Revised Cyprus Permanent Residence Permit Criteria – Investor Visa
The Cyprus Minister of Interior has revised, pursuant to the provisions of Regulation 6(2) of the Aliens and Immigration Regulations, the criteria and processes for the issuing of Permanent Residence Permits to individuals investing in Cyprus under the relevant scheme, with effect as from the 2nd of May 2023.
The main revisions include additional screening of applicants, as well as annual monitoring that the terms of the investment criteria are met (i.e. that the investors retain the investment and that their annual income remains within the minimum standards as applicable).
In parallel, a higher minimum annual income of 50,000 EUR (revised from the initial 30,000 EUR) for the applicant is required, and also a higher minimum annual income for the spouses of applicants (if applicable) of EUR 15,000 is required and EUR 10,000 for each dependent child. It is noted that related adult individuals, such as investor parents, can no longer obtain residency under the main applicant’s application and the qualifying investment will need to increase accordingly.
The investment amount remains at 300,000 EUR and the following investments qualify:
- Residential property investment of at least 300,000 EUR (excluding VAT) from a property developer for the sale of a new property based in Cyprus. Resale residential properties do not qualify.
- Property investment in offices, commercial spaces, hotels or other properties, including resale properties, of at least 300,000 EUR.
- Initial or subsequent investment in a Cyprus company share capital of at least 300,000 EUR, with such company being based and operating in Cyprus with at least 5 individuals being in employment in Cyprus.
- Investment in a Cyprus-based investment fund (i.e. AIF, RAIF) that invests within the Republic of Cyprus.
The Residence Permit is issued for the main applicant, his/her spouse as well as their non-adult children.
Government guidelines mention that the aim is for applications to be processed and reviewed within 2 months, however this is expected to vary according to the application volumes.
Our experienced team at Patrikios Pavlou & Associates LLC would be happy to advise and guide you through the process.
It is noted that the above short note is intended to describe the main investment criteria relating to the Cyprus Permanent Residence Permit Programme. Additional criteria and documentation may be required in relation to each investor and investment accordingly on the basis of the specific details of each individual and investment, therefore this article and/or newsletter does not constitute legal advice and potential investors are required to make appropriate inquiries to ascertain the details applicable to their circumstances as well as a full list of documents required by the authorities of Cyprus.