New Legislation for Cyprus Permanent Residence Through Real Estate Investment
The Cyprus Civil Registry and Migration Department has introduced significant changes to the legislation governing immigration permits for third-country investors (Fast Track PR Procedure 6.2) for Cyprus permanent residence applications.
Important: Between January 1 and April 28, 2023, sale agreements submitted to the Department of Lands and Surveys shall be assessed using the updated standards.
Overview of the Updated Fast Track PR Procedure 6.2
The new legislation aims to streamline the process for obtaining permanent residence in Cyprus through real estate investment. This article will detail the key changes and provide an in-depth look at the new standards for permanent residence.
Key Changes and Important Dates
A summary of the major updates includes:
- Increased minimum investment requirements
- Revised eligibility criteria for family members
- Higher-income requirements for applicants
- Additional documentation and other requirements
A Closer Look at the New Standards for Permanent Residence
To help you understand these changes, we've broken down each of the new standards below.
Minimum Investment Requirements
- To be eligible for permanent residence in Cyprus, you must invest in a property worth at least €300,000 + VAT and deposit the necessary funds into the developer's account. The application should be accompanied by any necessary receipts.
Eligibility of Family Members
- The investor's personal account or that of their spouse must be the source of the funds. Aside from the investor, their spouse, minor children, and dependent unmarried children-students under the age of 25 are all granted permanent residency.
Note: Dependent family members no longer include parents and mothers-in-law.
Income Requirements for Applicants
- The primary applicant must provide documentation of an annual income of at least €50,000 (formerly €30,000), attested by a tax return from their country of tax residence.
Documentation and Other Requirements
Adult applicants must present a clean criminal history report if their countries of residence and/or origin are different.
A verified tax return in the investor's country of tax residence must attest to their yearly income.
Health Insurance Certificates are required for the primary applicant and any family members seeking medical care.
The size of the family and the size of the home, especially the number of rooms, should match. As a result, a family of four cannot apply for permanent residency under a one-room property under the current regulations.
The main applicant and their spouse must show proof that they don't intend to work in Cyprus in any capacity other than as directors of the business they invested in under this program.
The minimum time requirements are still the same; you must visit Cyprus once every two years to maintain your status.
Maintaining Permanent Residence Status
After the approval of your application, you must annually submit the following information to the Cyprus Civil Registry and Migration Department:
- Maintenance of ongoing investments.
- A tax return from the applicant's country of tax residence must attest to their minimum yearly income of €50,000. It must also attest to the applicant's family members' incomes as well (spouse: €15,000; child: €10,000).
- Certificates of health insurance for the applicant and every member of their household.
- A statement attesting to each adult family member and the applicant