Updates on the new policy for permanent residence by investment application
With its announcement on the 27th of March 2023, the Civil Registry and Migration Department announced that the criteria for granting Permanent Residency to Investors under the provisions of Regulation 6(2) of the Aliens and Immigration Regulation which provides non-EU nationals, who invested in Cyprus, the right to permanently reside on the Island have been revised and the amendments took effect on the 2nd May 2023.
Initially, the requirement for the original investment of at least €300.000 remains as it is. Nevertheless, a control mechanism has been implemented to ensure the maintenance of the investment, including inter alia, that the holder of the immigration permit, shall provide adequate evidence on an annual basis, and in case where he fails to submit the necessary documents, his immigration permit, as well as that of his family, may be revoked.
Additionally, the income criteria have been revised. As a result, each individual applying for such permit should have an income of €50,000 instead of €30,000. For minor children, the required income is €10,000 instead of €5,000, and for spouses, it is €15,000, whereas several other pre-requirements shall be met prior submitting the relevant application at the Civil Registry and Migration Department.
Our firm will be able to assist and provide with further information and clarifications for the above recent developments. Feel free to contact our firm A. & E. C. Emilianides, C. Katsaros & Associates LLC via email at ekcorporate@ekllc.eu or via telephone at 22676752.
