New rules for permanent residency in Cyprus

Ministry of Interior of the Republic of Cyprus has announced the revised criteria for granting Permanent Residency to non-EU Investors[1] in Cyprus. The key points of the 4^th revision, effective as of 2^nd May 2023, include the following amendments:

• Non-EU nationals applying based on an investment of at least €300,000 (excl. VAT) in real estate must complete the payment in full in order to apply;
• Family members eligible to apply with the primary applicant as dependents are limited to: i) spouse; ii) children under the age of 18;[2]
• Primary applicants and their adult dependents are required to submit a Clean Criminal Record Certificate issued by their country of origin, as well as by their country of residence, if applicable;
• An annual income of at least €50,000 from sources outside of Cyprus is required for the primary applicant, whereas additional €15,000 is required for the dependent spouse and additional €10,000 for each dependent child;
• In case where the permanent residency is granted, the permanent resident holders are required to submit proof to the Civil Registry and Migration Department (CRMD) annually that they: i) maintain the ownership of the initial investment, or have replaced it with a qualifying investment; ii) maintain annual income requirements; iii) are registered with the General Healthcare System (GHS) in Cyprus, or have a private health insurance; and, iv) submit every 3 years a Clean Criminal Record Certificate(s) issued by their country of origin and their country of residence (if applicable).

The estimated examination period for the application, starting from the submission date of the completed application, is approximately 2 months.[3]

It is noted that an Immigration Permit shall cease to be valid if: i) the holder and his/her dependents fail to acquire residence in Cyprus within 1 year from the approval of the application, in case that they are residing outside Cyprus; and, ii) if the holder and his/her dependents acquire permanent residence abroad or be absent from Cyprus for a period of 2 years.

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[1] Under Regulation 6(2) of the Aliens and Immigration Regulations of the Republic of Cyprus, eligible investors from third countries (i.e. countries outside the EU and EEA) can become permanent residents, including their qualifying dependents. The residence right of such permits is of unlimited validity, for the holder and his/her adult dependents. The residence permit which is issued to the underage dependents is valid until the age of 18. The residence permit (card), however, has an expiry date of 10 years from the date of its issuance and must be replaced upon its expiration.

[2] Unmarried children (between the ages of 18 and 25) remaining financially dependent on the primary applicant and pursuing higher education abroad at the application’s submission date, can submit their own, separate application to obtain an Immigration Permit by submitting the corresponding fee. In such a case, the father or mother and/or both parents together must present an additional annual income of €10,000 for each such dependent child. An Immigration Permit may also be granted to children of the applicant who are over the age of 18 and not financially dependent on the applicant, on a higher value investment and subject to additional eligibility criteria.

[3] If all the policy criteria are met and there are no concerns regarding the applicant’s criminal record, public order, or public security issues.