Revised criteria for granting an Immigration Permit to foreign investors

The Council of Ministers revised the criteria for obtaining an Immigration Permit as per Regulation 6(2) of the “Aliens and Immigration” Regulations (i.e. Permanent Residency (PR) Permit for Investors). The revised criteria entered into force as from 2 May 2023.

 

What are the key changes?

Key change Current requirement Previous requirement
     
Changes in the economic criteria

 

Official payment receipts for EUR 300.000 (excl. VAT) should be submitted to the Authorities together with the submission of the permanent residency application, regardless of the delivery date of the immovable property to be acquired.

 

The annual secured income requirement for the investor has now been increased to EUR 50.000. The secured income requirement should be increased by EUR 15.000 for the spouse of the investor and by EUR 10.000 for each child of the investor.

 

As proof of the annual secured income, the submitted tax declarations of the investor and/or the spouse of the investor from their country of tax residency, should be submitted to the Authorities.

 

 

Official payment receipts of at least EUR 200.000 (excl. VAT) were required at the time of the submission of the application)

 

 

 

 

 

 

The annual secured income for each investor was EUR30.000 and the secured income increased by EUR5.000 for each dependent.

Changes in terms and conditions Investor and adult family members to provide upon submission of the PR application:

 

A clean criminal record certificate from both the country of origin and the country of residence, if different.

 

 

 

 

 

 

 

A criminal record certificate only from country of residence was sufficient

Requirement for providing annual updates to the Authorities The investor should provide on an annual basis to the Authorities:

 

• Supporting documentation evidencing that the investor maintains the investment in Cyprus;

• Supporting documentation regarding the investor’s secured annual income requirement, as determined based on the number of the dependents;

• Clean criminal record certificates for the investor and the adult family members, from both, the country of origin and country of residence;

• Confirmation that the investor and its dependents have a valid health insurance in Cyprus.

In case where the above required documents are not provided to the Authorities on an annual basis, the Permanent Residency permits for the investor and the dependents may be cancelled.

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