May 17, 2023
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 in Cyprus. The key points of the 4th revision, effective as of 2nd 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;
- 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.
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.
For more information and/or advice, please contact us via email at [email protected]