of a permanent residence permit to adult children who have not themselves invested in Cyprus shall be abolished.
Criminal records of the applicant and each dependent from both their country of origin and country(ies) of residence shall be required. All applicants will also need to obtain local health insurance covering inpatient and outpatient care.
If the investment is made in residential property, the number of bedrooms of the house or apartment chosen must satisfy the needs of the applicant and his family. Otherwise, the applicant will be required to identify additional property(ies) which will accommodate them and their family. Proof of payment of at least EUR 300,000 (instead of EUR 200,000) excluding VAT shall be required at the time of submission of the application.
If the investment is made in a Cyprus company, proof that the company employees at least five (5) employees shall be required at the time of submission of the application.
After having obtained the relevant permit, investors will be required to provide on an annual basis evidence proving that they still maintain the initial investment and continue to receive the required income determined for them and their family. Upon failure to provide the documents required, their permits will be cancelled.
Further, minimum stay requirements shall be imposed, the details of which have yet to be published by the Council of Ministers.
* 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.