Permanent Residence Permit
As of 2nd May 2023, new revised criteria for the Cyprus residence permit apply.
The requirement to obtain the Cyprus Permanent Residence are:
- Purchase of new property with a minimum value of 300000 euro (excluding VAT)
- Fixed deposit of 30000 euro in a Cyprus bank account for 3 years
- Annual income from abroad of 30000 euro plus 5000 euro per dependent person, plus 8000 euro per parent and parent-in-law
- Declaration that the applicant and the dependents will not work in a Cypriot company unless they have their own company.
- Clear criminal record certificate for the applicant and the dependents over 16 years old
Amendments to the Investment in a House/Apartment
To proceed with the application, one must pay a minimum amount of €300,000 (excluding VAT) directly to the land development company or companies. The timing of property delivery is irrelevant, but the applicant must furnish documentation proving settlement of this sum to the CRMD prior to submitting their application.
The main applicant or their spouse, if included as a dependent in the main applicant’s application, must transfer the investment amount from their overseas bank account.
The authorities may grant an Immigration Permit to adult children of the applicant who are not financially dependent, provided that they have made a higher value investment.
However, this acceptance is contingent upon the entity’s lawful establishment in the Republic or another member state of the European Union or the European Economic Area.
The applicant must evidence an annual income of at least €50,000 per year, up from the current €30,000.
The new rules introduce a key change where the spouse’s annual income increases by €15,000, and each minor child of the applicant and/or their spouse experiences a €10,000 increase in their annual income. Additionally, applicants must now provide annual proof of maintaining their investment and meeting the required income for themselves and their family.
- All adult candidates must provide a clear criminal record from their country of origin and, if applicable, their current country of residence.
- Provision of Health Insurance Certificate for medical treatment covering inpatient and outpatient care is also required.
- In the event that the applicant plans to invest in a house or apartment, and the number of bedrooms in the property is insufficient to accommodate dependent family members, the applicant must propose an alternative property or properties that will serve as their place of residence. Evidence such as property title deeds, sales agreements, or rental agreements must be provided to support this proposal.
The regulations have undergone a significant change that limits the primary applicant’s inclusion to their spouse, minor children, and unmarried adult children up to 25 years of age. These individuals must be financially reliant on the primary applicant and enrolled as university students.
However, the primary applicant is no longer permitted to include their parents or parents-in-law as dependents to be granted Permanent Residence.
Provision of Highest Value Investments to Including Adult Children
The authorities may grant an Immigration Permit to adult children of the applicant who are not financially dependent, but only if a higher value investment has been made.
The CRMD requires the applicant to annually submit evidence of maintaining the investment, meeting the required income, and holding a health insurance certificate (if not beneficiaries of GESY). Additionally, the applicant and adult family members must provide an annual certificate of a clean criminal record from their country of origin and residence. Failure to provide proof will activate the process of canceling the Immigration Permit for the applicant and their family members, in accordance with Regulation 6 of the Aliens and Immigration Regulations.
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