Cyprus Permanent Residency is a legal status that grants non-EU citizens and their eligible dependents the privilege of residing permanently in Cyprus without any time limitations. It doesn’t require renewal and is sometimes referred to as a Cyprus immigration permit or unlimited residency.

The legal foundation for the permanent residency scheme lies in Regulation 5 and 6(2) of the Aliens and Immigration Regulations.

Under this program, as per the announcement made by the Civil Registry and Migration Department (CRMD) on April 27, 2023, individuals who have registered Sale Agreements for properties with the Department of Lands and Surveys Offices between January 2, 2023, and April 28, 2023, can submit their applications to the CRMD. The criteria for the Cyprus Permanent Residence Scheme, as outlined in Regulation 6(2) since March 24, 2021, will apply to these applicants.

Effective from May 2, 2023, changes to the Cyprus Permanent Residence Scheme, in accordance with Regulation 6(2) of the Aliens and Immigration Regulations, mean that applicants who lodged Sales Agreements before January 2, 2023, will no longer be able to include their parents and parents-in-law as dependents for Permanent Residence.

These recent amendments were officially announced on May 2, 2023.

The Council of Ministers has approved a proposal by the Ministry of Interior to revise the criteria for granting Permanent Residency under the provisions of Regulation 6(2) of the Aliens and Immigration Regulation.

According to Mr. Constantinos Ioannou, the Minister of Interior, the Ministry acknowledges the risks associated with these schemes’ implementation. The main purpose of these amendments is to establish stricter criteria for granting Permanent Residency, rectify any distortions, and establish a monitoring mechanism to ensure that applicants adhere to these criteria.

The new amendments to the Cyprus Permanent Residence Scheme, as per Regulation 6(2) of the Aliens and Immigration Regulations, are effective from May 2, 2023, onward.

To be eligible for Cyprus Permanent Residency, individuals must meet specific requirements:

  1. Investment in Real Estate: Applicants are required to invest a minimum of €300,000 (excluding V.A.T.) in real estate, which should be paid to the land development company(ies) upfront. This investment amount must be transferred from the bank account of the main applicant or their spouse, provided the spouse is included as a dependent in the main applicant’s application.
  2. Annual Income: Another significant change is the increase in the required annual secure income. The main applicant must demonstrate an annual income of at least €50,000, with an additional €15,000 for the spouse and €10,000 for each minor child of the applicant and/or spouse. The income must come from sources like employment salaries, pensions, stock dividends, interest on deposits, and rents from abroad. This annual income must be proven through the main applicant’s tax return in their declared tax residence country.
  3. Other Investment Types: In cases where the applicant has invested in real estate other than houses/apartments, the share capital of a Cyprus Company with activities in Cyprus, or units of a Cyprus Collective Investment Organization (AIF, AIFLNP, RAIF), the annual income can also originate from activities within Cyprus, provided the applicant is taxable in Cyprus.

Additional amendments to the Cyprus Permanent Residence Scheme include:

  • Clean Criminal Record and Medical Insurance Certificate requirements for all adult applicants and family members.
  • Limitations on the types of family members eligible for inclusion in the application.
  • Compliance and monitoring requirements to maintain the permit.

The content provided in this article is accurate as of its initial publication date and is intended for general guidance, not legal advice.