Cyprus: Changes To Permanent Residency Program Category 6(2)

The criteria for obtaining permanent residency in Cyprus through Category 6 (2) have recently been amended with the approval of the Council of Ministers. The key changes are:

1. The applicant must submit with the application for the permanent residency supporting documentation (title deeds or contract of sale) and receipts for the payment of a minimum of €300,000 (excluding VAT). Before the latest amendments, receipts were required only for the amount of €200,000.

2. The investor must prove a secured annual income of at least €50.000. Under the previous rules of the scheme, the required annual income was €30.000. Further, the additional secured annual income required for the spouse is €15.000 and €10.000 for each minor child.

3. The annual income, under the new rules, must be substantiated through the tax return of the applicant or through official certificates from an independent chartered accountant.

4. Health Insurance Certificates will be required not just for the applicant but for all family members. Further, the health insurance must cover both inpatient and outpatient care.

5. The applicant will be required to provide proof on an annual basis that he maintains the investment in Cyprus. Further, evidence will be required on an annual basis in regards to the health insurance for all the family members.

6. The applicant and any adult members of his/her family will need to provide on a three-year basis a clean criminal record certificate from their country of origin and country of residence.

7. The property that will be used as the investment and declared as the permanent residence of the family must have sufficient bedrooms for the needs of the applicant and his family.

8. Parents and parents in law will no longer be eligible to obtain permanent residency on the basis of being dependent family members. Dependent family members will now only include the spouse of the applicant, any underage children and any adult children (until the age of 25) who are University students and financially dependent on the applicant.

For Contracts of Sales deposited at the Land Registry between the 1st of January 2023 until the 28th of April 2023 the previous criteria will apply.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.