Cyprus Revises Foreign Residency Rules: Key Changes

May 17, 2023 | Cyprus Economy

Here are the key changes to the foreign residency rules in Cyprus:

The applicant must make an investment of at least €300,000 + VAT in real estate including land, house, apartment offices, shops, hotels or similar developments, or a combination of these. However, can not be a resale. The investment can also be in shares of a company or collective investment type AIF, AIFLNP, RAIF.

 
Furthermore, the applicant must demonstrate a stable annual income of at least €50,000 derived from sources outside Cyprus. For each dependent spouse, an additional €15,000 is required, while an extra €10,000 is necessary for each dependent minor child.

If the applicant chooses to invest in a house or apartment, the income can come from various sources such as salaries, pensions, stock dividends, fixed deposits, or rental income generated abroad. It is essential to provide tax declarations or audited accounts from the applicant’s country of tax residency as proof of this income. The total income can also include the income of the applicant’s spouse when calculating the overall financial requirements.

 
The Immigration Permit is granted to the main applicant as well as their dependents, including their spouse and minor children under the age of 18.

For unmarried children between the ages of 18 and 25, who are currently studying abroad and financially reliant on the applicant, they have the option to submit a separate application for an Immigration Permit. In such cases, the father, mother, or both parents must demonstrate an additional annual income of €10,000 for each dependent child.

It is no longer possible for applicants to include in their application their parents or parents in-law.

The investment amount should be multiplied based on the number of adults or adult children who will utilize the same investment to obtain an Immigration Permit.

Ongoing Fulfillment of Criteria
Applicants are required to provide annual documentation to confirm the hold of their investment and the possession of valid health insurance coverage if they are not registered with the national health scheme, GHS.

Additionally, they must submit an updated clean criminal record from both their country of origin and their current residence every three years.

For further information regarding the new amendments, can be accessed from the official announcement of the Civil Registry and Migration Department on the link below: http://www.moi.gov.cy/moi/crmd/crmd.nsf/all/84B3764EF75149ADC2258782003A888B?opendocument

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