Foreign investors who are prepared to invest 300 000 euros in the nation's economy may apply for a Cyprus Residence Permit, which grants permanent resident status with the option of later naturalization. The assessment of your application could take up to two months. Only when the invested funds are of foreign origin does one have the right to an unlimited immigration permit. A family's application for a permanent residency visa in Cyprus will not be successful under this program if they purchase a home, commercial real estate, or shares using credit from a Cypriot bank.
What has changed since May 2023 in the regulations governing the granting of permanent residency to investors in Cyprus?
A few of the changes to the law governing the granting of permanent residency in Cyprus to citizens of other countries who are prepared to make economic investments of at least 300,000 euros went into effect on May 2, 2023. In addition, you must invest the full 300 000 euros for a residence permit all at once, and if you choose to buy a house, solely for your primary residence. Investors should also consider the increased requirements for minimum annual income of the applicant, taking into account the family members entered in the residence permit.
Since May 2023, only those who have the necessary sources of income to meet the minimum requirements can purchase real estate in Cyprus and apply for a permanent residency permit.
- The applicant's minimum annual income must be at least 50,000 euros.
- the spouse's minimum annual income must be at least 15,000 euros.
- and the minor child's minimum annual income must be at least 10,000 euros.
Therefore, you need to earn at least 85,000 euros a year to qualify for a Permanent Residence Permit from the Republic of Cyprus for a family of two adults and two minor children. Prior to the modification, the spouse and children had to certify that they made at least 5,000 euros annually.
Can I apply for a residence permit with my adult children on it?
Adult children under the age of 25, inclusive, who are financially dependent on their parents and are not enrolled in a Cypriot university, may apply for permanent residency under the permanent residency program for investment. As a result, the applicant will need to provide proof of an income of at least 10,000 euros to support each adult child, just like in the case of minor children. Subject to the aforementioned requirements, an adult child's immigration status may be preserved if he or she continues to attend college after turning 25 and is still financially reliant on his or her parents.
How long does Cyprus provide investors permanent residence status?
Immigration status gained with a requirement to contribute at least 300 000 euros to the economy of the Republic of Cyprus is regarded as permanent.
However, the confirmation document needs to be updated every 10 years. Additionally, documentation must be presented annually to Cyprus's Migration Department in order to preserve the status:
- Proof of ownership of the real estate or stock upon which the permanent residence permit was granted.
- Verification that all family members listed on the permanent residence permit have purchased medical insurance.
- Evidence that there are no legal issues in the nation of origin or residence.
A certificate of sufficient income, which must be at least 50,000 euros annually, only needs to be presented once.